Phoenix, US-based provider of fully integrated steel construction services Schuff International on July 30 issued its financial and operating results for the second quarter of 2010 ended on July 4, 2010, stating that the company is encouraged by relative strength in new hospital construction and overall growth in healthcare-related building activity despite the fact that the core markets and customers continue to be battered by the recession.
In the second quarter of 2010, the company's net profit was $658,000, compared to a net profit of $8 million in the same period of 2009, decreasing 90 percent. Sales revenues were $66.5 million, with a decrease of 35.9 percent from year-ago revenues of $103.7 million in the same period.
Commenting on the results, Scott A. Schuff, president and CEO said, "Competition for the work that is available remains tough, and we expect gross margins on smaller projects to be under pressure for the remainder of the year. However, our financial position is strong and has not limited our ability to pursue new awards, or to execute projects to the highest standards of effectiveness and safety. We believe our long-term growth strategy and cost structure position us to capitalize on opportunities emerging as our core markets improve."