LABARGE: Write-offs sink profit
Written on February 7, 2009
LaBarge Inc. said Friday that second-quarter profit was hurt by a nonrecurring write-off of inventory and receivables following the bankruptcy of customer Eclipse Aviation Corp.
LaBarge, which makes electronic assemblies for a variety of industries, reported net income for the quarter was $249,000 compared to about $3.4 million one year ago. It also reported sales of $68.2 million versus $67.1 million a year ago.
The Clayton-based company said it improved its growth prospects by acquiring Pensar Electronic Solutions LLC in Appleton, Wis cash advance payday loan., last month.
Craig LaBarge, president and CEO, said that despite strength in its defense business, industrial and natural resources orders are expected to weaken during the next six months.
Filed in: economics.