EARNINGS
Hawk Corp. reports small second-quarter loss on 45.5% decrease in sales
10:05 am, August 6, 2009
Hawk Corp. (NYSE: HWK) has posted a small second-quarter loss compared to a year-earlier profit as sales at the maker of friction materials for brakes and clutches dropped 45.5% from the year-earlier period.
Hawk said the loss in the quarter totaled $536,000, or seven cents a share, and compares to a year-earlier profit of $5 million, or 53 cents a share, in the second quarter of 2008.
Sales at Hawk fell to $39.1 million from $71.8 million.
“The economic downturn is the principal driver of the revenue decline,” Hawk said in a statement. “Despite this downturn, the company has continued to receive new business awards from new and existing customers, which are expected to result in future sales gains as the economy recovers.”
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