Profits at Charter Power Systems Inc. jumped 85 percent in the second quarter, the Plymouth Meeting maker of batteries said yesterday.
"Although slow economic activity is affecting the industries we serve, technical manufacturing improvements, production and purchasing efficiencies, targeted marketing and sales successes and changes in late 1989 to a new debt structure . . . have helped produce the improved results for Charter Power," said Robert Alvine, chairman and chief executive officer.
The company said it cut its interest payments by $434,000 as a result of more favorable terms negotiated last year and to a reduction in long-term debt to a record low of $43 million.