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Koppers Inc. Releases
2002 Earnings
Feb. 27, 2003, Pittsburgh, Pennsylvania — Net
income of Koppers Inc. (“Koppers”) for the twelve months
ended December 31, 2002 was $16.5 million and $4.72 per share compared
to $13.3 million and $3.15 per share in 2001. Earnings before interest
and taxes for 2002 were $54.1 million compared to $50.8 million
in 2001. Results for 2001 included pre-tax restructuring charges
of $3.3 million for the closure of the Company’s utility
pole treating facility in Feather River, California.
Sales for
2002 were $730.3 million versus $707.6 million in 2001 due to a
strong sales performance by the US Railroad Products & Services
business that is part of the Railroad & Utility segment.
Commenting
on year 2002, President and CEO Walter W. Turner said, “Koppers
global diversification continued to be a key element to our 2002
results, as continued solid performance from our European and Australian
operations complemented the strong performance of our US Railroad
business. In Europe and Australasia, consistent product demand
and improved pricing provided a solid base of profitability throughout
2002. Demand from United States Class 1 railroads was very strong
and resulted in improved sales and profitability in the Railroad
Products & Services business. Our most significant challenge
is in our North American Carbon Materials & Chemicals business
where key product markets, primarily steel, chemicals and aluminum,
have been especially hard hit over the last several years. We continue
to look for ways to improve our overall cost structure and market
position in a very competitive international marketplace. Our financial
focus remains on cash management 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.”
Fourth quarter net income
was $2.6 million, or $.76 per share on a diluted basis, compared
to $2.4 million or $.65 per share in
the fourth quarter of 2001. Earnings before interest and taxes
for the quarters ended December 31, 2002 and 2001 were $12.7
million and $11.8 million, respectively. Sales in the quarter were
$175.2
million, compared with $166.9 million reported in the comparable
2001 period.
View the Koppers 2002 Earnings. |
