Cohesant Technologies Inc., the northwest-side company that replaces and services utility pipes, reported a $53,141 loss in its first quarter ended Feb. 28—its first red ink since 1997.
Revenue fell 4.4 percent, to $6.2 million.
Most of the setback was attributed to a 44-percent decline in pipeline-replacement revenue in its CIPAR subsidiary, said Cohesant, which is traded on NASDAQ. The subsidiary’s franchising and leasing division also lost money lining pipes.
Cohesant directors accepted the resignation of CIPAR division President Stuart McNeill, who left “to pursue other business opportunities,” the company said this afternoon. A replacement hasn’t been named.