Fluorocarbon Co. said net income for its first fiscal quarter ended April 30 was $864,177, off 33% from net income of $1.4 million for the same period a year earlier.
The company attributed the downturn to a virtual halt in orders to its two divisions that supply the oil services industry.
First quarter sales totaled $25.3 million, Fluorocarbon said, compared to $25.2 million for the same period last year.
Fiscal second quarter earnings are expected to decline compared to last year's record fiscal second quarter operating income of $1.4 million, the company said. However, "there should be solid improvement in the (fiscal) third and fourth quarters," said Peter Churm, chairman of the Laguna Niguel-based concern.
Fluorocarbon makes rubber and plastic components for a wide variety of industrial applications.