CPAC Expects Lower 3Q Earnings
December 8, 2000
Leicester, N.Y. (PRNewswire) -- CPAC, Inc. says it expects earnings for its fiscal third quarter ending December 31, 2000 to be off compared with the same period last year, due to an unexpected decline in sales in both segments of its business. Third quarter earnings are expected to be in the range of $0.18 to $0.21 per diluted share, down from $0.25 per diluted share for the same period last year. CPAC consolidated net sales for the third quarter are expected to be down approximately 10% compared to 1999. The Company expects to release final third quarter numbers in early February 2001.
Management stated that sales in the Fuller Brands segment are anticipated to be down approximately 12% due to an unexpected decline in sales in both the CTG commercial cleaning division and the Stanley Home Products direct selling business. CTG also received notice that a major customer has chosen another supplier, due to a change in its corporate policy.