Koppers Releases Third
Quarter Earnings
Nov. 5, 1999, Pittsburgh, Pennsylvania — Net
income of Koppers ("Koppers") for the quarter ending
September 30, 1999 was $11.1 million, or $2.90 per share on a diluted
basis, compared to $9.7 million or $2.42 per share in the third
quarter of 1998. Sales in the quarter were $170.8 million, down
6% from the $181.2 million reported in the comparable 1998 period.
The reduction in sales was related to spending reductions by several
of the Company's railroad customers due to merger activities.
Third
quarter 1999 results were highlighted by improved earnings from
both of the Company's global business segments, Carbon Materials & Chemicals
and Railroad & Utility Products.
For the first nine months
of 1999, Koppers' net income was $19.5 million compared to $16.3
million in the first nine months of 1998.
Earnings per share on a diluted basis were $4.99 compared to
$3.91 in the comparable period in 1998.
Sales for the first nine months
of 1999 were $501.0 million compared to $511.8 million in the
same period in 1998.
Commenting on the
third quarter, President and CEO Walter W. Turner said, "Despite
cutbacks by some of our railroad customers, profitability remained
strong in our global Railroad & Utility
Products business. Our margins in our global Carbon Materials & Chemicals
business are showing signs of improvement due to higher oil prices
and their resulting effect on phthalic anhydride pricing in the
US, and our Australian operations continue to be strong. 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."
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 Third Quarter 1999" | 
