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L.B. Foster Company News
L.B. Foster Closes Out 2007 with Another Record Quarter
2007 Fourth Quarter Results
In the fourth quarter of 2007, L.B. Foster had income from continuing operations of
Net sales increased 3% to
Selling and administrative expenses increased
"Tubular and Rail Product sales were strong and operating margins were improved over last year. Construction Product sales were solid but below last year due primarily to decreased Piling sales," commented Stan Hasselbusch, President and Chief Executive Officer. "CXT Concrete Tie sales increased considerably over the prior year quarter due to higher volumes at our
2007 Full Year Results
For the twelve months ended
Income from discontinued operations for the twelve months ended
Net sales for the twelve months of 2007 increased 31% to
Selling and administrative expenses increased
Excluding the unusual income items related to the Company's investment in the DM&E Railroad, cash provided from operations was approximately
L.B. Foster Company will conduct a conference call and webcast to discuss its fourth quarter 2007 operating results and general market activity and business conditions on
The Company wishes to caution readers that various factors could cause the actual results of the Company to differ materially from those indicated by forward-looking statements in news releases, and other communications, including oral statements, such as references to future profitability, made from time to time by representatives of the Company. Specific risks and uncertainties that could affect the Company's profitability include, but are not limited to, general economic conditions, adequate funding for infrastructure projects, production delays or problems encountered at our manufacturing facilities, and the availability of existing and new piling and rail products. There are also no assurances that the Canadian Pacific Railway will proceed with the Powder River Basin project and trigger any contingent payments to L.B. Foster. Matters discussed in such communications are forward-looking statements that involve risks and uncertainties. Sentences containing words such as "anticipates," "expects," or "will," generally should be considered forward-looking statements. More detailed information on these and additional factors which could affect the Company's operating and financial results are described in the Company's Forms 10-K, 10-Q and other reports, filed or to be filed with the Securities and Exchange Commission. The Company urges all interested parties to read these reports to gain a better understanding of the many business and other risks that the Company faces. The forward-looking statements contained in this press release are made only as of the date hereof, and the Company undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Stan L. Hasselbusch Phone: (412) 928-3417 FAX: (412) 928-7891 Email: investors@LBFosterCo.com CONDENSED STATEMENTS OF CONSOLIDATED INCOME L. B. FOSTER COMPANY AND SUBSIDIARIES (In Thousands, Except Per Share Amounts) Three Months Ended Twelve Months Ended December 31, December 31, 2007 2006 2007 2006 (unaudited) (unaudited) NET SALES $114,015 $110,452 $508,981 $389,788 COSTS AND EXPENSES: Cost of goods sold 94,054 96,000 432,598 338,197 Selling and administrative expenses 9,322 8,996 37,403 33,657 Interest expense 700 975 4,031 3,390 Dividend income - (247) (9,214) (990) Gain on sale of DM&E investment (122,885) - (122,885) - Interest income (1,175) (3) (1,196) (4) Other income (226) 191 (267) (251) (20,210) 105,912 340,470 373,999 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 134,225 4,540 168,511 15,789 INCOME TAX EXPENSE 47,991 1,550 57,787 5,074 INCOME FROM CONTINUING OPERATIONS 86,234 2,990 110,724 10,715 DISCONTINUED OPERATIONS: (LOSS) INCOME FROM DISCONTINUED OPERATIONS (2) (43) (47) 3,153 INCOME TAX (BENEFIT) EXPENSE - (19) (16) 338 (LOSS) INCOME FROM DISCONTINUED OPERATIONS (2) (24) (31) 2,815 NET INCOME $86,232 $2,966 $110,693 $13,530 BASIC EARNINGS PER COMMON SHARE: FROM CONTINUING OPERATIONS $7.98 $0.28 $10.39 $1.03 FROM DISCONTINUED OPERATIONS (0.00) (0.00) (0.00) 0.27 BASIC EARNINGS PER COMMON SHARE $7.98 $0.28 $10.39 $1.30 DILUTED EARNINGS PER COMMON SHARE: FROM CONTINUING OPERATIONS $7.79 $0.27 $10.09 $0.99 FROM DISCONTINUED OPERATIONS (0.00) (0.00) (0.00) 0.26 DILUTED EARNINGS PER COMMON SHARE $7.79 $0.27 $10.09 $1.25 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC 10,806 10,529 10,653 10,403 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED 11,068 10,877 10,970 10,809 L. B. Foster Company and Subsidiaries Consolidated Balance Sheet (In thousands) December 31, 2007 2006 ASSETS (unaudited) CURRENT ASSETS: Cash and cash items $121,097 $1,309 Accounts and notes receivable: Trade 52,856 60,771 Other 754 779 Inventories 102,447 99,803 Current deferred tax assets 3,615 2,653 Other current assets 1,131 1,133 Property held for resale 2,497 - Prepaid income tax - 836 Total Current Assets 284,397 167,284 OTHER ASSETS: Property, plant & equipment-net 44,136 49,919 Goodwill 350 350 Other intangibles - net 50 62 Investments - 16,676 Deferred tax assets 1,508 1,149 Other non-current assets 331 393 Total Other Assets 46,375 68,549 $330,772 $235,833 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities on long-term debt $6,191 $3,105 Short-term borrowings - 726 Accounts payable-trade and other 53,489 57,446 Accrued payroll and employee benefits 11,490 6,892 Current deferred tax liabilities 3,541 3,203 Other accrued liabilities 8,841 4,215 Current liabilities of discontinued operations 200 235 Total Current Liabilities 83,752 75,822 LONG-TERM BORROWINGS - 39,161 LONG-TERM DEBT, TERM LOAN 16,190 - OTHER LONG-TERM DEBT 11,866 15,112 DEFERRED TAX LIABILITIES 1,973 1,853 OTHER LONG-TERM LIABILITIES 3,165 5,852 STOCKHOLDERS' EQUITY: Class A Common stock 109 105 Paid-in capital 45,147 39,696 Retained earnings 169,314 58,843 Accumulated other comprehensive loss (744) (611) Total Stockholders' Equity 213,826 98,033 $330,772 $235,833
SOURCE L.B. Foster Company
