Blaming the side effects of cheap oil, Fluorocarbon Co. on Friday reported sharply lower net earnings during the fiscal second quarter and first half ended July 31.
The Laguna Niguel rubber and plastics molder said net earnings during its second quarter fell 58% to $830,000 from $2 million a year earlier. Revenues during the quarter were $24.3 million, off 7% from $26.2 million a year ago.
For the fiscal first half, Fluorocarbon’s net earnings fell 53% to $1.6 million from $3.4 million. Revenues during the six months fell 3% to $49.6 million from $51.4 million.
In a prepared statement, Peter Churm, Fluorocarbon’s chairman, said that continued weakness in the domestic oil industry accounted for the slow sales among the company’s rubber units, which in turn contributed to the soft quarter and half.
However, he said, “it appears that this has stabilized and we will now reap the benefits of business adjustments and our plant consolidations. We will most certainly do better in the second half of the year than the first.”