Portec RailProducts, Inc. Thursday said its unaudited fourth-quarter net income was $1.5 million, or 16 cents a share, up 32% from $1.15 million in the fourth quarter of 2007.
The company also said its full-year net income of $7.78 million, or 81 cents per share, was up 27% from the $6.1 million it garnered in 2007.
Net sales during the fourth quarter 2008 were $24.3 million, down 2.4% from $24.9 million during the fourth quarter 2007. Net sales for 2008 were $109.0 million, down 0.5% from full-year 2007 sales of $109.5 million.
"We are pleased with our fourth quarter and full-year financial results for 2008,” said Portec President and CEO Richard J. Jarosinski. “While our revenues for both periods did not reach our full expectations, we achieved record levels of net income and earnings per share for both periods despite a slowing global economy and unfavorable foreign currency exchange rates from the United Kingdom andCanada which impacted our financial results, particularly in the fourth quarter 2008.
"We also benefited from a lower interest rate environment in 2008. Despite a slowing economy, and a negative impact from foreign currency exchange rates, we are pleased that our consolidated core rail business has generated revenue and income growth this year," Jarosinski said.