Admist all of the gloom and doom, we always try to keep things positive here on the TECHburgher. Here is some good news going on in Pittsburgh’s Tech scene from Council member Mine Safety Appliances Company:
MSA (NYSE: MSA) today announced that net sales for the year ended December 31, 2008 were $1,134.3 million compared with $990.3 million in 2007, an increase of $144.0 million, or 15 percent. Net income for the year ended December 31, 2008 was $70.4 million, or $1.98 per basic share, an increase of $2.8 million, or 4 percent, compared with $67.6 million, or $1.89 per basic share, for 2007. Net income in 2007 benefited from a $7.7 million after-tax gain on the sale of real estate, providing a gain of $0.22 per basic share.
Net sales for the fourth quarter of 2008 were $288.8 million compared with $267.5 million for the fourth quarter of 2007, an increase of $21.3 million, or 8 percent. Net income for the fourth quarter of 2008 was $16.5 million, or 46 cents per basic share, a decrease of $1.0 million, or 5 percent, compared with $17.5 million, or 49 cents per basic share, for the same quarter last year.
“I am pleased to report the highest fourth quarter and full year sales in MSA’s history,” said William M. Lambert, MSA President and CEO. “Our revenue performance in the fourth quarter was especially satisfying considering the current economic environment. This growth in revenue reflects strong shipments against government contracts, the diversified nature of our end-user markets and our continuing focus on expanding our geographic presence,” he said.
“During 2008, we saw meaningful sales growth in each of our three geographic segments and we achieved new performance benchmarks for the company,” Mr. Lambert commented. “However, the global economic recession has deepened in recent months and MSA is not immune to its effects. These are uncertain economic times, to be sure, requiring our global teams to closely monitor the markets we serve and continuously adjust our response to meet market realities. We have recently intensified our efforts to reduce costs across MSA and we have taken actions to reduce staff and better align our factory workforce with customer demand. While I am pleased that we saw strength in our core business throughout most of 2008, we must continue to be diligent in our efforts to reduce costs and manage our business in ways that allow us to weather the current downturn and seize opportunity when recovery occurs,” Mr. Lambert concluded.
