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Koppers Releases Fourth
Quarter Earnings
Mar. 21, 2002, Pittsburgh, Pennsylvania — Net
income of Koppers ("Koppers") for the quarter ending
December 31, 2001 was $2.4 million, or $.65 per share on a diluted
basis, compared to $.8 million or $.21 per share in the fourth
quarter of 2000. Earnings before interest and taxes for the quarters
ended December 31, 2001 and 2000 were $11.8 million and $12.3 million,
respectively. Sales in the quarter were $166.9 million, compared
with $187.9 million reported in the comparable 2000 period.
or
the twelve months ended December 31, 2001 Koppers' net income
was $13.3 million and $3.15 per share, compared to $14.7 million
and $3.83 per share in 2000.
Sales for 2001 were $707.6 million
versus $723.5 million in 2000 as a reduction in sales in the
U.S. as a result of recessionary
conditions was partially offset by comparable sales increases
from Koppers Europe, which was fully consolidated in May 2000.
Results
for 2001 include pre-tax restructuring charges of $3.3 million
for the closure of the Company's utility pole treating
facility in Feather River, California.
Commenting on year 2001,
President and CEO Walter W. Turner said, "Koppers
global diversification was a key element to our 2001 results, as
continued solid performance from our European and Australian operations
were able to offset some of the effects of a very difficult U.S.
recession. In Europe and Australia, consistent product demand and
stable pricing provided a solid base of profitability throughout
2001. In North America, key markets for our products, primarily
steel, chemicals and aluminum, have been especially hard hit. Although
fourth quarter results in our North American Railroad Products
business were encouraging, they were not sufficient to cover the
reduced profitability in our domestic Carbon Materials & Chemicals
segment. We continue to look for ways to improve our overall cost
structure and market 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, health and environmental
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
Fourth Quarter 2002" |
