Federal Screw Works
posted a narrower third-quarter loss Friday despite a 7% sales decline.
The St. Claire Shores, Mich., maker of auto parts lost $571,000, or 42 cents a share, for the quarter ended March 31, compared with a year-ago loss of $2.5 million, or $1.82 a share. The year-ago quarter was hit by a charge of $1.8 million, or $1.28 a share, on the closing of the company's Chelsea unit.
Sales dropped to $22.1 million from $23.8 million a year earlier.
Federal Screw also declared a 10-cent regular quarterly dividend, payable July 3 to shareholders of record June 2.
On Friday, Federal Screw was flat at $16.50.