Phoenix half-year sales rise, profits fall

HAMBURG, Germany (July 31) — Phoenix A.G.´s sales for the first six months of fiscal 2000 increased 5.5 percent, but operating profits fell slightly as corporate restructuring costs ate into earnings. Phoenix said sales by its core segments of fluid handling, conveyor systems and comfort systems (anti-vibration and other automotive interior components) were up 7.8 percent. Overall sales increased to $391.3 million while earnings before interest and taxes slid 1.6 percent to $17.8 million. Despite the slight drop in earnings, Phoenix management said the performance exceeded expectations and the company is optimistic about the second half.