Heads & Threads Posts 2001 Loss
Heads & Threads Posts 2001 Loss
John Wolz
Fastener importer Heads & Threads International LLC recorded pre-tax losses of $20.2 million for 2001, compared with pre-tax earnings of $5.9 for the previous year.
Total net fastener sales dropped 12% from 2000 to $119,038,000 for 2001.
The decline was attributed to the slowdown in the market and sales, a $6.6 million increase in inventory reserves, a $4.4 million charge for it computer system, closing of some branches, debt and changes in senior management.
Alleghany Corporation, parent company of Heads & Threads, reported 2001 net earnings were $430.6 million, compared with $147.1 million, CEO John Burns, Jr., announced.
The 2001 results include an after-tax gain of about $474.8 million, on the disposition of Alleghany Asset Management.
For Alleghany�s fourth quarter 2001 net losses were $1.4 million, compared with net losses of $2.1 million in the same period of 2000. �2002 FastenerNews.com
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