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Koppers Releases First
Quarter Earnings
May 31, 2001, Pittsburgh, Pennsylvania — Net
income of Koppers ("Koppers") for the quarter ending
March 31, 2001 was $.6 million, or $0.16 per share on a diluted
basis, compared to $2.1 million or $0.54 per share in the first
quarter of 2000. Sales in the quarter were $174.7 million, up 9%
from the $160.9 million reported in the comparable 2000 period,
primarily as a result of the Koppers Europe acquisition in May
2000.
First quarter 2001 results include restructuring
charges of $3.3 million for the closure of the Company's utility
pole treating
facility in Feather River, California.
Commenting on the first
quarter, President and CEO Walter W. Turner said, "First quarter
business conditions were difficult, particularly in the United
States where the downturn in the economy, higher
energy prices and reduced demand resulting from the shutdown of
aluminum smelters in the Northwestern United States, put significant
pressure on Koppers margins. Our organization reacted quickly to
these business conditions, focusing on cash management by cutting
costs, working capital and capital expenditures to match demand.
Also in the first quarter, we took further steps toward improving
capacity utilization in our utility pole business through the closure
of our Feather River operations. As a company, we continue to review
all of our operations in order to maximize productivity and cost
efficiencies. We will do this while remaining focused on safety
and environmental performance for our employees and the communities
in which we operate, as we continue to strive to deliver the highest
quality products and services to our customers."
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 39 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 an additional facility in the United States through
its domestic joint venture KSA. The Company's stock is shared by
a large number of management investors and by majority equity owner
Saratoga Partners of New York City.
click here for: "Koppers Results for First Quarter 2001" View the "Koppers Results for
First Quarter 2001". |
