Plastic packaging company AEP Industries Inc. said Monday its first-quarter profit plummeted 82 percent due to a big jump in costs and expenses.
For the quarter ended Jan. 31, net income fell to $2 million, or 29 cents per share, from $10.7 million, or $1.33 per share, in the prior year quarter.
The company's cost of sales increased 29 percent, while interest expenses rose about 8 percent. Delivery and selling expenses also grew slightly in the quarter.
Revenue expanded 14 percent to $205 million from $179.3 million in the first quarter of 2007.
The company said its sales jumped partly due to a 7 percent boost in selling prices as well as higher sales volume.
A stronger Euro and Canadian dollar also helped the company's sales.
AEP Industries shares added 9 cents to $28.70 in midday trading.
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