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Kenneth McClain made no attempt to sugarcoat last year's financial results Friday at the annual meeting of McClain Industries Inc.
"Last year, 2001, was the single most devastating year the company has ever had in its entire history," said McClain, president, CEO and chairman of McClain Industries.
Sterling Heights-based McClain Industries (Nasdaq: MCCL) makes dump-truck bodies, four types of solid-waste-handling equipment, garbage- and recycling-truck bodies, and transfer trailers.
McClain said industry sales for every product that McClain Industries sells declined last year. Last year, McClain Industries lost at least one customer in more than a half-dozen states because those companies went bankrupt.
As a result, McClain Industries maintained too much inventory...