Portec Rail Products, Inc. reported net income of $1.4 million, or $0.15 per share, in the fourth quarter of 2009, down slightly from the $1.5 million, or $0.16 per share, reported in the same quarter of 2008. Revenues also fell on a year over year basis from $24.3 million in the fourth quarter of 2008 to $19.2 million in the fourth quarter of 2009.
Portec Rail Products, Inc. also reported a decline in net income for the full year 2009. The company reported net income of $6.8 million, or $0.71 per share, in 2009, compared to net income of $7.7 million, or $0.81 per share, in 2008. Revenues in 2009 were $92.2 million, compared to $109.0 million in 2008.
Richard J. Jarosinski, the CEO of Portec Rail Products, Inc., said, “We believe that our financial results for the fourth quarter and full year 2009 are respectable, considering that we continued to operate in a very challenging economy. During 2009, we succeeded in significantly reducing inventory levels and generated good operational cash flow.”
Portec Rail Products, Inc. manufactures and sells a range of railroad related products including rail anchors, rail spikes, rail joints and railway friction management products. The company has offices or manufacturing facilities in the United States, Canada and the United Kingdom.