CPAC Inc. of Leicester, N.Y., said Monday its profits fell 14.5 percent during the third quarter due to losses in its Equipment Group.
The company, which makes developing chemicals and pollution control equipment for the imaging industries, said its net income fell to $348,000, or 15 cents per share, from $407,000, or 18 cents per share, during the same period last year.
Sales rose 7.6 percent during the quarter ended Dec. 31 to $7.1 million from $6.6 million.
Thomas N. Hendrickson, the company's president and chief executive officer, said CPAC is trying to minimize further losses within the equipment group by closing its IMG Photo Products unit in San Jose, Calif., ahead of schedule.
CPAC said Jan. 4 it was closing the IMG plant in San Jose and now, the company expects the consolidation of IMG's operations into the CPAC Equipment Division to be completed by the end of March, rather than in 1991, as had been originally scheduled.
Hendrickson said the performance of the company's Chemicals Group exceeded projections. Its Trebla Chemical Division in St. Louis, Mo., will increase its chemical business with CPI minilabs from 40 percent to 100 percent on Feb. 5, the company said. That business is expected to exceed $2 million.
The company also announced that its Belgian joint venture with N.V. Ampaco S.A., CPAC Europe, had been incorporated on Dec. 29.
For the first three quarters, the company's earnings rose to $1.1 million, or 48 cents per share, from $986,000, or 44 cents per share, during the same period one year ago. Sales rose to $20.9 million from $19.9 million.