Sales Fall 6% At L.S. Starrett
Athol-based tool manufacturer L.S. Starrett saw its revenue fall more than 6 percent in its recently completed fiscal year, and reported a net loss of $162,000, according to details in its annual 10-K filing with the U.S. Securities and Exchange Commission (SEC).
Starrett said it took in $243.8 million in its 2013 fiscal cycle, which ended June 30, down from $260.1 million in fiscal 2012. Its loss marked a swing of more than $1 million as the company had declared profits of $888,000 in 2012.
Net sales in North America declined $5.6 million, or 4 percent, from $129.1 million in fiscal 2012 to $123.5 million in 2013. The principal factors contributing to the drop, the company said, were a combined $7.8-million reduction in precision tools and custom granite, which was partially offset by a $3.3 million increase due to a full year of operations for its Bytewise Measurement Systems division.
Meanwhile, international sales decreased $10.7 million (8 percent), from $131 million in 2012 to $120.3 million in 2013. And, foreign currency exchange rate fluctuations represented an unfavorable impact of $16.2 million, while Brazilian sales denominated in local currency increased 6 percent, or $5.5 million, the company said.
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