Price Pfister Says Profits Doubled for 1st Quarter

Price Pfister, a Pacoima-based producer of brass faucets and other plumbing fixtures, said its first-quarter profit more than doubled from a year earlier on a 25% sales gain.

The company, which has agreed to be acquired by Emhart Corp. for $215 million, said its net income in the quarter ended March 31 jumped to $2.5 million, or 22 cents a share, from $1.1 million, or 11 cents a share, a year earlier. Sales climbed to $33.6 million from $26.8 million.

Price Pfister’s stockholders are scheduled to vote May 23 on the proposed merger with Emhart. Approval already is assured, however, because Price Pfister’s three biggest stockholders--who control 63% of the company’s stock--plan to vote in favor of the acquisition.