CMI Posts $4.5 Million Net Loss
OKLAHOMA CITY (JR) -- CMI posted a net loss of $4.5 million, or 21 cents per share, for the first quarter.
That was down from a loss of $1 million, or 5 cents per share, the prior year. Revenues dropped 17.6 percent to $55.4 million from $67.3 million the prior year. The 2000 results had benefited from $8.3 million in orders not recognized in the fourth quarter of 1999.
"We had expected to be much closer to break even for the quarter," said Company Chief Executive Bill Swisher, "but several factors restrained our progress. "First, our financing expense for the quarter was $3.7 million compared to $2.1 million for the first quarter of 2000. Second, expenses for utilities crossed the million- dollar mark for the first time in company history, coming in nearly double the same period of 2000. Third, weather conditions caused shipping delays during the quarter. In-fact, two-thirds of our shipments occurred in the last 20 days of the quarter, after the weather broke. Finally, two major orders totaling $6.9 million could not be delivered and recognized, even though we had collected payment, because customer permitting problems delayed shipping and installation schedules. …