AEP Industries Posts Fiscal 3rd-qtr Profit
SOUTH HACKENSACK, N.J. (AP) ¿ Plastic packaging company AEP Industries Inc. on Wednesday reported a fiscal third-quarter profit as sales fell 8 percent, partly due to lower selling prices.
The company posted net income of $5.4 million, or 79 cents per share, compared with a loss of $4.8 million, or 71 cents per share, in the same quarter last year.
Revenue was $189.8 million for the quarter ended July 31, down from $207 million in the year-ago period.
The reduced sales are due to lower average selling prices and decreases in resin costs from the previous year, the South Hackensack, N.J.-based company said. It was partially offset by an increase in sales volume driven primarily by the acquisition of the plastic films segment of Atlantis Plastics Inc. in October 2008.Shares fell 22 cents to $39.70 in afternoon trading.
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