Newcor posts substantial losses for third quarter

BLOOMFIELD HILLS, Mich. (Nov. 19)—Newcor Inc. continued its downward spiral, reporting substantial losses during the third quarter. In an earnings release, Newcor reported a net loss of $33.9 million during the quarter, compared to the loss of $792,000 it took during the same three-month period of 2000. Sales fell 24 percent to $41.7 million. For the nine months ended Sept. 30, Newcor lost just more $40 million vs. a loss of $716,000 last year. Its sales during the period slipped 28.2 percent to $137.8 million. In September, Newcor was unable to make its semi-annual interest payment of about $6.1 million. The missed payment came after Exx Inc. executives took over Newcor's board of directors in late July, culminating a year-long effort to take over the company.