MotorVac’s Third-Quarter Sales Decline 24%
MotorVac Technologies Inc., a Santa Ana-based automotive products company, reported that its losses widened in the third quarter while sales declined 24%.
The loss totaled $354,426, or 8 cents a share, for the three months, compared with a net loss of $58,436, or 1 cent a share, for the third quarter of 1997. The loss a year ago included a one-time benefit of approximately $50,000 from the settlement of a lawsuit. Sales fell to $1.9 million from $2.5 million. MotorVac attributed the decline to a cutback in purchases by the company’s largest customer, which accounted for more than 70% of MotorVac’s sales last year.