North American Galvanizing & Coatings, Inc. announced today record first quarter 2008 net income of $3.1 million, compared to first quarter 2007 net income of $2.3 million.
Cash flow provided by operating activities was $2.5 million for the first quarter ended March 31, 2008 compared to cash used of $.2 million for the same period in 2007.
Revenue for the first quarter declined 12 percent over the prior year as changes in zinc costs impacted sales prices. Average selling prices were 5.2 percent lower than the prior year first quarter and 1.3 percent lower than the fourth quarter of 2007; the market price of zinc, as quoted by the London Metal Exchange, declined 30 percent and 8 percent for the comparable periods.
Volumes for the first quarter of 2008 were 4 percent higher than the fourth quarter of 2007. First quarter 2008 volumes were 7 percent lower than the record volumes set in the first quarter of 2007.