Pasadena, California-based water transmission line manufacturer and steel fabricator Ameron International Corporation announced Wednesday that it incurred a $4.3 million net loss for the three months ended February 27, 2011 (Q1) compared to a net income of $1.1 million in the same quarter last year.
James S. Marlen, Ameron's Chairman, CEO and President explained, "The first quarter is traditionally Ameron's slowest quarter due to weather and holiday schedules. The first quarter of 2011 was worse than usual, as wet weather in the West and Hawaii and cold weather elsewhere in the US impacted production by the Water Transmission Group and sales of the Company's Hawaii and Pole Products Divisions. The Company is typically able to recover weather-delayed sales in later periods. In addition to the normal softness of the first quarter, we faced persistent and challenging market conditions which affected the profit margins of each of the Company's businesses during the quarter."
"Looking forward, we believe that our three business segments are well positioned to take advantage of any improvement in demand. We remain optimistic that as our markets stabilize and recover, the Company will capitalize on its strong market positions and achieve superior long-term results," Marlen concluded.