Revenues for the first quarter of 2015 were $9,283,791 compared to $9,950,424 in the first quarter of 2014, a decline of $666,633, or 6.7%. The reduction in sales was primarily related to weaker demand from certain automotive customers and lower export sales. While sales were lower, certain manufacturing expenses also declined, resulting in an overall gross margin rate that was only fractionally lower than in the first quarter of 2014. Net income was $462,473, or $0.48 per share, in the first quarter of this year compared to $568,373, or $0.59 per share, in the first quarter of 2014. In addition to a regular quarterly dividend of $.18 per share, an extra dividend of $.25 per share was paid in the first quarter based on the positive results achieved in 2014.(…)
