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Dechning worldwide sales dropped Polaroid Corporation's first earnings by nearly half and cut sales by 10 per cent, company officials announced here yesterday.
William J. McCune, president and chief executive, said first quarter sales were $276.1 million, compared to 1979 first quarter sales of $308.3 million, adding that net earnings fell from $17.4 million or 53 cents a share, to $9.5 million or 29 cents a share.
McCune blamed the drop in sales to "worldwide economic conditions," adding that the dollar's increasing strength hurt overseas sales.
McCune said the company had an increase in interest income, but lost those gains to the lagging sales and a higher tax rate.
Earlier this year, McCune had warned shareholders that 1981 first quarter sales and earnings were likely to fall below last year's record first quarter results because of extensive purchases by retailers who anticipated price increases.
The company's president said he remains "cautious about the economic outlook for the rest of the year."
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