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Cherry Corp.`s first-quarter net earnings sank 66 percent, to $484,000, or 11 cents a share, from $1.43 million, or 31 cents a share, a year earlier. Waukegan-based Cherry said sales in the quarter ended May 31 slipped to $61.8 million from $63.8 million a year earlier.
Chairman Walter L. Cherry said the company`s revenue rose from the fourth quarter and represented ”the third-highest quarterly sales in the company`s history.”
Earnings were hurt by operations in Germany, he said, but ”domestic automotive switch sales showed a sharp increase as a result of several new products being introduced.”
