Koppers Releases Fourth
Quarter Earnings
Feb. 26, 2001, Pittsburgh, Pennsylvania — Net
income for Koppers, Inc. ("Koppers") for the quarter
ending December 31, 2000 was $.8 million, or $.21 per share on
a diluted basis, compared to $4.7 million or $1.23 per share in
the fourth quarter of 1999. Sales in the quarter were $187.9 million,
up 15% from the $163.1 million reported in the comparable 1999
period. The increase is attributable to the acquisition of Koppers
Europe, previously 50%-owned, in May 2000.
Fourth quarter 2000
results reflect a slowing in all the Company's business units,
plus approximately $3 million in bad debt write-offs.
For the
twelve months ended December 31, 2000 Koppers net income was
$14.7 million and $3.83 per share compared to $24.2 million
and $6.23 per share in 1999. Net income comparisons include
the sale of the Company's tax credits in late 1999 which increased
the Company's effective tax rate. Sales for 2000 were $723.5 million
compared to $664.1 million in 1999, due primarily to the consolidation
of Koppers Europe beginning
in May 2000.
Commenting on year 2000, President and CEO Walter
W. Turner said, "Like
other manufacturing companies, we are seeing an overall lowering
of demand and increased competition, which, coupled with significantly
higher energy costs, have resulted in lower margins in virtually
all product lines in the second half of 2000. We have implemented
several cost-reduction initiatives and remain focused on cash flow
management as we strive to deliver the highest value products and
services to our customers; additionally, we continue to invest
in our safety and environmental programs, which we believe will
ultimately result in higher productivity and profit margins."
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 40 facilities with locations in the United States, the
South Pacific (primarily Australia and New Zealand), Europe and
South Africa. The Company also maintains an indirect ownership
interest in a facility in the United States through its domestic
joint venture KSA. Additionally, the Company is the majority owner
of a Chinese-based joint venture with Tangshan Iron & Steel
Co. focused on the rehabilitation and management of a carbon materials
distillation facility, expected to be operational during 2001.
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 the "Koppers Results for
Fourth Quarter 2000" | 
