Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE October 31, 2017
|
Northwest Pipe Company Reports Third Quarter Results, Improved Backlog and Announces Conference Call |
● | Backlog was $109 million as of September 30, 2017, an increase of 8% from June 30, 2017 and 65% from December 31, 2016 |
● | Net sales for the quarter were $38.8 million, an increase of 35.2% from the previous quarter and a decrease of 5.5% from the third quarter of 2016 |
● | Gross profit was $1.9 million, or 4.9% of net sales. This compares to a gross profit of $0.7 million, or 2.3% of net sales in the previous quarter and $2.9 million, or 7.2% of net sales in the third quarter of 2016. |
● | Net loss before income taxes was $1.6 million compared to losses of $2.8 million for the previous quarter and $1.4 million in the third quarter of 2016 |
Forward-Looking Statements
Robin Gantt
Senior Vice President, Chief Financial Officer and Corporate Secretary
(360) 397-6325
NORTHWEST PIPE COMPANY | ||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
(Unaudited) | ||||
(In thousands, except per share amounts) |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net sales | $ | 38,804 | $ | 41,075 | $ | 97,153 | $ | 110,208 | ||||||||
Cost of sales | 36,889 | 38,136 | 93,406 | 114,291 | ||||||||||||
Gross profit (loss) | 1,915 | 2,939 | 3,747 | (4,083 | ) | |||||||||||
Selling, general and administrative expense | 3,423 | 3,910 | 10,835 | 12,337 | ||||||||||||
Restructuring expense | - | 282 | 881 | 282 | ||||||||||||
Operating loss | (1,508 | ) | (1,253 | ) | (7,969 | ) | (16,702 | ) | ||||||||
Other income (expense) | (3 | ) | 16 | 181 | 51 | |||||||||||
Interest income | - | 10 | - | 14 | ||||||||||||
Interest expense | (117 | ) | (134 | ) | (369 | ) | (368 | ) | ||||||||
Loss before income taxes | (1,628 | ) | (1,361 | ) | (8,157 | ) | (17,005 | ) | ||||||||
Income tax benefit | (41 | ) | (2,781 | ) | (1,607 | ) | (3,437 | ) | ||||||||
Income (loss) from continuing operations | (1,587 | ) | 1,420 | (6,550 | ) | (13,568 | ) | |||||||||
Loss on discontinued operations | (482 | ) | (693 | ) | (1,455 | ) | (1,529 | ) | ||||||||
Net income (loss) | $ | (2,069 | ) | $ | 727 | $ | (8,005 | ) | $ | (15,097 | ) | |||||
Basic and diluted income (loss) per share: | ||||||||||||||||
Continuing operations | $ | (0.16 | ) | $ | 0.15 | $ | (0.68 | ) | $ | (1.42 | ) | |||||
Discontinued operations | (0.05 | ) | (0.07 | ) | (0.15 | ) | (0.16 | ) | ||||||||
Total | $ | (0.21 | ) | $ | 0.08 | $ | (0.83 | ) | $ | (1.58 | ) | |||||
Shares used in per share calculations: | ||||||||||||||||
Basic | 9,620 | 9,597 | 9,611 | 9,583 | ||||||||||||
Diluted | 9,620 | 9,620 | 9,611 | 9,583 |
NORTHWEST PIPE COMPANY | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
(Unaudited) | ||
(In thousands) |
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 5,303 | $ | 21,829 | ||||
Trade and other receivables, net | 24,245 | 25,555 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 50,293 | 43,663 | ||||||
Inventories | 18,998 | 18,645 | ||||||
Other current assets | 1,013 | 2,096 | ||||||
Assets held for sale | 36,439 | 36,822 | ||||||
Total current assets | 136,291 | 148,610 | ||||||
Property and equipment, net | 79,043 | 81,671 | ||||||
Other assets | 10,591 | 11,274 | ||||||
Total assets | $ | 225,925 | $ | 241,555 | ||||
Liabilities: | ||||||||
Current portion of capital lease obligations | $ | 244 | $ | 325 | ||||
Accounts payable | 3,699 | 5,267 | ||||||
Accrued liabilities | 7,787 | 10,925 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 291 | 2,038 | ||||||
Total current liabilities | 12,021 | 18,555 | ||||||
Capital lease obligations, less current portion | 424 | 602 | ||||||
Other long-term liabilities | 11,038 | 13,185 | ||||||
Total liabilities | 23,483 | 32,342 | ||||||
Stockholders' equity | 202,442 | 209,213 | ||||||
Total liabilities and stockholders' equity | $ | 225,925 | $ | 241,555 |