Products Research’s Sales Increase, but Profits Down

Products Research & Chemical posted a 6% decline in fourth quarter profits on a 7% increase in sales for the period that ended Sept. 30. Net income was $2 million, or 27 cents a share, compared to $2.2 million, or 23 cents a share a year earlier.

Sales rose to $25.8 million, compared to $24.2 million in the same period a year earlier.

The Glendale-based company, which makes specialty chemicals, sealants, coatings and adhesives, said its net income declined largely due to an increase in interest payments on loans it needed to make acquisitions. Net income per share nonetheless increased because Products Research has bought back more than 1 million of its shares in the past fiscal year.

For the year that ended Sept. 30, net income was up 2% to $8 million, or $1 a share, compared to $7.9 million, or 84 cents a share, in fiscal 1987. Sales increased 5% to $100 million from $95 million a year earlier.