Profits and sales jump for Starrett
Increased demand helped put tool manufacturer L.S. Starrett of Athol in the black for its 2014 fiscal year, which ended on June 30.
According to documents filed with the Securities and Exchange Commission (SEC), the company reported sales for fiscal year 2014 touched slightly higher than $247 million, an increase of $3.3 million or 1.4 percent compared to fiscal 2013.
In North America, an improved labor market and a steady recovery in overall economic performance resulted in increased demand for hand tools and a resurgence of shipments for high-end capital equipment. The company reported an increase of $5.9 million, or 4.8 percent, in net sales in North America, from $123.5 million in fiscal 2013 to $129.4 million in fiscal 2014.
Operating profit improved $13.2 million from a loss of $1.3 million in fiscal 2013 to a profit of $11.9 million in fiscal 2014 as a result of what it said were improved gross margins and lower selling, administrative and general expenses.
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