SHERBROOKE, QUE -Shermag Inc. reported its results for the first quarter, which ended June 30. Gross revenue was $40.921 million, compared to $45.571 million for the first quarter last year. Net revenue was $37.982 million versus $43.073 million the previous year. Export sales for the quarter grew to $27 million, representing a 6.7% increase, while domestic sales fell nearly 25%, from $17.064 million to $13.666 million.