Farrel reports improved income for year

ANSONIA, Conn. (March 31)—Farrel Corp. reported a 22.5-percent gain in net income for fiscal 2002 despite a 12.2-percent drop in sales of rubber and plastics processing equipment. The company also reported a 17.7-percent increase to Dec. 31 in its order book. Net income for the year rose to $968,000 on sales of $50.1 million—a 1.9-percent earnings ratio. The firm, producer of the Banbury and Intermix internal mixers, also reported its balance sheet for fiscal 2002 contains a $6.9 million charge related to its pension plan. The charge, which is not reflected in the income statements, reflects the decline in the value of the company's United Kingdom pension plan's assets caused by the decrease in the stock market and changes to mortality data used by the company's actuary in determining the estimated pension liability.