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Rail News: Financials

Portec Rail posts record revenue, income in 2005


Yesterday, Portec Rail Products Inc. reported unaudited fourth-quarter net income of $1.4 million, a 44 percent increase compared with fourth-quarter 2004. Quarterly net sales of $21.7 million rose 16 percent and operating income of $2.2 million increased 37 percent.

For the full year, unaudited net income totaled $5.8 million, a 43 percent increase compared with 2004. Net sales of $90.8 million rose 31 percent and operating income of $9.2 million went up 49 percent.

“Our 2005 results are a record for the company,” said Portec Rail President and Chief Executive Officer John Cooper in a prepared statement. “Each of our four core business units had higher operating profits for the year. The demand for our product lines remains brisk and the outlook for our customers’ maintenance and capital spending plans looks solid for 2006.”

Portec Rail supplies rail joints, anchors and spikes; railway friction management products; wayside data collection and data management systems; and load securement systems.