Koppers Releases Second
Quarter Earnings
Aug. 1, 2001, Pittsburgh, Pennsylvania — Net
income of Koppers ("Koppers") for the quarter ending
June 30, 2001 was $5.7 million, or $1.54 per share on a diluted
basis,
compared to
$6.0 million or $1.58 per share in the second quarter of 2000.
Earnings before interest and taxes for the quarters ended June
30, 2001 and 2000 were $17.7 million and $18.4 million, respectively.
Sales in the quarter were $189.3 million, up 5% from the $179.8
million reported in the comparable 2000 period.
On a year-to-date
basis, Koppers' net income was $6.4 million and $1.69 per share
compared to $8.1 million and $2.11 per share in
the first six months of 2000. Earnings before interest and taxes
for the six months ended June 30, 2001 and 2000 were $23.8 million
and $29.4 million, respectively. Sales for the first six months
were $364.0 million versus $340.7 million during the same period
in 2000.
Year-to-date 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
six months, President and CEO Walter W. Turner said, "Koppers'
business has stabilized somewhat in the second quarter, but we
remain behind our results from a year
ago. Our European and Australian operations continue to post solid
results. Our Railroad & Utility Products segment has seen some
pickup in business from lower than expected first quarter levels,
but the maintenance and capital budgets for US railroads and international
utilities continue to be strained. Lastly, the North American carbon
materials and chemicals markets continue to be extremely difficult
as the key domestic industries we serve, aluminum, steel and plastics
have been extremely hard hit. We continue to look for ways to improve
our overall cost structure and competitive position in a very competitive
international marketplace. Our financial focus is on cash management
and development which is driven by our organizational strategy
of productivity and providing our customers with the highest quality
products and services while continuing to focus on safety and health
issues."
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.
View the "Koppers
Results for Second Quarter 2001" | 
