Quanex Reports Fiscal Fourth Quarter Fiscal 2008 Results

Houston-based Quanex Building Products Corp., which is the parent company of TruSeal Technologies, Mikron Industries and Homeshield, has reported its fiscal fourth quarter and fiscal 2008 results for the period ending October 31, 2008. Income from continuing operations for the quarter and year were $11.9 million and $30.8 million, respectively, and diluted earnings per share from continuing operations for the quarter and year were $0.32 and $0.80, respectively, before spinoff related costs and LIFO impact, according to a statement issued by the company.

Including spinoff related costs and LIFO impact, income from continuing operations for the quarter and year were $15.0 million and $15.9 million, respectively, and diluted earnings per share from continuing operations for the quarter and year were $0.40 and $0.41, respectively.

The company reports that net sales in the quarter were $246.3 million versus $255.5 million in the year ago quarter, while 2008 net sales were $868.9 million compared to $964 million in 2007. Cash provided by operating activities from continuing operations in 2008 was $53 million, and capital expenditures for the fiscal year were $15.8 million. Cash and equivalents less debt totaled $65 million at year end, according to the company.

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