Industrial Rubber Products sales fall in 2002

HIBBING, Minn. (March 27)—Industrial Rubber Products Inc. more than doubled its pretax income last year and reduced debt by more than $2 million, but provisions for a one-time charge related to changes in goodwill accounting left the company with a $292,000 net loss for fiscal 2002. The company, which makes a variety of molded and fabricated rubber products at four plants in North America, saw sales fall 6.3 percent last year to $13.3 million as the markets for its primary products declined in line with the economic recession. The firm's efforts to reduce debt and recover lost sales will position it to "rapidly expand when economic conditions improve for our historic customers," said President and CEO Daniel O. Burkes.