North American Galvanizing Earnings Rise

North American Galvanizing and Coatings, Inc. reported today quarterly net income of $2.34 million, or $.28 per diluted share, for the first quarter of 2007, compared to net income of $982,000 or $.13 per diluted share for the first quarter of 2006.
Sales for the first quarter were $23.5 million compared to $15.4 million for the first quarter last year, a 52 percent increase.
Operating income of $4.08 million increased $2.16 million, or 112 percent, from the first three months of 2006 to the first three months of 2007.
The London Metals Exchange market price for zinc for the first quarter of 2007 averaged $1.57 per pound, compared to $1.02 per pound in the first quarter of 2006, representing a 54 percent increase. In the three-months ended March 31, 2007, average selling prices for galvanizing and related coating services were 55 percent higher than the prior year first quarter.

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