South Windsor machinery maker Gerber Scientific Inc. said net income fell 93 percent in the fiscal second quarter and sales slumped amid an ongoing restructuring of its businesses.
Gerber said it earned $459,000, or 2 cents a share, in the three months ended Oct. 31, down from net earnings of $6.1 million, or 25 cents a share, the same period a year ago.
Revenues dropped 16 percent to $120.2 million in the latest quarter from $142.6 million last year.
Gerber makes automated cutters used to produce textiles and optical lenses.
In September, Gerber unloaded a pair of businesses that didn’t fit with its core operations — a German laser-marking and engraving unit and its Canadian graphics division. Gerber said both sales generated $13 million in net proceeds.
It followed those up in October with the closing of a small plant in Poland.
Last week, Gerber announced the purchase of Yunique Solutions Inc., a developer of product lifecycle management software for the fashion industry.
CEO Marc Giles said Gerber has seen increased customer quote and order activity for its systems and aftermarket products, “especially from China, which is an important growth market for us.”
Giles said the German and Canadian division sale proceeds and continued tightening of expenses has helped reduce its outstanding debt by $22.5 million. He said the company is looking for more ways to cut overhead.
