The Q1 2008 operating loss was $1.8 million, compared to a $0.6 million loss in Q1 2007. Compared to the same period last year, net sales in the Door Systems and Engineered Fabrics segments increased 30.8% and 10.1%, respectively.
The company has entered into an agreement to sell its filtration technologies business for $45 million, and has reported the activities of that business as a discontinued operation in the first-quarter financial statements.
President and CEO Joe Morone said, "Q1 2008 results were depressed by a slowdown in all of our North American operations, except for Engineered Composites. By far the largest effect was in PMC. Despite continuing strength in marketshare, the successful conclusion of several important contract negotiations in 2007, and unusually strong orders, sales in North America were down 12.9% compared to the same period in 2007. This decline in sales reduced operating income by an estimated $3.5 million. There are a number of reasons for this decline, the most significant of which was the impact of the general economic slowdown on an already weakened paper industry.”