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Marsulex announces second quarter 2010 results

^{Published on 2010-07-28 14:10:58 - Market Wire}
 

 ------------------------------------------------------------------------- Three (In millions of months ending Six months ending dollars, except June 30, June 30, per share % % amounts) 2010 2009 chg 2010 2009 chg ------------------------------------------------------------------------- Revenue $ 81.0 $ 89.4 -9.4% $ 143.7 $ 157.9 -9.0% Gross profit 30.3 43.1 -29.7% 54.0 65.5 -17.6% SG&A(1) 8.4 7.9 6.3% 17.5 18.8 -6.9% EBITDA(2) 21.9 35.2 -37.8% 36.5 46.7 -21.8% Earnings before income taxes 11.7 25.8 -54.7% 17.3 27.9 -38.0% Net earnings 7.9 17.3 -54.3% 11.7 18.9 -38.1% Earnings per share - basic 0.24 0.53 -54.7% 0.36 0.57 -36.8% ------------------------------------------------------------------------- ------------------------------------------------------------------------ 1. Selling, general, administrative, and other costs, including foreign exchange. 2. Earnings before interest, income taxes, depreciation, and amortization. 

 - Western Markets reported higher EBITDA on increases in volume of sulphur-based products. Product demand remains robust buoyed by higher demand from pulp customers. - Industrial Services EBITDA was $12.7 million for the quarter, approximately 6.9% below the second quarter of 2009. On a local currency basis, results were consistent with 2009. - MET results continued to be strong in the quarter and backlog remains healthy with work progressing on projects announced earlier in 2010. The second quarter of both 2010 and 2009 included project closeouts. - Corporate costs include $0.4 million ($1.6 million for the year to date) related to the strategic review.