Flamemaster Quarterly Profit Plunges 60%

Flamemaster Corp., a Sun Valley producer of sealants and coatings, said its fiscal first-quarter profit tumbled 60% from a year earlier on a 43% drop in revenue.

In the three months that ended Dec. 31, Flamemaster’s net income fell to $41,924 from $106,000, and its revenue dropped to $700,657 from $1.22 million.

The declines stemmed from the loss of a “major aircraft sealants contract” for the U.S. government that went to Morton International, Flamemaster said.

The company in September sued Morton for alleged predatory pricing in regard to that contract and is seeking more than $16 million in damages.