Sierracin Corp. Says Profit Fell 29% in 2nd Quarter
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Sierracin Corp. in Sylmar said its second-quarter profit fell 29% from a year earlier, to $370,000 from $521,000.
The maker of cockpit windows and other aerospace products said its revenue was virtually flat: $20.4 million in the latest quarter, which ended June 30, compared with $20.3 million a year earlier.
Sierracin blamed the lower earnings on operating cost overruns, higher costs for materials, and greater provisions for excess and obsolete inventories.
For the first half of 1989, Sierracin’s profit fell 11% to $845,000 from $951,000, and its revenue edged up to $40.9 million from $39.5 million.
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