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Article Excerpt
Hastings Manufacturing Co. today reported its operating results for the year ended Dec. 31, 2002.
The Hastings, Mich.-based piston ring manufacturer and engine-products specialist reported net income of $504,758, or $0.67 per diluted share, on net sales of $35.8 million in 2002, compared with net income of $1,047,545, or $1.41 per diluted share, on net sales of $34.8 million in the prior year. The 2001 results included a non-recurring aftertax gain of approximately $471,000, or $0.63 per share, related to the sale of non-business property.
"We made substantial progress in 2002, despite challenging conditions in the automotive parts industry and the overall economy," said Mark Johnson, chairman and CEO of Hastings Manufacturing Co. "We improved our operations, expanded the number of high-quality engine products we can offer to customers, and extended our distribution in key global markets. Just as importantly, we were able to resolve a longstanding legal issue involving retirees of the...
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