Portec Rail Products, Inc. Reports 2010 First Quarter Operating Results (Unaudited)
07 Mai 2010 - 2:00AM
Portec Rail Products, Inc. (Nasdaq:PRPX) today announced unaudited
net income of $457,000 or $0.05 per share for the three months
ended March 31, 2010, compared to unaudited net income of
$1,136,000 or $0.12 per share for the three months ended March 31,
2009. First quarter 2010 results include a charge of $0.10 per
share for transaction costs associated with the merger agreement
with L.B. Foster Company, which was announced on February 17, 2010.
Net sales increased 5% to $23.3 million for the first quarter 2010,
compared to $22.2 million for the first quarter 2009. Per
share values are shown as average basic and diluted shares
outstanding of 9.6 million for all periods.
Richard J. Jarosinski, President and Chief Executive Officer
said, "Excluding merger-related costs incurred during the quarter,
our financial results were driven by solid performances from our
track component, friction management and load securement product
groups. Our Shipping Systems Division, in particular, which
offers our load securement product group, has experienced a
significant turnaround for the quarter. This has been mostly due to
the increasing use by the Class 1 railroads of revenue-ready
railcars being put back into service to meet the higher car loading
demands over the last few months. We are pleased with our
backlog and order bookings for Salient Systems, and the positioning
of our wayside data management product group going
forward. Our United Kingdom material handling business, which
had a very challenging year in 2009 due mostly to the economic
conditions in the UK in general, is off to a good start in 2010 and
has had very good quoting activity."
Mr. Jarosinski concluded, "While our industry conditions in 2010
are not yet what they were prior to the beginning of the economic
downturn in late 2008, we are seeing some positive signs for North
American freight car loading and intermodal traffic increases as
well as international market desire for many of our friction
management and wayside detection products and services. In
addition, we are happy to see the increased level of order activity
for our UK material handling business. These signs are beginning to
look very promising for our business units."
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.
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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
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March 31
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2010
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2009
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(Unaudited)
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Net sales
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$ 23,327
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$ 22,164
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Cost of sales
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14,828
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14,891
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Gross profit
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8,499
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7,273
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Selling, general and administrative
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6,909
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5,380
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Amortization expense
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310
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253
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Operating income
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1,280
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1,640
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Interest expense
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64
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74
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Other expense, net
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473
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15
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Income before income taxes
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743
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1,551
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Provision for income taxes
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286
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415
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Net income
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$ 457
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$ 1,136
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Earnings per share – basic and diluted
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$ 0.05
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$ 0.12
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Average shares outstanding – basic
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9,602,029
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9,602,029
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Average shares outstanding – diluted
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9,609,267
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9,602,029
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Consolidated Condensed Balance Sheets
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(In thousands)
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March 31
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December 31
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2010
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2009
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(Unaudited)
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(Audited)
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Assets
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Current assets
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$ 54,030
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$ 48,267
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Property, plant and equipment, net
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10,132
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10,260
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Goodwill and other intangibles, net
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42,898
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42,970
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Other assets
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1,126
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1,045
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Total assets
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$ 108,186
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$ 102,542
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Liabilities and Shareholders' Equity
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Current liabilities
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$ 24,278
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$ 19,157
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Other liabilities and long-term debt obligations
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17,527
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17,637
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Shareholders' equity
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66,381
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65,748
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Total liabilities and shareholders' equity
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$ 108,186
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$ 102,542
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CONTACT: Portec Rail Products, Inc.
Richard J. Jarosinski, President and Chief Executive Officer
(412) 782-6000, ext. 4230
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