Newspaper article THE JOURNAL RECORD

Oklahoma City-Based LSB Industries Reports 7.7 Pct Increase in Net Income for 1Q

Newspaper article THE JOURNAL RECORD

Oklahoma City-Based LSB Industries Reports 7.7 Pct Increase in Net Income for 1Q

Article excerpt

LSB Industries' common stock increased 19.8 percent on Monday, and the Oklahoma City-based company reported a 7.7-percent increase in net income for the first quarter.

In New York Stock Exchange trading Monday, LSB closed at $13.96, up $2.31. The 52-week range is $24.59 and $6.62.

After opening Monday at $11.59, LSB's stock dropped as low as $11.32 during the morning before climbing into positive territory. The stock had been trading mostly between $11.75 and $12 during the afternoon before the earnings report was issued about an hour before markets closed. After the earnings report was released, LSB's stock climbed quickly to as high as $14.34 before dropping back to $13.96 when markets closed.

Net income for the first quarter totaled $11.7 million, up from $10.9 million for the first quarter of 2008. Net income applicable to common shareholders for the quarter increased 7.9 percent to $11.4 million, or 51 cents per diluted share, from $10.6 million, or 46 cents per diluted shares, a year earlier.

"LSB started the year on an especially strong note considering the economic conditions," said Jack Golsen, board chairman and CEO. "Both our chemical and climate-control businesses turned in very respectable numbers and they both are on track to achieve long-term growth."

Net sales for the quarter totaled $150.2 million, down 6.4 percent from $160.5 million for the first quarter of 2008.

"Although we had a great first quarter, we see recession-related softening of the markets we serve," Golsen said.

Net sales for LSB's climate-control business increased 8.6 percent for the quarter to $72 million from $66.3 million a year earlier. Operating income for the climate-control business totaled $9 million, down 3.7 percent from $9.3 million a year earlier.

LSB's climate-control business manufactures air conditioning and heating products, including water-source heat pumps, geothermal heat pumps, fan coils and large custom air handlers at plants in Oklahoma City. …

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