Gibraltar Industries, Inc. (NASDAQ: ROCK), Buffalo, NY, a manufacturer and distributor of products for the building and industrial markets, reported sales for 2009 were $834 million, a decrease of 32% from 2008. The full-year loss was $52 million, compared to profit of $24.1 million a year ago.
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For fourth quarter, sales decreased 25% to $187 million compared to the prior year period. The company recorded a loss of $29.4 million, compared to a year ago loss of $22 million.
Reported results include the Processed Metal Products segment, the majority of which was sold subsequent to year end, as announced on Feb. 1, 2010.
\”We are entering 2010 with balanced inventory costs and selling price spreads. With the sale of our Processed Metal Products segment earlier this month, we now expect to have a far more stable and higher-margin business,\” CEO Brian J. Lipke said.
In the last two years, Gibraltar Industries has closed 34% of its facilities, reduced employment by 38%, lowered working capital by $164 million or 54%, and paid down debt by $230 million, or 47%.
