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Goldray: improved results for 1Q 2003

Management efforts to return decorated architectural glass maker Goldray to profitability have produced results in the 1Q 2003, although opportunities for gain remain in spite of the progress made, ac…

Management efforts to return decorated architectural glass maker Goldray to profitability have produced results in the 1Q 2003, although opportunities for gain remain in spite of the progress made, according to Goldray president Greg Saroka. The company say that reducing overheads and raising gross margins will continue to be a focus along with expanding the geographic market, increasing product lines and improving plant utilization. Revenue were up 16% to USD 3,643, from USD 3,139 for the same period 2002. Gross profit was USD 562,000, up 29% on the USD 436,000 for 1Q 2002. At USD 69,000, net losses were down from the USD 115,000 of 1Q 2002.

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