Profit slips

Body armour products maker Pacific Safety Products Inc. is unable to shield itself against weaker sales and delayed contracts in Q1, as profits PSP.JPGdrop to $119,000 from $243,000 a year ago. Revenue shrunk to $6.7 million from $8.9 million. “First-quarter results reflect weak core sales and were also impacted by continued delays in the award of anticipated new business from the Canadian government of protective products for the Canadian forces. We do not expect this situation to improve before Q3 of this year,” says CEO David Scott. On a more positive note, the company says it was recently awarded contracts worth $20-million over three years for its ballistic and fragmentation protection products. It did not reveal the name of the customer(s). PSP is currently in the process of relocating headquarters from Kelowna, B.C. to its new factory and corporate office in Arnprior.

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