BRYAN - Ohio Art Co.'s first profit in five years apparently scared Wall Street. The firm's stock dropped $3.10 a share yesterday, the first trading after its Tuesday evening earnings announcement.
The stock, which trades on the American Stock Exchange, closed at $25.90 a share, considerably higher than its 52-week low of $3.60 but well off its $32-a-share price Friday.
The Williams County company, known for its Etch A Sketch and Betty Spaghetty doll toys, reported a $3.1 million profit on sales of $45.5 million in its latest fiscal year. The profit followed four years of losses totaling $10 million and was the company's biggest net gain in 10 years, credited to its cost cutting begun in 2000.