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Posted February 28, 2009 | Copyright © The Northern Virginia Daily
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Deck maker swings into the black in '08
WINCHESTER -- Trex turned a profit of $13.6 million in 2008 on net sales of $329.2 million, the company said Friday.
The composite decking and railing manufacturer reported earnings per share for the year of 90 cents, compared to a net loss of $5.10 a share, or $75.9 million, for fiscal 2007.
For the October-December quarter, Trex reported a loss of $10 million, or 67 cents a share -- an improvement over its $41 million loss, or $2.75 a share, for the same quarter in 2007. Year-over-year sales for the fourth quarter dipped slightly to $29.3 million.
"As our results clearly demonstrate, 2008 was an excellent year for Trex, during which we made significant progress in restoring the company to financial health and grew shareholder value," President and CEO Ronald W. Kaplan said.
The company's new products, including Trex Escapes ultra-low maintenance decking and grooved Trex Brasilia with the Trex Hideaway fastening system, were well received, he said, and the company's cost-cutting and productivity strategies also contributed to the successful turnaround.
"All of us are very proud of the long way Trex has come over the past 12 months, especially given the extremely difficult economic environment," Kaplan said.
The company expected a loss in the fourth quarter due to the seasonal nature of outdoor home improvements, he said.
"Moving forward we will complete the business turnaround that we began a year ago and maintain our focus on long-term growth in shareholder value," Kaplan said.
For the first quarter of 2009, the company has established a sales target of $60 million.
-- Daily Staff Report
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