Phoenix, US-based provider of fully integrated steel construction services Schuff International on May 17 issued its financial and operating results for the first quarter ended on April 4, 2010, stating that the company results were attributable to lower commercial construction activity throughout the US including Las Vegas, offset by revenues derived from new industrial, energy and healthcare projects, particularly in the Gulf Coast and Pacific regions.
In the first quarter of 2010, the company's net profit was $1.6 million, compared to a net profit of $9.6 million in the same period of 2009, decreasing 83.3 percent. Sales revenues were $82 million, with a decrease of 36.5 percent from year-ago revenues of $129.2 million in the same period. Gross profit as a percentage of revenue was 15.6 percent for the first quarter of 2010, compared with 22.3 percent for the first quarter of 2009.
"As we expected, the market environment continued to be challenging in the first quarter of 2010," said Scott A. Schuff, president and CEO. "We are increasing our business development efforts, strengthening our alliances with partners and pursuing work in new markets, including alternative energy projects. Schuff is also pursuing substantially more public-sector work."