Portec Rail Products, Inc. Reports 2010 Second Quarter and Six Month Operating Results (unaudited)
03 Agosto 2010 - 10:00PM
Portec Rail Products, Inc. (Nasdaq:PRPX) today announced unaudited
net income of $864,000 or $0.09 per share for the three months
ended June 30, 2010, and $1,321,000 or $0.14 per share for the six
months ended June 30, 2010. Results for the three and six months
ended June 30, 2010 include charges of $0.23 and $0.33 per share
for expenses related to the proposed merger with L.B. Foster
Company, which was announced on February 17, 2010. These amounts
compare to unaudited net income of $2,203,000 or $0.23 per share,
and $3,339,000 or $0.35 per share, for the three and six months
ended June 30, 2009, respectively. Net sales for the three months
ended June 30, 2010 increased 22.2% to $32.4 million compared to
$26.5 million for the same period in 2009. Net sales for the six
months ended June 30, 2010 increased 14.5% to $55.8 million
compared to $48.7 million for the same period in 2009. Average
basic and diluted shares outstanding were 9.6 million for all
periods presented.
Richard J. Jarosinski, President and Chief Executive Officer,
said, "Excluding merger-related costs incurred during the first two
quarters of this year, our financial results were driven by solid
performances from nearly all of our product groups. Our
friction management and track component product groups led our
sales performance while our load securement and United Kingdom
non-rail material handling product groups also contributed
significantly."
Mr. Jarosinski concluded, "While the global railway industry
conditions in 2010 are not yet what they were prior to the
beginning of the economic downturn that began in late 2008, we are
seeing certain market sectors continue to show positive signs for
car loading volume increases and infrastructure investment. In
addition, we are happy to see an increase in quoting and order
activity from our material handling business located in the United
Kingdom."
Portec Rail Products, Inc., headquartered in Pittsburgh,
Pennsylvania, manufactures, supplies and distributes a broad range
of railroad products, including rail joints, rail anchors and
spikes, railway friction management products, railway wayside data
collection and data management systems and load securement
systems. The Company's largest business unit, the Railway
Maintenance Products Division, operates a manufacturing and
assembly plant in Huntington, West Virginia, an engineering and
assembly facility in Dublin, Ohio (Salient Systems), and is also
headquartered in Pittsburgh. The Company also has two Canadian
subsidiaries, one of which is headquartered near Montreal with a
manufacturing operation in St. Jean, Quebec and the other
headquartered in Vancouver, British Columbia that is a technology
and manufacturing facility (Kelsan Technologies). In addition,
the Company sells load securement systems to the railroad freight
car market through its Shipping Systems Division located near
Chicago, Illinois. The Company also manufactures railway
products and material handling equipment in the United Kingdom with
operations in Leicester, England and Sheffield,
England. Portec Rail Products, Inc.'s web site address is
www.portecrail.com.
The Portec Rail Products, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5957
The foregoing information contains forward-looking
statements. The Company cautions that such statements are
subject to a number of uncertainties. The Company identifies
below important factors that could affect the Company's financial
performance and could cause the Company's actual results for future
periods to differ materially from any opinions or statements
expressed with respect to future periods in any current
statements. In particular, the Company's future results could
be affected by a variety of factors, such as customer demand for
our products; competitive dynamics in the North American and
worldwide railroad and railway supply industries; capital
expenditures by the railway industry in North America and
worldwide; the development and retention of sales representation
and distribution agreements with third parties; fluctuations in the
cost and availability of raw materials and supplies; currency rate
fluctuations; and exposure to pension liabilities. Additional
cautions regarding forward-looking statements are provided in the
Company's Form 10-K for the year ended December 31, 2009 under the
heading "Cautionary Statement Relevant to Forward-looking
Statements." The Company does not undertake, and specifically
disclaims, any obligation to update or revise any forward-looking
statement, whether written or oral, that may be made from time to
time by or on behalf of the Company.
Portec Rail Products,
Inc. |
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Consolidated Statements
of Income |
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|
(In thousands, except share and
per share data) |
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Three Months
Ended |
Six Months
Ended |
|
June
30 |
June
30 |
|
2010 |
2009 |
2010 |
2009 |
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Net sales |
$32,430 |
$26,530 |
$55,757 |
$48,694 |
Cost of sales |
22,102 |
17,934 |
36,930 |
32,825 |
Gross profit |
10,328 |
8,596 |
18,827 |
15,869 |
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|
|
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|
Selling, general and administrative |
8,075 |
5,480 |
14,984 |
10,860 |
Amortization expense |
306 |
270 |
616 |
523 |
Operating income |
1,947 |
2,846 |
3,227 |
4,486 |
|
|
|
|
|
Interest expense |
59 |
79 |
123 |
153 |
Other (income) expense, net |
(202) |
(135) |
271 |
(120) |
Income before income taxes |
2,090 |
2,902 |
2,833 |
4,453 |
Provision for income taxes |
1,226 |
699 |
1,512 |
1,114 |
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Net income |
$864 |
$2,203 |
$1,321 |
$3,339 |
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Earnings per share – basic and diluted |
$0.09 |
$0.23 |
$0.14 |
$0.35 |
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Average shares outstanding – basic |
9,602,421 |
9,602,029 |
9,602,417 |
9,602,029 |
Average shares outstanding - diluted |
9,613,305 |
9,602,029 |
9,612,042 |
9,602,029 |
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Consolidated Condensed
Balance Sheets |
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(In thousands) |
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March 31 |
December 31 |
|
2010 |
2009 |
|
(Unaudited) |
(Audited) |
Assets |
|
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Current assets |
$54,374 |
$48,267 |
Property, plant and equipment, net |
9,608 |
10,260 |
Goodwill and other intangibles, net |
41,928 |
42,970 |
Other assets |
716 |
1,045 |
Total assets |
$106,626 |
$102,542 |
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Liabilities and Shareholders'
Equity |
|
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Current liabilities |
$25,435 |
$19,157 |
Other liabilities and long-term debt
obligations |
15,811 |
17,637 |
Shareholders' equity |
65,380 |
65,748 |
Total liabilities and shareholders'
equity |
$106,626 |
$102,542 |
CONTACT: Portec Rail Products, Inc.
Richard J. Jarosinski, President and Chief Executive Officer
(412) 782-6000, ext. 4230
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