Newspaper article THE JOURNAL RECORD

Tulsa-Based Webco Posts Double-Digit Rise in Profits, Sales

Newspaper article THE JOURNAL RECORD

Tulsa-Based Webco Posts Double-Digit Rise in Profits, Sales

Article excerpt

Improved production and market pricing helped steel products producer Webco Industries record double-digit sales and earnings growth for its fiscal third quarter.

"Our current focus is on the volatility and substantial upward movement of carbon steel costs, and our ability to pass such cost increases to our customers," said Chairman and Chief Executive F. William Weber. "Our ability to pass along such increases to our customers will impact our level of success in the future."

For the three months ended April 30, Webco net income surged 61 percent to $3.4 million, or $4.49 per diluted share, from $2.1 million, or $2.78, the prior year.

Pre-tax earnings for fiscal 2007 had been reduced by a $244,000 fixed-asset impairment charge and a $308,000 bad debt charge.

Gross profit rose 26.1 percent to $11.1 million, or 12.2 percent of net sales.

Net sales jumped 10 percent to $90.6 million from $82.4 million.

Earnings for the Sand Springs-based manufacturer more than doubled for the nine months ended April 30 to $11. …

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