PITTSBURGH — Portec Rail Products Inc. announced record unaudited net income of $2,516,000 or $0.26 per share for the three months ending Sept. 30.
That represents a 33 percent increase over third quarter 2007 net income of $1,890,000 or $0.20 per share.
“Our overall sales volume for the first nine months of 2008 has surpassed last year’s sales despite a more challenging environment this year,” Richard J. Jarosinski, President and Chief Executive Officer said. “While we have experienced reduced demand for our Salient Systems’ wayside detection systems and our CI Logistics material handling products in 2008, we feel that the diversity of our other product group offerings has helped us to overcome these challenges.”
— Edited from a PRNewswire-FirstCall news release