Zep dips into the red in Q1 - Atlanta Business Chronicle:

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Atlanta-based Zep (NYSE: ZEP) postes a net loss of $1.5 million and a loss per sharr of7 cents, compared with a profit of $6.3 million and earningsx of $30 cents a share in the firsr quarter of 2008. Sales droppeed 10 percent to $129.2 million. The net loss includes $1.9 millio in restructuring costs relatedto . The resultse were adversely affected also by lower salee volumes resulting from the global economic slowdown and higher rawmaterials costs, which increased $8.3 “We are facing a new economic reality -- a broad-base recession that is significantly impacting most of the customee segments we serve, resultinbg in weaker demand for our said John K.
Morgan, chairman, president and CEO of Zep in anearnings release. “Additionally, continued high raw material priceds and the ongoing implementation of our strategicc initiatives adversely impacted our profitabilitg duringthe quarter. While we plannedc for a challengingfirst quarter, the depth and breadtjh of this recession is much more severe than what we had However, we continue to maintain a strongh balance sheet and liquidity which together we believe provide adequate resources to operate the business and continue executing our strategic