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Ameron Reports Solid Third-Quarter Results.

Article Excerpt
PASADENA, Calif. -- Ameron International Corporation (NYSE: AMN) today reported net income of $5.9 million, or $.65 per diluted share, in the third quarter ended August 30, 2009, compared to net income of $15.0 million, or $1.63 per diluted share, in the third quarter ended August 31, 2008. Sales in the third quarter of 2009 totaled $131.4 million, compared to $170.1 million in the comparable period of 2008, a decrease of 23%. In the nine months ended August 30, 2009, net income and earnings per diluted share totaled $19.2 million and $2.09, respectively, compared to $41.1 million and $4.48 per share, in the nine months ended August 31, 2008. Sales in the first nine months of 2009 totaled $410.3 million, compared to $479.7 million in the comparable period of 2008, a decrease of 14%.

Earnings declined in large part in the third quarter and principally in the first nine months as a result of the lower earnings from TAMCO, Ameron's 50%-owned steel mini-mill in Southern California. TAMCO has been confronted with a significant decline in demand for steel rebar due to the lack of infrastructure and commercial construction spending in TAMCO's primary markets in Arizona, Nevada and California. Ameron's after-tax share of TAMCO's earnings declined $4.5 million in the third quarter of 2009, compared to 2008, and declined $17.9 million in the first nine months of 2009. After-tax income before Ameron's share of TAMCO's losses decreased $4.5 million in the third quarter and $4.0 million in the first nine months of 2009, compared to the similar periods of 2008, due...

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