Lexington Precision posts $4.68 million 2007 income from operations

By Caroline Salls

Pittsburgh, May 16 - Lexington Precision Corp. posted a $4.68 million income from operations for the year ended Dec. 31 on $88.41 million in net sales, according to a 10-K filed with the Securities and Exchange Commission.

The figures showed slight improvement over a $4.08 million 2006 income from operations on $87.9 million in net sales.

According to the 10-K, the increase in net sales resulted primarily from increased unit sales of metal components and of rubber components used in medical devices, offset by decreased unit sales of rubber components for the automotive industry.

The net loss for 2007 was $6.96 million, narrowing from a $7.35 million 2006 net loss.

Cash on Dec. 31 was $212,000, compared with $35,000 on Dec. 31, 2006.

Lexington said in the 10-K that it plans to file its plan of reorganization by June 30, and it hopes to have the plan confirmed by Sept. 30.

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 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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