Farrel posts profit in third quarter

ANSONIA, Conn. (Nov. 15)—Rubber mixing equipment maker Farrel Corp. turned a profit in the quarter ended Sept. 30, reporting net income of $923,000 on sales of $15.8 million, compared with a net loss of $133,000 for the same quarter last year on sales of $17.5 million. Despite difficult trading conditions, Farrel also has improved its financial situation for the nine months, trimming the net loss to $257,000 on sales of $39.3 million, compared with a net loss of $1.75 million on sales of $44.3 million a year ago. The drop in sales is due entirely to lower North American business, Farrel said. These results, "reflect savings resulting from cost reduction efforts initiated earlier in the year. Overall market conditions, particularly since the tragic events of Sept. 11, continue to be very difficult and the company continues to focus on aligning its operations with expected market conditions," Chairman and CEO Rolf Liebergesell said in a prepared statement.