Revenues and earnings in fiscal year 2009 were derived from steel fabrication and erection construction projects throughout the company's geographic segments. Revenue growth in 2009 from Design-Assist/Design-Build projects in the western U.S. was offset in part by lower fabrication revenues in the company's other geographic segments.
Revenues for the fiscal year ended January 3, 2010 were $420.9 million, a decrease of -38.3 percent over year-ago revenues of $681.6 million.
Gross profit as a percentage of revenue was 22.7 percent for the year ended January 3, 2010, compared with 23.0 percent for full-year 2008.
Operating income for fiscal year 2009 was $45.6 million, down 50.3 percent from $91.8 million in 2008. Operating margin decreased to 10.8 percent from 13.5 percent in the year-ago period.
Net income for the year was $19.0 million, or $2.08 per diluted share, versus $56.3 million, or $5.88 per diluted share, a year ago.
"Schuff continued to perform on our projects in 2009 despite the dismal economic environment and extremely competitive markets," said Scott A. Schuff, president and CEO. "Our outstanding execution on existing projects, disciplined bidding and attention to our cost infrastructure were vital at a time when we saw a significant decline in revenues and backlog throughout our geographic segment
"We expect that the current weakness in the commercial sector and lower demand for fabrication and erection services will persist at least through the first half of 2010. However, we continue to be encouraged by demand for our design-assist capabilities, particularly for fast-track projects to project owners and general contractors in the Western U.S. We will continue to apply our industry-leading product and services offerings to the new projects we are seeing, particularly in the areas of infrastructure, energy and healthcare. In addition, although competition for public-sector work is intense, we will continue to bid for such projects as they become funded in 2010."