Innovative Composites International Inc. announced earnings results for the first quarter ended December 31, 2012. For the quarter, the company reported revenue was approximately $587,000 compared with $907,000 for the same period a year ago. The decline in revenue was substantially due to the departure of one customer who made the decision to manufacture in-house the product that the company was supplying.

The revenue for the quarter was generated primarily from the sale of specifically engineered enclosures as from sales of Mattex and load floors to the automotive sector. Net loss was $1,819,000 or $0.02 per share, compared to $1,752,000, or $0.03 per share, for the same period in a year ago. Cash flow used in operating activities was $1,231,000 compared to $1,716,000 for the same period a year ago.