Flamemaster Corp., a Sun Valley maker of industrial sealants, adhesives and coatings, reported a $31,745 net loss for its fiscal second quarter ended March 31 on a 28% decline in revenue.
The company blamed the loss on decreased royalties from Europe, a lack of product development fees and legal expenses in its antitrust lawsuit against Courtaulds PLC, a competitor and Flamemaster's largest shareholder with a nearly 26% stake. The Northridge earthquake also hurt the company's results, it said.
A year earlier, Flamemaster earned $123,540. Its revenue in the latest quarter was $638,637, down from $890,688 a year ago.
For the six months, the company's earnings fell 64%, to $68,668 from $189,737 in the same period last year. Its revenue was $1.49 million, down 6% from $1.59 million.