Net income fell from $1.6 million to $258,000 year-over-year in Q1 2011 (ended April 3, 2011) for Phoenix, Arizona-based steel construction services company, Schuff International, Inc. Operating income in Q1 2011 was $0.7 million, down 75.5 percent year-on-year as revenues fell 13.7 percent.
"As we expected, continued weakness in the commercial construction sector led to lower revenues and thin margins for the first quarter of 2011," said Scott A. Schuff, President and CEO. "We're in the third year of this economic downturn that has all but halted major new commercial construction projects. In addition, there was lower oil and gas-related construction overall, a historically strong market for us."