Flow International reported an 82 percent decrease in second-quarter profit after closing facilities in Canada and South Korea.
Flow International reported today that its second-quarter profit fell 82 percent as its sales climbed 4.9 percent.
The Kent company, which makes ultrahigh-pressure waterjet technology for cutting and cleaning, posted a profit of $412,000, or 1 cent a share, in the quarter ended Oct. 31, compared with $2.3 million, or 6 cents a share, in the year-earlier period. Sales totaled $60.6 million, compared with $57.8 million a year ago.
“These are solid operating results in challenging times,” Flow CEO Charley Brown said in a statement.
Flow said its profit in the latest period included charges of $585,000 related to the closing of its Burlington, Ontario, facility and the closure of its South Korean operations.
Most Read Business Stories
- Boeing made an entire fake neighborhood to hide its bombers from potential WWII airstrikes
- Seattle artists worry potential sale of historic INS building could spell the end for their studios
- Frontier cancels flight, citing maskless passengers
- Fired after organizing, Starbucks baristas turned down a payout and took their bosses to court
- 6 Dr. Seuss books won't be published for racist images
For the six-month period, Flow posted a profit of $2 million, or 5 cents a share, down 26.2 percent from $2.7 million, or 7 cents a share, in the year-earlier first half. Sales were $117.6 million, up 1.8 percent from $115.6 million.
Flow’s stock price was down 31 cents, or 18.1 percent, at $1.40 with an hour of trading to go.