Spartech Q1 profit falls 78%
Spartech Corp. said its profit fell 78 percent in the first quarter of fiscal 2011, while revenue grew just over 4 percent. For the quarter ended Jan. 29, the company had net earnings of $1.03 million compared with net earnings of $4.74 million in the first quarter of fiscal 2010. Spartech said the decrease in earnings reflects the continued impact of production inefficiencies that began in the second half of 2010, increased freight expense, compressed margins from increased competition, and higher material costs that were not passed through as price increases in a timely…
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