End of 2009 Stock Report: SIMPSON MFG
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End of 2009 Stock Report: SIMPSON MFG
END of 2009 RESULTS
Simpson Strong-Tie sales, including fasteners and anchor systems, grew 13.4% during the opening quarter of 2010, with sales to distributors and home centers increasing as homebuilding activity picked up.
Overall sales at parent company Simpson Manufacturing Co. gained 12.2% to $133.9 million, while net income increased to $9.2 million compared to a net loss of $8.4 million for the first quarter of 2009.
Simpson Strong-Tie sales fell 22% during 2009, with sales to distributors and home centers contracting due to continued weakness in the U.S. housing market.
During the final quarter of 2009 Simpson Strong-Tie revenue slipped 7.5% as sales to distributors “decreased significantly.”
Overall sales at parent company Simpson Manufacturing Co. dropped 22.7% to $585.1 million, while net income plummeted 77% to $12.2 million. The company recorded full-year sales declines in the U.S., while sales in Europe and Canada grew in the final quarter. During 2009 Simpson reduced its workforce by more than 14% to 2,138 employees.
2008
Simpson Strong-Tie’s 2008 sales decreased 9.2% to $676.7 million, adding to companywide sales declines that forced “significant” layoffs. Gross profit slipped 8% to $272 million, while R&D rose 6% to $20.1 million.
Overall Simpson sales in 2008 decreased 7.4% to $756.5 million, while net income dropped 21.5% to $53.9 million.
In April 2008 Simpson Manufacturing Co. acquired certain assets of Liebig International and its subsidiaries in Europe and the U.S. for $18.3 million. Liebig manufactures mechanical anchor products in Ireland and distributes them in Europe through warehouses located in Germany and in the UK.
HISTORY
In 2007 Simpson Strong-Tie acquired Swan Secure Products, which makes and distributes stainless steel fasteners.
Simpson Strong-Tie designs and manufactures wood-to-wood, wood-to-concrete and wood-to-masonry connectors and fastening systems and pre-fabricated shearwalls.
Corporate Office: 5956 W. Las Positas Blvd., Pleasanton, CA 94588. Tel: 925 560-9000
Web: simpsonmfg.com
CEO: Thomas Fitzmyers
Key fastener executive: Phillip “Terry” Kingsfather, president and COO of Simpson Strong-Tie
Employees: 2,504
©2010 GlobalFastenerNews.com
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