Posted February 3, 2010
Simpson's sales fall 11.4%
Simpson Manufacturing Co. announced that its fourth quarter 2009 net sales decreased 11.4% to $132.6 million compared to $149.8 million for the fourth quarter of 2008.
The company had a net loss of $2.8 million for the fourth quarter of 2009, or 6 cents per share, compared to net income of $1.8 million, or 4 cents per share, for the fourth quarter of 2008. In 2009, net sales decreased 22.7% to $585.1 million compared to net sales of $756.5 million for 2008. Net income was $12.2 million for 2009 compared to net income of $53.9 million for 2008.
In the fourth quarter of 2009, sales declined throughout the United States. Sales increased overall in Canada and Europe. Simpson Strong-Tie's fourth quarter sales decreased 7.5% from the same quarter last year, while Simpson Dura-Vent's sales decreased 31.0%. Simpson Strong-Tie's sales to contractor distributors and dealer distributors decreased significantly as home-building activity, and general economic conditions, remained weak. Sales to home centers also decreased. Sales decreased across all of Simpson Strong-Tie's major product lines, particularly those used in new home construction. Simpson Dura-Vent's sales decreased across most of its product lines, with the exception of direct vent products.
In 2009, sales declined throughout the United States. The western and southeastern regions had the largest decreases in sales. Sales decreased overall during the year in Europe and Canada. Simpson Strong-Tie's sales for 2009 decreased 22.2% from 2008, while Simpson Dura-Vent's sales decreased 26.6%.
