Loss grows at WHX in Q1
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- May
- 18
WHX Corp., a White Plains maker of industrial products, reported a net loss of $11.4 million during the first quarter, compared to a net loss of $6.2 million a year earlier. Net sales fell to $132.7 million from $177.3 million a year earlier.
The recession, which affected WHX customers in general industrial markets, construction, transportation and appliances, “had a material adverse effect on almost all of our businesses during the first quarter of 2009 driving our sales down by over 25 percent as compared to the first quarter of 2008,” Chief Executive Officer Glen Kassan said in a written statement. The company said that it has responded to the slowdown with layoffs, pay reductions for salaried employees and other cost cutting measures.
This entry was posted
on Monday, May 18th, 2009 at 12:04 pm by Jay Loomis.
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Category: Earnings
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