Recession may cut Varity Corp.'s revenues by close to 15% this year, but the company is performing well in its established markets and making inroads elsewhere, said Sean St. Clair, a high-yield analyst at Duff & Phelps/MCM Investment Research Co.

"I'm really impressed. I like what they are doing," said Mr. St. Clair, whose agency is evaluating the company for a first-time rating.

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