Net earnings also fell, dropping by 39.5% ($113,044 compared with $186,779).
Venerando J Indelicato, chief financial officer commented: “During the quarter ended September 30, 2007, the company had fewer large sales than it did in the quarter ended September 2006, which adversely affected revenues and operating income.” He observed that sales of drycleaning equipment continued to slow, which, coupled with a slowing economy and longer delivery dates on laundry equipment, may affect sales for the balance for the fiscal year 2008. He said the company would continue to focus on the laundry equipment business, which has better growth potential.
