Ready Mix swings to loss in Q4
Las Vegas-based concrete manufacturer Ready Mix announced a net loss of $198,651 for the fourth quarter ended Dec. 31, compared with earnings of $600,149 in the prior-year period. Sales were down 18.3 percent to $15.4 million compared to $18.9 million for the fourth quarter of 2006.
For the year, net income was $1.35 million, down 60 percent from $3.4 million in 2006. Sales for the year were $75.62 million, down 10 percent from $83.15 million last year.
"While non-residential construction in our primary Phoenix and Las Vegas metropolitan markets remained relatively strong in 2007, demand for our ready-mix products in the residential sector was off sharply for the second consecutive year and has remained weak so far in 2008," said CEO Bradley Larson in a statement.
Larson said the company responded to the tough environment by maintaining tight control over operating costs while developing access to raw materials, increased production and distribution capacity and strengthening their sales and marketing.
"We remain bullish about the long-term growth prospects in our markets once this cycle runs its course," he said.
Ready Mix has been providing ready-mix concrete products to the construction industry since 1997 and operates three plants in Phoenix; Las Vegas; and Moapa, Nev.