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KATY INDUSTRIES INC. said first-quarter net income dropped 34 percent, to $1.32 million, or 13 cents a share, from $1.99 million, or 24 cents a share, a year earlier. Elgin-based Katy, a diversified manufacturing firm, said earnings from continuing operations nearly doubled to $4.03 million, or 56 cents a share, from $2.27 million, or 28 cents a share. The latest quarter`s results were reduced by a loss from discontinued operations of $2.7 million. A year earlier, the company took a $279,000 loss from discontinued operations. Sales slipped to $44.9 million from $48.6 million.
