Koppers Releases Second
Quarter Earnings
July 28, 1999, Pittsburgh, Pennsylvania — Net
income of Koppers ("Koppers") for the quarter ending
June 30, 1999 was $8.6 million, or $2.18 per share on a diluted
basis, compared to $6.8 million, or $1.67 per share in the second
quarter of 1998. Sales in the quarter were $172.8 million, down
slightly from the $174.2 million reported in the comparable 1998
period.
Second quarter 1999 results were highlighted
by improved earnings from the Company's global Railroad & Utility Products
segment.
For the first six months of 1999, Koppers net income was $8.4 million
compared to $6.6 million in the first half of 1998. Earnings per
share on a diluted basis were $2.13 compared to $1.55 in the comparable
period in 1998.
Sales for the first six months of 1999 were $330.2
million compared to $330.7 million in the same period in 1998. Commenting on the
second 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 are showing signs
of improvement due to higher oil prices and their resulting effect
on PAA pricing. We remain focused on cash flow management including
costs and productivity as we continue to strive to deliver the
highest valued products and services to our customers. Additionally,
we continue to invest significantly in our environmental and safety
programs."
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 22 facilities in the United States and an additional 13
facilities in the South Pacific (primarily Australia and New Zealand).
The Company also maintains indirect ownership interests in an additional
facility in the United States through its domestic joint venture
KSA and in five facilities overseas (one in Denmark and four in
the United Kingdom) through its Danish joint venture Tarconord
A/S. Additionally, in March 1999 the Company entered into a joint
venture agreement with Tangshan Iron & Steel Co. ("TISCO")
to rehabilitate and operate a tar distillation facility in China;
the joint venture will be 60% owned by the Company. 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 1999" | 
