August 14, 2012
Construction manufacturer L.B. Foster reports $2-million quarterly loss
Construction manufacturer and fabricator L.B. Foster Co. of Pittsburgh released its financial results. Sales for the three months ending June 30, 2012 were $164.9 million, down from $171.5 million during the same period in 2011.
The net loss for the quarter was $2.07 million, compared to net earnings of $6.373 million during the same period in 2011. All figures are in U.S. dollars.
L.B. Foster's products include rail track components, H beams, pipe piling, sheet piling and concession buildings.
During the quarter ending June 30, the company recorded a charge of $19 million "to reflect management's best estimate of the cost it expects to incur to settle a product claim" related to concrete railroad ties. The claim was made by Union Pacific Corp. over ties made at L.B. Foster's Grand Island, Nebraska plant, which closed in 2011.
During the quarter, construction sales dropped 32 per cent, L.B. Foster stated in a press release. "This comparison was due principally to the Piling product line, although all construction segment businesses experienced declines," the firm stated.
On its balance sheet as of June 30, L.B. Foster had $77.243 million in cash and cash items, with total current assets of $267.489 million.
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