N.A. Galvanizing reports second quarter earnings

N.A. Galvanizing reports second quarter earnings

Oklahoma-based coatings and galvanizer provider North American Galvanizing & Coatings, Inc. reported second quarter 2005 net sales increased 37 percent due to contributions from its newly-acquired Canton, Ohio facility. Net sales were $12.8 million for the second quarter 2005, an increase over the $9.3 million seen for the same period in 2004. Year-to-date net sales were reported as $22 million, a 20 percent increase from same period in 2004. Net income for the second quarter was reported as $114’000, or $0.02 per diluted share, compared to $106’000, or $0.01 per diluted share, for the second quarter 2004. Year-to-date 2005 net income was $211’000 while year-to-date 2004 net income was $310’000. N.A. Galvanizing president and CEO Ronald J. Evans said, "We are pleased to report to our customers and shareholders that the transition of the Canton, Ohio facility purchased in the first quarter continues smoothly. We are also pleased to report a modest improvement in demand being experienced across the balance of our facilities. Our profitability was negatively impacted during the quarter by the inability to pass on our basic raw material zinc price increases and higher than expected legal expenses." North American Galvanizing is a leading provider of hot-dip galvanizing and coatings for corrosion protection of fabricated steel products.