Koppers Reports 1999 Earnings
to Reflect 14 Years of Global Growth
Feb. 09, 2000, Pittsburgh, Pennsylvania — Koppers
reported sales in 1999 of $664.1 million compared to $670.6 million
in 1998. Net income for the 12 months ended December 31, 1999 was
$24.2 million and $6.23 per share compared to $20.1 million and
$4.85 per share during the period of 1998.
Koppers benefited from
increased profitability in its global Railroad Products and Services
segment and the improvement in chemicals
pricing. On a global basis, our Australasian operations grew
to 30% of Koppers earnings, from 26% in 1998.
Commenting on Koppers
financial results, President and CEO Walter W. Turner remarked, "All
in all 1999 was a solid year for Koppers. From a financial standpoint,
two key results were the
improvement in profit margins in both our global business segments
and the generation of significant free cash flow which we have
largely applied to debt reduction. On the operations side, we were
able to broaden our Railroad Products' customer base in the shortline
and commercial rail crosstie market, expand our Australasian Carbon
Materials business through a joint venture in China and improve
overall capacity utilization throughout the group. Our efforts
were aided by higher oil prices and their resulting effect on phthalic
anhydride ("PAA") pricing in the US as well as steady
demand for our major products. In 2000, our focus remains unchanged
as we push to deliver the highest value added products and services
to our customers while maintaining our attention on safety, productivity
and growth."
For the fourth quarter ending December 31, 1999,
Koppers reported net income of $4.7 million, or $1.23 per share
on a diluted basis,
compared to $3.8 million or $0.93 per share in the fourth quarter
of 1998. Sales in the quarter were $163.1 million, up 3% from
the $158.8 million reported in the comparable 1998 period.
Koppers
is a global integrated producer of carbon compounds and treated
wood products for use in a variety of markets including
the railroad, aluminum, chemical and steel industries. The Company
operates 22 facilities in the United States and an additional 13
facilities in the South Pacific (primarily Australia and New Zealand).
The Company also maintains indirect ownership interests in an additional
facility in the United States through its domestic joint venture
KSA and in four facilities overseas (one in Denmark and three in
the United Kingdom) through its Danish joint venture Tarconord
A/S. Additionally, in March 1999 the Company entered into a joint
venture agreement with Tangshan Iron & Steel Co. ("TISCO")
to rehabilitate and operate a tar distillation facility in China;
the joint venture will be 60% owned by the Company. The Company's
stock is shared by a large number of employee investors and by
majority equity owner, Saratoga Partners of New York City.
View "Koppers
Results for Fourth Quarter 1999" | 
