Second quarter 2010 net sales increased 20.3 percent to $119.5 million compared to $99.3 million in the prior year quarter. Gross profit margin was 17.0 percent.
"Sales were up across all segments in the second quarter of 2010 and our backlog continued at a substantially higher level than it was a year ago. While business activity continues to be inconsistent, especially in the industrial markets, we continue to see a general strengthening in activity in most of our businesses," stated Stan Hasselbusch, President and Chief Executive Officer. "Bookings for the quarter were $120.6 million compared to $115.0 million last year, a 4.9 percent increase and backlog was $207.2 million, up 41.1 percent from last year," noted Mr. Hasselbusch as he added, "With regard to the Portec acquisition, we were pleased to learn that the courts had lifted the preliminary injunction that had enjoined the completion of our tender offer. However, after working with the Antitrust Division of the Department of Justice ("DOJ"), we believe that the DOJ will seek some type of restructuring 'solution' to alleviate their concern that the acquisition, as proposed, would have an anti-competitive effect with respect to the insulated bonded rail joint product."