Zep Inc., Atlanta, GA, a producer, marketer, and service provider of a wide range of cleaning and maintenance solutions, reported a loss for the first quarter ended Nov. 30, 2008, of $1.5 million. The company reported profit of $6.3 million for the same period the prior year.
First quarter sales declined 10% to $129 million.
We are facing a new economic reality – a broad-based recession that is significantly impacting most of the customer segments we serve, resulting in weaker demand for our products. While we planned for a challenging first quarter, the depth and breadth of this recession is much more severe than what we had anticipated, said John K. Morgan, president and CEO. “However, we continue to maintain a strong balance …
Zep Reports 1Q Loss of $1.5M
Zep Inc., Atlanta, GA, a producer, marketer, and service provider of a wide range of cleaning and maintenance solutions, reported a loss for the first quarter ended Nov. 30, 2008, of $1.5 million. The company reported profit of $6.3 million for the same period the prior year.
First quarter sales declined 10% to $129 million.
We are facing a new economic reality – a broad-based recession that is significantly impacting most of the customer segments we serve, resulting in weaker demand for our products. While we planned for a challenging first quarter, the depth and breadth of this recession is much more severe than what we had anticipated, said John K. Morgan, president and CEO. “However, we continue to maintain a strong balance …
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