Earnings slip, sales rise for NN

JOHNSON CITY, Tenn. (July 30)—NN Inc. recorded a rise in sales and a drop in earnings for the second quarter ended June 30. Net sales climbed to $49.2 million from $47.3 million in the second period of 2001. Net income slipped to $2.4 million from$3.5 million during the span. Sales for the first six months came in at $96.4 million, compared to $97.6 million last year while net income for the first half totaled $4.3 million, down from last year's $5 million. Results for the first half of 2002 reflect a full six months of operations for Delta Rubber Co., acquired by NN in February 2001. Second quarter results exceeded the firm's forecasts, principally because it benefited from on-going program incentives at its bearing retainer and seal businesses, the company said.