Cimco Inc.: The Costa Mesa-based manufacturer of...
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Cimco Inc.: The Costa Mesa-based manufacturer of thermoplastic products posted a 38% decline in net income for the fiscal year ended April 30, while sales increased 4%. Net income totaled $2 million, compared with $3.2 million for fiscal 1989. Sales rose to $57.4 million from $55 million.
The company said earnings rebounded during the year after a slow start caused by a softness in customer orders during the first quarter, as well as start-up expenses from new programs and higher fixed costs resulting from the expansion of manufacturing capacity.
Net income for the fourth quarter reached a record $1.1 million, up 36% from the $797,375 reported for the like period a year earlier. Sales rose 21%, to $16.8 million from $13.9 million.
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