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Katy Industries Inc., Elgin, a diversified manufacturer, posted a 72 percent drop in first-quarter net income, to $5.48 million, or 57 cents a share, from $19.64 million, or $2.03 a share, a year earlier. Sales declined 15.5 percent, to $49.12 million from $58.19 million.
The most recent results included a one-time gain of $3.05 million, or 35 cents a share, from an insurance settlement. Profits a year earlier were boosted by non-recurring items totaling $15.5 million, or $1.61 a share.
