Sierracin Corp. Shows 57% Drop in 2nd-Quarter Profit
Sierracin Corp. said its profit fell 57% in the second quarter that ended June 30 to $521,000 from $1.2 million a year earlier. Sales for the Sylmar aerospace company rose 10% in the quarter to $20.3 million.
Sierracin’s results were down mostly because its year-earlier results were boosted by $400,000 in tax credits and a one-time credit of $267,000 stemming from Sierracin’s settlement of a lawsuit brought by Boeing Co. over the rights to some cockpit windows.
For the six months, Sierracin’s earnings increased 18% to $951,000 as revenue climbed 8% to $39.5 million.
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