Mocon, the US-based provider of instrumentation and consultation equipment to the food industry, has reported a big dip in its second quarter profits.
Sales for the second quarter of 2002 were $4,955,000 (€4,883,500), an increase of 7 per cent compared to $4,619,000 for the second quarter of 2001. Net income was $605,000, a decrease of 31 per cent compared to $877,000 in the second quarter of 2001.
Six-month sales increased 7 per cent to $9,784,000 compared to $9,158,000 for the first six months of 2001. Net income was $1,203,000 for the first half of 2002, compared to $1,721,000 during the same period in 2001.
"Overall sales for the second quarter were up due to sales from our new Baseline-Mocon subsidiary, and to increased sales at our Lab Connections and Microanalytics subsidiaries," commented Robert Demorest, chairman and CEO. "These increases were offset somewhat by decreases in the sales of our traditional permeation, weighing and headspace analysis products, which continued to be affected by the general global slowdown in capital spending. Despite this economic slowdown, we continue to be very profitable, and remain committed to long-term growth and profitability through continued investment in our existing businesses, and strategic acquisitions when opportunities arise."