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Cut in Defense Contract Hurts Flamemaster Profit

VALLEY EARNINGS

February 23, 1988

Flamemaster Corp. said its fiscal first-quarter profit plunged 67% from a year earlier because one of its contracts with the U.S. government was reduced.

Flamemaster, based in Sun Valley, makes flame-retardant coatings, sealants and storage cabinets.

In the quarter ended Dec. 31, the company's net income fell to $24,863, or one cent a share, from $74,322, or five cents a share, a year earlier. Revenue fell 21% to $1.05 million from $1.32 million.

The company previously said its profitability had been hampered by the reduced government contract. The award, for Flamemaster to provide sealants used in defense aircraft, was cut to $600,000 for the year beginning last April from a contract of $2.4 million the previous year.

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