Lexington Precision records $381,000 second-quarter operating loss

By Caroline Salls

Pittsburgh, Aug. 20 - Lexington Precision Corp. reported a $381,000 loss from operations for the quarter ended June 30 on $15.38 million in net sales, according to a 10-Q filed Thursday with the Securities and Exchange Commission.

The figures showed a decline from the $1.88 million of income from operations posted for the quarter ended June 30, 2008 on $20 million in net sales.

According to the 10-Q, the decrease in net sales was primarily the result of a 42.4% decrease in net sales of connector seals for automotive wiring systems used by original equipment manufacturers stemming from a significant reduction in automotive production levels.

The net loss for the second quarter of 2009 was $3.2 million, widening from a $1.94 million net loss for the second quarter of 2008.

Meanwhile, Lexington posted a $419,000 loss from operations for the six months ended June 30 on $29.54 million in net sales, compared with $3.22 million of income from operations for the first six months of 2008 on $41.35 million in net sales.

The net loss for the first half of this year was $6.63 million, widening from a $3.4 million net loss for the first half of last year.

The company had $3.56 million in cash at June 30, down from $5.54 million at Dec. 31, 2008.

Lexington Precision, a New York-based manufacturer of rubber and metal components for the automobile and medical devices industries, filed for bankruptcy on April 2, 2008 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 08-11153.

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