Webco Industries Inc. (OTC: WEBC), Sand Springs, OK, reported sales for the fiscal first quarter of $92.3 million, a 13 percent decrease over the same period a year ago. The company reported a loss of $1.2 million for the quarter, compared to a profit of $0.3 million the prior year.
"The low price of oil and strength of the dollar are both negative conditions for our industry and many of our customers," says Dana S. Weber, CEO. "Further, continuing declines in the cost of raw materials, which have not completely worked their way through our inventories, along with declines in energy and industrial demand which have resulted in lower selling prices, have negatively impacted short-term margins."
