Calnetics’ Net Income Falls 34% in Quarter

Calnetics Corp., a Chatsworth plastics manufacturer, said its net income for the three months that ended March 31 fell 34% to $104,000 from $157,000 a year ago. The company’s revenue slipped 3% for the period to $3.28 million from $3.36 million last year.

Calnetics attributed the declines mostly to increased resin prices due to the Gulf War, and to increased competition.

For the nine-month period, Calnetics’ profit jumped 19% to $441,000 from $371,000 last year. The company’s nine-month sales grew 22% to $10.2 million from $8.34 million.