Blount International, Inc. reported net income of $6.5 million, or $0.13 per share, in the fourth quarter of 2009. This was a small decline from the $6.9 million, or $0.14 per share, reported in the same quarter of 2008.
Blount International, Inc. said that revenues for the fourth quarter of 2009 came in at $141.5 million, up 6% year over year and 8.6% sequentially.
Joshua L. Collins, the CEO of Blount International, said “the company was able to navigate successfully through a difficult economic environment over the past fifteen months. Significant cost control actions implemented in the first half of 2009 resulted in much improved margins in the second half of the year, as demand from our customers increased.”
Blount International, Inc. updated its outlook for business in 2010. The company believes that sales in 2010 will increase from 6 to 10% above 2009 revenues. Operating income is expected to be $70 million, up 25% from the depressed levels of 2009.
Blount International, Inc. improved its balance sheet during the quarter as well. At the end of 2009; the company had net debt of $230.8 million, down from $267.2 million a year earlier.