On February 24, New York, US-based manufacturer and distributor of steel products Gibraltar Industries Inc. (Gibraltar) issued its financial results for the fourth quarter of 2009 and the whole year, saying that the company is entering 2010 with balanced inventory costs and selling price spreads.
According to the financial results, the net loss of the company was $52 million in 2009, compared with a net profit of $24 million in 2008. Sales revenues in 2009 saw a dramatic decrease of 32 percent, dropping from $1.23 billion in the previous year to $834.2 million.
In the final quarter of 2009, the company's net loss was $29.3 million, down 34 percent compared to a net loss of $21.9 million in the same period of 2008. Sales revenues of $187.1 million in the fourth quarter of 2009 saw a 24 percent decrease from $249.3 million in the fourth quarter of 2008.
Commenting on these results, Gibraltar's chairman and CEO Brian J. Lipke said, "In spite of historically weak demand levels in all of our major end markets, we made continued progress positioning Gibraltar for significantly improved results as business volumes begin to rebound. We aggressively cut costs and significantly lowered our breakeven point, and we implemented a series of steps to substantially reduce working capital and preserve cash, pay down debt, and strengthen our balance sheet."