Global Fastener News

Chicago Rivet Sales See Double-Digit Drop

Jason Sandefur

Chicago Rivet & Machine Co. reported fastener sales, including rivets, cold-formed fasteners and screw machine products, dropped 27.5% to $5.73 million during the third quarter of 2008, with segment profit slipping from an $836,182 gain during the third quarter of 2007 to a $33,995 loss in the most recent quarter. Capital expenditures more than quadrupled to $129,492.

Nine-month fastener sales slowed 21% to $20.1 million, while segment profit slid 78% to $562,399. Capital expenditures remained steady at $313,891.

Overall Q3 sales dropped 26% to $6.7 million, with a $295,409 loss in income before taxes, compared with a profit of $579,101 during the third quarter of 2007. Net income was reported as a loss of $195,409, compared with a $372,101 profit during Q3 of the previous year.

Sales during the first nine months of 2008 declined 20% to $23.12 million, with pre-tax income declining to a loss of $284,158 and net income slipping to a $187,158 loss during the period. Web: chicagorivet.com �2008 FastenerNews.com