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Koppers Releases Third
Quarter Earnings
Oct. 29, 2001, Pittsburgh, Pennsylvania — Net
income of Koppers ("Koppers") for the quarter ending
September 30, 2001 was $4.6 million, or $1.25 per share on a diluted
basis,
compared
to $5.8 million or $1.51 per share in the third quarter of 2000.
Earnings before interest and taxes for the quarters ended September
30, 2001 and 2000 were $15.2 million and $18.3 million, respectively.
Sales in the quarter were $176.7 million, down 9% from the $194.9
million reported in the comparable 2000 period.
On a year-to-date
basis, Koppers net income was $11.0 million and $2.93 per share
compared to $13.9 million and $3.62 per share in
the first nine months of 2000. Earnings before interest and taxes
for the nine months ended September 30, 2001 and 2000 were $39.0
million and $47.8 million, respectively. Sales for the first
nine months were $540.7 million versus $535.6 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
nine months, President and CEO Walter W. Turner said, "We
continue to meet the challenges of a difficult global economic
environment by focusing on our customers, our costs
and our cash flow. Our third quarter results reflect lower demand
in key markets, which has put additional pressure on Koppers margins.
We see no relief in sight over the near term and, therefore, we
continue to seek additional improvement in our operational productivity,
cost structure and competitive position. Our approach to all of
these issues continues to be supported by an organizational focus
on improved safety and environmental performance. Koppers is the
leader in our primary markets and we intend to maintain this position
by continuing 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: View the "Koppers Results for
Third Quarter 2001" |
