PITTSBURGH — Portec Rail Products Inc. announced record unaudited net income of $2,403,000 or $0.25 per share for the three months ended June 30, 2008, a 27 percent increase over second quarter 2007 net income of $1,887,000 or $0.20 per share.
Average basic and diluted shares outstanding were 9.6 million for both periods. Net sales for the second quarter 2008 totaled $30.2 million, a 4 percent increase over second quarter 2007 net sales of $29.1 million.
Net income for the six months ended June 30, 2008 grew to $3,747,000 or $0.39 per share, a 21 percent increase over net income of $3,092,000 or $0.32 per share for the six months ended June 30, 2007. Average basic and diluted shares outstanding were 9.6 million for both periods. Net sales for the six months ended June 30, 2008 were $55.0 million, compared to $56.6 million for the six months ended June 30, 2007.
“We are pleased with our overall performance for the second quarter and first half of the year. Our second quarter results were significantly and positively affected by sales and gross margin contributions from our friction management and load securement product lines,” Richard J. Jarosinski, President and Chief Executive Officer said. “In particular, our divisions in Montreal, Canada, and Sheffield, England, had very strong friction management product demand this quarter, while sales of load securement products at our Shipping Systems Division for the second quarter rose by more than 70 percent due mostly to sales of the WinChock(TM) Uni-Level Vehicle Securement System.”