NORTHWEST PIPE COMPANY
CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
(Dollar and share amounts in thousands, except per share amounts)
Three Months Ended For the Year Ended
December 31 December 31
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2007 2006 2007 2006
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Net Sales:
Water Transmission $ 76,840 $ 72,039 $ 274,760 $ 244,810
Tubular Products 17,910 20,991 95,019 84,756
Fabricated Products 3,459 4,469 13,045 17,025
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Net Sales 98,209 97,499 382,824 346,591
Cost of Sales:
Water Transmission 59,402 58,152 214,196 198,209
Tubular Products 16,921 18,863 85,011 75,824
Fabricated Products 3,863 4,249 13,402 15,845
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Total Cost of Sales 80,186 81,264 312,609 289,878
Gross Profit:
Water Transmission 17,438 13,887 60,564 46,601
Tubular Products 989 2,128 10,008 8,932
Fabricated Products (404) 220 (357) 1,180
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Gross Profit 18,023 16,235 70,215 56,713
Selling, General and
Administrative 7,832 7,087 30,703 27,385
Gain on Sale of Asset - - - (7,674)
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Operating Income 10,191 9,148 39,512 37,002
Interest Expense, net 1,701 1,380 6,792 6,700
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Income Before Income Taxes 8,490 7,768 32,720 30,302
Provision for Income Taxes 2,922 1,789 11,888 10,283
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Net Income $ 5,568 $ 5,979 $ 20,832 $ 20,019
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Basic Earnings per Share $ 0.62 $ 0.74 $ 2.32 $ 2.80
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Diluted Earnings per Share $ 0.60 $ 0.72 $ 2.26 $ 2.69
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Shares Used in Per Share
Calculation:
Basic 9,014 8,035 8,962 7,152
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Diluted 9,264 8,349 9,235 7,446
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CONDENSED SELECTED BALANCE SHEET AND OTHER DATA (Unaudited)
(Dollar amounts in thousands)
December December
31, 31,
2007 2006
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Assets:
Cash and Cash Equivalents $ 234 $ 4,259
Trade and Other Receivables, Net 49,300 68,425
Cost and Estimated Earnings in Excess
of Billings on Uncompleted Contracts 121,058 74,353
Inventories 62,805 79,300
Other Current Assets 10,487 11,177
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Total Current Assets 243,884 237,514
Property and Equipment, Net 179,977 160,776
Other Assets 29,702 26,161
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Total Assets $ 453,563 $ 424,451
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Liabilities:
Current Maturities of Long-Term Debt $ 5,851 $ 9,663
Accounts Payable 41,684 50,865
Accrued Liabilities 12,311 10,243
Billings in Excess of Cost and Estimated Earnings
on Uncompleted Contracts 2,514 -
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Total Current Liabilities 62,360 70,771
Long-Term Note Payable to Financial Institution 54,415 43,000
Other Long-Term Debt, Less Current Maturities 34,929 47,915
Other Liabilities 45,577 31,939
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Total Liabilities 197,281 193,625
Stockholders’ Equity 256,282 230,826
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Total Liabilities and Stockholders’ Equity $ 453,563 $ 424,451
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Other Data:
Working Capital $ 181,524 $ 166,743
Capital Expenditures 22,971 58,428
Depreciation and Amortization 4,864 3,782
Debt as a Percent of Capitalization 27.1% 29.5%
Contact Information: CONTACT: Brian Dunham Chief Executive Officer 503-382-2332