HOWLAND -- Stoneridge, a locally based wiring manufacturer that does most if its production in other areas, earned $200,000, or 1 cent a share, on sales of $140 million in the fourth quarter, compared with earnings of $1.1 million, or 5 cents a share, on sales of $146.4 million in the same quarter a year earlier.
Lower earnings last quarter were the result of lower demand from its automotive and commercial vehicle customers, said Cloyd J. Abruzzo, president and chief executive.
"In anticipation of lower 2002 vehicle production volumes, the company has made significant adjustments to its cost structure. We enter 2002 optimistic that these changes will result in improved operating performance for the year," he said.
For 2001, the company earned $2.9 million, or 13 cents a share, on sales of $584.5 million, compared with earnings of $32.7 million, or $1.46 a share, on sales of $667.2 million in 2000.
Farmers announcesincrease in earnings
CANFIELD -- Farmers National Banc Corp., parent company for Farmers National Bank, announced 2001 earnings of $7.3 million, or 61 cents per share.
The earnings represent a 26.8 percent increase over 2000 earnings and a 24.5 percent increase over 2000 earnings per share.
Excluding one-time merger and restructuring expenses related to its merger with Security Dollar Bank of Niles in the fourth quarter of 2000, the corporation's 2001 earnings increased 8.2 percent for the year and 5.2 percent per share.
The corporation reported fourth quarter profits of $1.7 million, or 14 cents per share.
Vindicator staff and wire reports