Farrel´s losses deepen in second quarter

ANSONIA, Conn. (Aug. 15)—Rubber and plastics machinery maker Farrel Corp.'s net loss deepened in the second quarter, falling to $573,000 from $132,000 a year ago, as sales fell 19 percent to $12.4 million. Rolf K. Liebergesell, chairman and CEO of Farrel, said, "The market for capital goods purchases continues to be weak, particularly in the U.S. The results for the recently completed quarter reflect these weak market conditions. The company has taken steps to reduce costs and continues to review its cost structure to ensure it is in line with current business conditions." The net loss for the six months ended July 1 were $1.2 million on sales of $23.4 million vs. a loss of $1.6 million on sales of $26.8 million a year ago. The firm's order backlog at July 1 was $27.4 million, down from $35.1 million a year ago. Farrel's product lines include the Banbury and Intermix internal mixers and a range of extruders.