An impairment charge and a general decline in business led to a sharp first-quarter loss at Drew Industries Inc. of White Plains, a supplier of parts for manufactured homes and recreational vehicles.
The company lost $36.7 million, or $1.70 a share, on sales of $71 million. For the comparable quarter a year earlier, Drew had net income of $9.11 million, or 41 cents a share, on sales of $159.1 million.
Driving most of the loss last quarter was a non-cash charge of $29.4 million, or $1.36 a share. The company announced last month that it was taking the charge because of uncertainties in the economy in general, and in the RV and manufactured home industries.
The Insl-X Products Corp. paint plant in Stony Point will close by Dec. 30, eliminating 60-65 jobs in Rockland County, a spokeswoman for the companyâ€™s new owner said.
Benjamin Moore & Co. announced in March that it had acquired Insl-X from owner James A. Weil of Scarsdale. Moore spokeswoman Eileen McComb said about two dozen office jobs in Stony Point, the Insl-X headquarters, would be moved to Mooreâ€™s headquarters in Montvale, N.J.
Terms of Mooreâ€™s acquisition of Insl-X were not disclosed. Moore is owned by Berkshire Hathaway Co.
Insl-X has been in Stony Point for 18 years. It was founded in 1948 by Weilâ€™s father.Â Insl-x makes and sells its own brand of finishes; a number of acquisitions allowed it to expand from specialty and industrial products to architectural coatings.
In February the company paid off a $5.5 million bond that had been issued through the Rockland County Industrial Development Agency for the acquisition of 15 acres and the plant.
McComb said Moore bought the company because it would complement Mooreâ€™s holdings.
â€œI think we understood that some of the production was redundant,â€ she said. Moore has six paint plants, including one near Albany and another in New Jersey.
McComb said Moore will continue to operate Insl-X plants in Edgewater, Fla., San Antonio and Fort Worth, Texas, and Elk Grove, Ill.
Ronald Hicks, chief executive officer of Rockland Economic Development Corp., said the business group has offered to help Moore market the 150,000-square-foot property for sale or lease.
Drew Industries Inc., a supplier of parts for recreational vehicles and manufactured homes, said earnings in the second quarter fell 27 percent to $9.2 million from $12.6 million in the year ago period.
Revenues fell 18 percent to to $151 million, Drew said.
Drew blamed the drop on higher costs for raw materials, lower sales of RVs and nationâ€™s stunted housing market.
â€œThe impact of the current economic environment is more of a challenge than we anticipated just three months ago,â€ said Leigh J.Abrams, chief executive of the White Plains-based company.
On a per-share basis, Drew said it earned 42 cents a share in the three months ending June 30, compared to 57 cents a share during the same period last year.