VANCOUVER, WA--(Marketwire - March 22, 2011) - Northwest Pipe Company (
NASDAQ:
NWPX) today
announced that it has filed with the Securities and Exchange Commission its
Annual Report on Form 10-K for the year ended December 31, 2010. The
Company also announced that it will broadcast its 2010 earnings conference
call on Tuesday, March 22, 2011, at 10:00 am PDT via live internet webcast.
Full Year 2010 Results
Sales for the year ended December 31, 2010 were $386.8 million compared to
$278.7 million for the year ended December 31, 2009. Net loss for 2010 was
$1.4 million or $0.15 per diluted share compared to a net loss of $7.3
million or $0.79 per diluted share for 2009.
Water Transmission sales increased to $221.3 million in 2010 from $210.4
million in 2009 reflecting increased sales volume partially offset by a
decrease in selling prices. Water Transmission gross profit increased to
$20.7 million in 2010 from $16.1 million in 2009 due to increased volume
which lowered unit costs as compared to 2009.
Tubular Products sales increased to $165.5 million in 2010 from $68.3
million in 2009, reflecting a significant increase in sales volume
partially offset by a small decline in selling prices. Tubular Products
gross profit increased to $12.3 million in 2010 from a loss of $4.4 million
in 2009, as a significant increase in volume, particularly for our energy
products, improved the recovery of fixed costs resulting in improved gross
margin.
As of December 31, 2010 the Company's backlog of orders was $258 million
compared to $222 million as of December 31, 2009.
Outlook
"We expect Water Transmission sales to remain stable in 2011 as compared to
2010," said Richard Roman, president and chief executive officer of the
Company. "We expect Tubular Products sales in 2011 will be significantly
stronger than 2010 primarily due to the additional capacity brought into
production in Bossier City over the course of 2010."
Conference Call
The Company will broadcast its 2010 earnings conference call on Tuesday,
March 22, 2011 at 10 am PDT via live internet webcast. The conference
broadcast can be accessed at the Investor Relations section of the
Company's website located at
http://www.nwpipe.com. For those unable to
attend the live broadcast, a replay will be available on the Investor
Relations section of the website or by dialing 800-839-1117 passcode 6301
approximately one hour after the event and will remain available for 30
days.
About Northwest Pipe Company
Northwest Pipe Company manufactures welded steel pipe and other products in
two business groups. Its Water Transmission Group is the leading supplier
of large diameter, high-pressure steel pipe products that are used
primarily for water infrastructure in North America. Its Tubular Products
Group manufactures smaller diameter steel pipe for a wide range of products
including energy, construction, agriculture, industrial and traffic
signpost systems. The Company is headquartered in Vancouver, Washington
and has ten manufacturing facilities across the United States and Mexico.
Forward-Looking Statements
Statements in this press release by Richard A. Roman are "forward-looking"
statements within the meaning of the Securities Litigation Reform Act of
1995 and Section 21E of the Exchange Act that are based on current
expectations, estimates and projections about our business, management's
beliefs, and assumptions made by management. These statements are not
guarantees of future performance and involve risks and uncertainties that
are difficult to predict. Therefore, actual outcomes and results may
differ materially from what is expressed or forecasted in such
forward-looking statements as a result of a variety of important factors.
While it is impossible to identify all such factors, those that could cause
actual results to differ materially from those estimated by us include
changes in demand and market prices for our products, product mix, bidding
activity, the timing of customer orders and deliveries, production
schedules, the price and availability of raw materials, excess or shortage
of production capacity, international trade policy and regulations and
other risks discussed in our Annual Report on Form 10-K for the year ended
December 31, 2010 and from time to time in our other Securities and
Exchange Commission filings and reports. Such forward-looking statements
speak only as of the date on which they are made and we do not undertake
any obligation to update any forward-looking statement to reflect events or
circumstances after the date of this release. If we do update or correct
one or more forward-looking statements, investors and others should not
conclude that we will make additional updates or corrections with respect
thereto or with respect to other forward-looking statements.
NORTHWEST PIPE COMPANY
CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
(Dollar and share amounts in thousands, except per share amounts)
--------------------
Year Ended
December 31,
--------------------
2010 2009
--------- ---------
Net sales:
Water transmission $ 221,251 $ 210,396
Tubular products 165,499 68,258
--------- ---------
Net sales 386,750 278,654
Cost of sales:
Water transmission 200,576 194,287
Tubular products 153,176 72,681
--------- ---------
Total cost of sales 353,752 266,968
Gross profit:
Water transmission 20,675 16,109
Tubular products 12,323 (4,423)
--------- ---------
Gross profit 32,998 11,686
Selling, general, and administrative expense 27,994 20,095
--------- ---------
Operating income/(loss) 5,004 (8,409)
Other income (413) (1,905)
Interest income (943) (754)
Interest expense 7,934 5,057
--------- ---------
Loss before income taxes (1,574) (10,807)
Provision for income taxes (140) (3,530)
--------- ---------
Net loss $ (1,434) $ (7,277)
========= =========
Basic loss per share $ (0.15) $ (0.79)
========= =========
Diluted loss per share $ (0.15) $ (0.79)
========= =========
Shares used in per share calculation:
Basic 9,278 9,235
========= =========
Diluted 9,278 9,235
========= =========
NORTHWEST PIPE COMPANY
CONDENSED SELECTED BALANCE SHEET AND OTHER DATA (Unaudited)
(Dollar amounts in thousands)
December 31, December 31,
2010 2009
------------ ------------
Assets:
Cash and cash equivalents $ 51 $ 31
Trade and other receivables, net 66,474 38,733
Costs and estimated earnings in excess of
billings on uncompleted contracts 45,533 37,509
Inventories 80,887 74,866
Other current assets 23,755 28,666
------------ ------------
Total current assets 216,700 179,805
Property and equipment, net 171,766 163,432
Other assets 46,739 48,000
------------ ------------
Total assets $ 435,205 $ 391,237
============ ============
Liabilities:
Current portion of long-term debt $ 6,801 $ 6,122
Accounts payable 28,463 30,039
Accrued liabilities 11,448 11,630
Billings in excess of cost and estimated
earnings on uncompleted contracts 14,808 9,670
------------ ------------
Total current liabilities 61,520 57,461
Note payable to financial institution 68,000 19,403
Long-term debt, less current portion 25,517 32,319
Other liabilities 34,522 35,755
------------ ------------
Total liabilities 189,559 144,938
Stockholders' equity 245,646 246,299
------------ ------------
Total liabilities and stockholders' equity $ 435,205 $ 391,237
============ ============
Contact Information: CONTACT:
Robin Gantt
Chief Financial Officer
360-397-6250