South Windsor machinery maker Gerber Scientific Inc. said today fiscal first-quarter profits were flat on a 25 percent drop in revenues.
Gerber earned $500,000, or 2 cents a share, on continuing operations for the three months ended July 31, down from $700,000, or 3 cents a share, the same period a year ago.
The latest earnings reflected a loss from its German equipment subsidiary FOBA Technology that will generate between $8 million to $8.5 million in cash when its sale is completed shortly, the company said.
Gerber’s first-quarter revenues declined to $119.7 million from $158.9 million a year ago.
Gerber CEO Marc Giles said the company continues to try to dispose of non-core assets and pare expenses, which have helped trim $13 million from its debt, now at $60.5 million.
Gerber produces high-precision textile cutters and machines for making eyeglass lenses.
At 11 a.m., Gerber shares were up 67 cents, or 17.6 percent, at $4.47.Â
