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The company has been dealing with the implications of the COVID pandemic as it has had to reduce its workforce and cut costs. The spread of the virus caused a decline in air travel. Its commercial aerospace sales fell 24.6% in the second quarter and the company continues to deal with the pandemic’s effect in its industrial sales.
As of the most recent quarter, the company only had $115 million in cash, but it also had no short-term debt. Sales have been down an average of 16.6% a year for the past three years and are expected to fall 3% year over year in the current quarter.
