Simpson Manufacturing reports income down 97 percent in fourth quarter
Pleasanton, Calif.-based Simpson Manufacturing announced income and sales were down for the fourth quarter and year of 2007.
The company reported net income of $487,000 for the fourth quarter, down 97.4 percent from $18.7 million in the same period last year. Net sales for the quarter were $175.2 million, down 2.3 percent from $179.6 million in the same quarter in 2006.
For the year, the company reported net income of $68.7 million, down 33 percent from last year’s income of $102.5 million. For the year, net sales were $816.9 million, down 5.3 percent from $863.2 million from the previous year.
The company took a charge of $10.7 million for the relocation of a production facility to China. Overall, the company said 2007 sales declined throughout the United States, while sales in Europe and Canada increased.
Simpson Manufacturing is the parent company of the Simpson Strong-Tie and Simpson Dura-vent brands.