McClain Industries Inc announced that sales for the third quarter were down 34% to $26,767,566 from $40,634,125, compared to a year ago. The net loss was $169,886, or four cents a share, compared to a net income of $347,833 and a rise of eight cents a share.
For the year to date, sales were down 33% ($72,603,887, from $108,560,823) and the net loss was $2,619,676, or 58 cents a share.
“The slowdown in the manufacturing sector of the economy continues to affect the entire solid waste and recycling industry,” President and CEO Kenneth D. McClain said. “We are continuing to review and reduce our operating costs and inventories to reflect current sales volume.”