Earnings Call Excerpt
Northwest Pipe Co. (NWPX)
Q1 2009 Earnings Call
April 28, 2009; 11:00 am ET
Executives
Brian Dunham - President and Chief Executive Officer
Stephanie Welty - Senior Vice President and Chief Financial Officer
Analysts
Sharad Patel - Jeffery’s & Company
Brendan Watkins - D.A. Davidson
Ryan Connors - Boenning & Scattergood
Presentation
Operator
Thank you all for standing by for today’s conference. Your lines have been placed in listen-only mode until the question-and-answer portion of today’s conference. (Operator Instruction)
Now, I’d like to turn today’s conference over to Mr. Brian Dunham. Thank you sir. You may begin.
Brian Dunham
Thank you, Sarah. Welcome to Northwest Pipe’s conference call and the announcement of earnings for the first quarter of 2009. My name is Brian Dunham; I’m the President and CEO of the Company. I am joined by Stephanie Welty, our Chief Financial Officer.
Before we begin, I would like to remind everyone that the statements we make in this call about our expectations for the future are forward-looking statements, and actual results could differ materially. Please refer to our most recent filing with the SEC for a discussion of risk factors that could cause actual results to differ materially.
Stephanie will now address the quarterly results.
Stephanie Welty
Thank you Brian. First quarter revenues were $81.4 million compared to $94 million in the first quarter of 2008. Net income for the first quarter of 2009 was $2.6 million, while net income for the first quarter of 2008 was $5.0 million. This translates to $0.28 per diluted share in the first quarter of 2009 versus $0.54 in the first quarter of 2008.
Moving on to quarterly results for the business group, Water Transmission revenue was $58.9 million in the first quarter of ?09 compared to $63.9 million in the first quarter of ?08. Gross profit was $11.3 million or 19.2% of revenue compared to $14.5 million or 22.6% of revenue last year in the first quarter.
First quarter results in the Water Transmission group were affected by the installation of the new mill in California, weather and some unevenness in our backlog that resulted in limited production schedules in some plants.
Tubular Products sales were $22.5 million in the first quarter of ’09, compared to $30.1 million in the first quarter of 2008. As expected with our volume and price decreases caused by termination of recession driven reduced demand and the impact of lower steel costs.
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