New York, US-based manufacturer and distributor of steel products Gibraltar Industries Inc. (Gibraltar) has issued its financial results for the second quarter and the first half of 2010.
According to the financial results, the net income of the company was $3.48 million in the second quarter of 2010, compared with a net profit of $72,000 in the second quarter of 2009. Sales revenues in the period in question saw a slight increase year on year, rising from $190.8 million to $191.8 million.
In the first half of 2010, the company's net loss was $17.8 million, down 35.3 percent compared to a net loss of $27.5 million in the same period of 2009. Sales revenues of $349.3 million in the first half of 2010 saw a 2.2 percent decrease from $357.1 million in the first half of 2009.
Commenting on these results, Gibraltar's chairman and CEO Brian J. Lipke said, "Our second quarter results are further evidence that the strategic transformation of Gibraltar through our many steps to aggressively restructure our operations, improve operational efficiency, cut costs, and reduce working capital and debt has put us in a position where we can be profitable even at these historically low levels of business activity in our major markets."