FiberCore Sets Record Results, Anticipates Growth
CHARLTON, Mass., Aug. 4 -- FiberCore, Inc. announced record sales for the first six months of 1999 and said that it expects to see continued growth during the second half of the year. Sales for the three and six month periods ended June 30, 1999 were $2,371,000 and $5,026,000, respectively, compared with sales of $1,879,000 and $3,442,000 for the same periods in 1998. The current year's figures represent increases of $492,000, or 26 percent, for the three months and $1,584,000, or 46 percent, for the six months ended June 30, 1999, when compared with last year's results.
The company attributed the rise in sales to increased volume shipped to repeat customers and to the addition of new customers in 1999. Increased sales were offset by a decrease in average selling prices during 1999. Market prices continued to soften during the first six months of the year due to an industry-wide product oversupply; however, the company predicts that prices will begin to stabilize in the second half of 1999, as the excess capacity appears to be diminishing.
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