Farmington-based Edac Technologies Corp., a manufacturer of tools, fixtures, jet engine components and injection molds, recorded a decrease in net income in the first quarter of 2008 to $629,867 from $781,278 at the same time last year.
The company’s Q1 sales also dipped to $11.2 million from $12.3 million from Q1 2007. Dominick A. Pagano, president and CEO of Edac, cited a change in delivery schedules from the company’s aerospace customers for the lower sales performance.Â
“While we were not able to react to minimize the impact of these changes on our first quarter results,” Pagano said in a statement, “going forward we believe that our sales in each of the next three quarters will progressively allow us to show increased sales and net income for the year ending 2008 versus 2007.”
