NRI earnings, sales slide in second quarter

TORONTO (Aug. 13)—Recycled rubber products processor NRI Industries Inc. suffered a 39-percent drop in operating earnings in the second quarter, to $1.25 million, as sales slid 17.5 percent on slumping demand from North American vehicle makers. Clairvest Group Inc., NRI's holding company, said the company's short-term outlook is unfavorable in light of the current economic picture, but that long term, the firm has the ability to secure new business and streamline its cost structure. The second-quarter slump follows a 24-percent drop in sales and a 70-percent plunge in earnings in the first quarter. Clairvest did not disclose NRI's sales; for fiscal 2000, the company reported sales of $48 million.