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Koppers Releases First
Quarter Earnings
Koppers reports sales of $157.4 million for the
quarter ended March 31, 1999, up from $156.5 million reported in
the first quarter of 1998. The Company reported a net loss of $0.2
million for the first quarter, or $0.11 per share on a fully diluted
basis, compared to a loss of $0.2 million, or $0.10 per share in
the first quarter of 1998.
First quarter 1999 results were highlighted
by improved earnings from the Company's global Railroad & Utility
Products segment, offset to some extent by lower pricing for phthalic
anhydride ("PAA"),
a chemical produced by Koppers which is used in the production
of plastics and related products. PAA prices were down approximately
19% from the comparable period in 1998. Commenting on the first
quarter, President and CEO Walter W. Turner said, "Business
volumes remained solid in both of our operating segments in the
US and Australia. Our margins continued to be impacted
by lower oil prices and their resulting effect on PAA pricing.
We remain focused on cash flow management including costs, productivity
and safety as we continue to strive to deliver the highest valued
products and services to our customers."
Also in the first
quarter, Koppers announced it had entered into a joint venture
agreement with Tangshan Iron & Steel Co. and
Jingtang Port Administration to revitalize and operate a tar distillation
facility in Hebei Province, China. The joint venture, which will
be 60% owned by Koppers, is expected to begin production of coal
tar products by the end of 2000.
Koppers, based in Pittsburgh,
Pennsylvania, is a leading integrated producer of carbon compounds,
chemicals, and treated wood products
for use in a variety of markets including the chemical, railroad,
utility, wood preserving, rubber, aluminum, and steel industries.
Koppers operates 22 domestic and 13 Australian and Pacific Rim
facilities and serves European markets through its joint venture,
Tarconord, located in Denmark. 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
First Quarter 1999" |
