Imaflex Inc. profits double in 2003

Imaflex Inc. is crediting higher capacity at its extrusion operations, as well as increased prices linked to higher raw material costs, for the doubling of profits in 2003.

The company has reported $1.5 million in net income on sales of $36.1 million for the year ended Dec. 31, compared with $740,000 on sales of $29.2 million in 2002.

Imaflex’s first co-extrusion line began operations in October 2003.

With the higher capacity, the company expects to grow sales and profitability even further in 2004.

A $136,000 net loss associated with the company’s Canslit metallizing operations was reduced from the one experienced in 2002 (at $243,000), although Asian competition and higher raw materials prices were blamed for slowing the recovery. That company’s management expects to turn a small profit in 2004.