Sarin Q1 Sales Down 90%

Diamond tool maker Sarin Technologies suffered a 90 percent drop in revenue in the first quarter, falling to $1.06 million from $10.62 million a year ago. Sarin posted a $2.52 million loss compared to a $2.01 million profit generated in the first quarter of 2008.

Sarin, which generates much of its income from the sale of diamond polishing related tools, has been hit by the dramatic drop in manufacturing activity in the diamond centers. Gross profit of $78,000 is 98.9 percent below the $7.06 million generated in the first quarter of 2008.

The decline in sales, which was first felt in the fourth quarter of 2008, led the company to take cost cutting measures, cutting overall operating expenses by 43 percent to $2.4 million.

Sarin holds a 23 percent stake of IDEX Online.