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L.B. Foster Company Reports Operating Results (10-Q)

August 09, 2012 | About:

L.B. Foster Company (NASDAQ:FSTR) filed Quarterly Report for the period ended 2012-08-09.

L.b. Foster Company has a market cap of $304.6 million; its shares were traded at around $32.75 with a P/E ratio of 12.1 and P/S ratio of 0.5. The dividend yield of L.b. Foster Company stocks is 0.3%. L.b. Foster Company had an annual average earning growth of 20.1% over the past 10 years. GuruFocus rated L.b. Foster Company the business predictability rank of 3.5-star.

Highlight of Business Operations:

Volume based 2012 sales declines were reported by all of our Construction Products divisions, the most significant experienced by our piling division. Also, our fabricated products division reported reduced volumes in the 2012 period as compared to its record 2011 period.

Income from continuing operations for the first six months of 2012 was $0.00 per diluted share which compares to income from continuing operations for the 2011 period of $0.65 per diluted share. Included within gross profit in the 2011 period was a nonrecurring increase in cost of goods sold of approximately $2.5 million related to the recognition of the inventory step-up to fair value from our 2010 acquisition of Portec Rail Products, Inc.

For the six months ended June 30, 2012 and 2011, sales to the UPRR from our Tucson, AZ facility were approximately $12.6 million and $10.5 million, respectively. The gross profit margin associated with these sales was approximately 6.7% and 5.9% for the six months ended June 30, 2012 and 2011, respectively. Additionally, as of June 30, 2012 we had long-lived assets with a net book value of approximately $2.7 million associated with the Tucson, AZ facility. We expect the net book value of these assets to be approximately $1.2 million as of December 31, 2012.

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