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1st results for CFCI, ABNH after Visa decision.(COMPANY NEWS)
The two companies affected by Visa's decision to discontinue the use of HoloMag[TM] on its cards have both issued first quarter results for 2006, showing that the effect of this decision has, thus far, been minimal. However, since the decision was made halfway through the first quarter period, the real effects will not be seen until the second quarter.
CFC International's figures show a 2.5% drop in sales to $22.4m and a 23.2% drop in net income of $0.35m from $1.50m to $1.15m. $292,000 of this reduction was due to transaction expenses associated with the now-terminated acquisition by Quad-C Management (adding to the $650,000 of such expenses incurred during 2005). …
