Northwest Pipe Company Announces $6.2 Million Order and Second Quarter Earnings Conference Call
July 22 2009 - 7:47PM
Marketwired
Northwest Pipe Company (NASDAQ: NWPX) announced today that it has
received a commitment from S.J. Louis Construction Company to
supply pipe for the Raw Water Pipeline project, owned by Brushy
Creek Regional Utility Authority, to furnish approximately 24,000
linear feet of 78" steel water pipe and fittings. The value of the
pipe order is approximately $6,200,000. The pipe will be
manufactured at the Saginaw facility of Northwest Pipe Company.
Delivery will begin in the fourth quarter 2009.
The Brushy Creek Regional Utility Authority is a partnership of
the cities of Cedar Park, Leander and Round Rock, Texas. All three
cities have supply contracts with the Lower Colorado River
Authority for water from Lake Travis and this project will provide
the facilities to access, treat and deliver this water to their
customers. Rather than three communities building three separate
projects, this regional option affords the partners the opportunity
to realize economies of scale by building a single water supply
project.
The Company also announced that it will report second quarter
financial results on July 29, 2009. "Our Tubular Products Group did
not meet our expectations in the second quarter," said Brian
Dunham. "Our selling prices for this group continued to decline
throughout the quarter instead of leveling off as we had expected.
Our average selling price in the second quarter was down
approximately 30% from the first quarter. While we are in the
process of finalizing our results, obviously this will have a
negative effect on both our revenues and gross margins. Effective
cost control during the quarter helped to offset this impact.
Preliminary results in the Water Transmission Group, in contrast to
Tubular Products, are much closer to expectations." The Company
will release earnings at 8:00 a.m. Eastern time on the 29th,
followed by a conference call scheduled at 11:00 a.m. Eastern
time.
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 applications including construction,
agricultural, energy, traffic and other commercial and industrial
uses. The Company is headquartered in Vancouver, Washington and has
ten manufacturing facilities across the United States and
Mexico.
This release contains forward-looking statements, including
statements regarding the project described above and the Company's
expectations as to financial results for the quarter ended June 30,
2009. These statements reflect management's current information
about the project mentioned above and management's current views
and estimates of market circumstances, industry conditions and
Company performance. Actual results could vary materially from the
description contained herein due to many factors including market
demand, operating efficiencies, availability and price of raw
materials, changes in preliminary estimates of financial results in
connection with finalization of such results and other risks
described from time to time in the Company's reports to the
Securities and Exchange Commission.
Northwest Pipe will broadcast its Second Quarter 2009 Earnings
Release Conference Call on Wednesday, July 29th, 2009 at 8:00 a.m.
Pacific Time 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 at the Investor Relations
section of the Company's website or by dialing 866-380-8128 with
the pass code 6301 approximately one hour after the event.
For more information, contact: Brian Dunham 360-397-6250
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