Glassmaster Reports Decreased Sales and First Quarter Loss
LEXINGTON, S.C., Jan. 14 -- Glassmaster Company (OTC Bulletin Board: GLMA) today reported sales for the first quarter ending November 28, 1999 were $4,283,949 a decrease of 18.4% over the same period last year. The quarter showed a net loss of $239,943, or $0.15 per share, compared to the net loss of $276,019, or $0.17 per share, for the first quarter of the prior year.
The company continues to experience slow sales in the Monofilament Division and Controls Division, however it expects sales to improve in the second quarter as customers complete their evaluation process of recently developed custom products.
Glassmaster Company is a Lexington, South Carolina-based processor- fabricator of thermoplastic and thermoset plastic materials, where it manufactures extruded monofilaments including sewing thread, filaments for papermakers fabrics, trimmer, and fishing lines. The Company also operates a plant in Newberry, SC, where it manufactures specialty fiberglass products including the Glassmaster Composites Modular Building System(TM), and a plant in Kalamazoo, Michigan, where it manufactures and assembles a wide range of flexible steel wire controls, molded plastic control panels, electronic control panels, and electronic test equipment.