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"We are pleased with the financial and operational results we were able to achieve during the first quarter of fiscal 2011, particularly in light of the fact that organic sales growth, which we believe is adversely affected by sustained high unemployment, has not yet returned to the legacy business," said John K. Morgan, president and CEO.
Recent acquisitions, including Amrep, Waterbury and Niagara, contributed $37 million to revenues for the quarter. Organic growth through sales to customers in the automotive and food end markets was more than offset by volume declines in the company's other end markets.