McClain Industries, Inc. announced sales and a loss for the third quarter and nine months ended June 30.
Sales for the third quarter decreased 34% to $26.8 million from $40.6 million the same time last year. The net loss was $169,886 compared to net income of $347,833 for the same quarter a year earlier.
Sales for the nine months ended June 30 were $72,603,887 a decrease of 33% from $108,560,823 earlier. The net loss was $2,6 million, compared to a profit of $1,625,717 the previous year.
"The slowdown in the manufacturing sector of the economy continues to affect the entire solid waste and recycling industry," said Kenneth D. McClain, president and CEO. "Sales for the year and current quarter remain at a depressed 34% from the previous year. We are continuing to review and reduce our operating costs and inventories to reflect current sales volume."
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