Lexington Precision income from operations slides to $436,000 in third quarter

By Caroline Salls

Pittsburgh, Nov. 20 - Lexington Precision Corp. reported a $436,000 income from operations for the quarter ended Sept. 30 on $17.87 million in net sales, according to a 10-Q filed Thursday with the Securities and Exchange Commission.

In comparison, the company posted a $1.62 million income from operations for the quarter ended Sept. 30, 2007 on $23.06 million of net sales.

According to the 10-Q, the decrease in net sales was the result of a 44.8% drop in net sales of automotive components used by original equipment manufacturers.

The net loss for the third quarter of this year was $3.21 million, widening from a $1.86 million net loss recorded in the third quarter of 2007.

Meanwhile, the company reported a $3.63 million income from operations for the first nine months of 2008 on $59.22 million in net sales, declining from the $4.42 million income from operations posted in the first nine months of last year on $69.37 million in net sales.

The 2008 net loss through Sept. 30 was $6.61 million, up from a $4.14 million net loss for the first nine months of 2007.

As of Sept. 30, Lexington had $6.6 million in cash, compared with $212,000 at Dec. 31, 2007.

Lexington Precision, a New York-based manufacturer of rubber and metal components for the automobile and medical devices industries, filed for bankruptcy on April 2, 2008 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 08-11153.

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