Income, revenues climb at Industrial Rubber Products

HIBBING, Minn. (May 17)—Industrial Rubber Products Inc. recorded sales of $5 million in the first quarter, more than tripling the $1.6 million in revenues in last year´s first three months. Net income came in at $170,515 in the period compared to a loss of $226,366 in 1999. Results included about $216,000 related to the closure of the firm´s Irathane Systems plant in Colorado Springs, Colo., and a $201,576 gain on the sale of that property. Industrial Rubber Products is moving the Irathane Systems operation to its Hibbing site. The company sold the property in late March and is expected to complete the consolidation by the end of May.