Tennessee-based Diversified Product Inspections Inc., a provider of independent product failure analysis, air contamination and fire investigations for the insurance industry, announced third quarter profits for 2004 of $25,358 on revenues of $513,615.
John VanZyll, president and CEO stated, “DPI recorded its eighth consecutive quarterly profit for the third quarter of 2004. Revenues were $513,615 compared to revenues of $671,709 in the third quarter of 2003. Profits were $25,358 versus third quarter profits in 2003 of $95,431. For the nine months ended September 30, 2004, revenues were $1,633,430 compared to $1,840,578 for the same period in 2003. Year to date profits for 2004 were $37,219 compared to $256,277 to the comparable period in 2003.
“The lower revenues and profits in 2004 are a result of the decrease in claims being filed by insured’s with their insurance company which is throughout the insurance industry. That trend seems to be tapering off in recent months, but the hurricane related claims have also taken adjusters away from working on claims related to failed products which are sent to DPI for inspection. Once the storm related claims are resolved, we feel the adjusters will again turn their attention to product failure claims and subrogation.”
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