Natco earnings down slightly
Activity slump has minimal impact
Houston-based service company Natco Group posted first quarter 2002 net income of $1.8 million, or 11 cents per share compared to $1.4 million, or nine cents per share earned in the first quarter of 2001.
Revenue for the current quarter increased 17% over the prior year due to strong results in North America and a full quarter of contribution from Natco's Axsia subsidiary, which was acquired in March 2001.
In North America, revenue increased 14% over the prior year's quarter. Gross margins in the segment were 26%, compared to 24% in the prior year.