CPAC Inc., battered by declining sales of its cleaning and personal care products and imaging chemicals, said its third-quarter profits fell by 33 percent and repeated its warning that earnings will fall again during the current quarter.
The Leicester-based specialty chemicals manufacturer's profits fell to $1.06 million, or 19 cents per share, which was on the low end of the 18 cent to 21 cent range CPAC executives had forecast when they warned of the earnings drop two months ago.
CPAC's sales fell by 11 percent to $24.1 million during the quarter that ended on Dec. 31, compared with $27.1 million a year earlier.
Sales from the company's Fuller Brands cleaning and personal care business slid by 13 percent to $13.6 million from $15.6 million. Thomas N. Hendrickson, CPAC's president and chief executive officer, said the company is trying to push more of its Fuller Brands sales through the Internet to reduce costs.
The company's imaging chemicals business had its sales fall by 10 percent to $10.4 million from $11.5 million.
For the first three quarters of the fiscal year, CPAC's profits fell 3 percent to $3.9 million, or 69 cents per share, from $4 million, or 64 cents per share, a year ago. Sales fell 5 percent to $77.3 million from $81.6 million.