Financial earnings in brief
st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; mso-ascii- mso-ascii-theme- mso-fareast- mso-fareast-theme- mso-hansi- mso-hansi-theme- mso-bidi- mso-bidi-theme-}
Despite a decline in revenue, Arch Chemicals Inc. reversed a third-quarter loss a year ago with a $17 million profit this year, thanks in part to the federal government reversing a previous ruling that had accused an Arch supplier of providing the company raw materials at artificially low prices.
The Norwalk-based company manufactures chemicals to purify water, among other applications. Arch last month spent $124 million to acquire Advantis Technologies, which makes water treatments for water used in pools and spas.
Arch sales dropped 2 percent to $368 million, in part due to reduced construction impacting biocides Arch sells to treat building lumber.
The company benefited from an $11.5 million payment after the federal government determined that a Chinese supplier did not “dump” chemicals into Arch”™s inventory, as competitors had claimed. The case is being appealed by the competitors.
Â
Bank losses pegged to real estate
Patriot National Bancorp Inc. had a $1.9 million loss in the third quarter, as the company increased its provision for loan losses linked to the local real-estate market.
The Stamford-based bank owns Patriot National Bank, which has 15 branches in Fairfield County.
Patriot National also wrote off $1 million linked to a preferred stock position it held in Freddie Mac, but indicated it expected to recoup $400,000 as a tax benefit in the current quarter
Â
Independence takes a loss
Independence Holding Co. had an $8.7 million loss in the third quarter due primarily to decreases in investment returns, as total revenue dipped to $85 million from more than $100 million a year ago.
The Stamford-based company sells group life insurance through several affiliates, as well as medical stop-loss policies and short-term health insurance policies.
Â
Velocity sales decelerate
Velocity Express Corp. revenue dropped a fifth straight quarter, primarily due to the Westport company not renewing unprofitable accounts and the slowdown in the U.S. economy.
Velocity Express runs a network of courier services. In its first fiscal quarter ending Sept. 27, the company lost $9.3 million on sales of $73 million, down 22 percent from a year ago.
Velocity Express has not reported a quarterly profit since the fall of 2002, but in the recently concluded quarter was slightly above break-even in operating income.