Ready Mix swings to loss in Q4
Las Vegas-based concrete manufacturer Ready Mix announced a net loss of $198,651 for the fourth quarter ended Dec. 31, compared with earnings of $600,149 in the prior-year period. Sales were down 18.3 percent to $15.4 million compared to $18.9 million for the fourth quarter of 2006.
For the year, net income was $1.35 million, down 60 percent from $3.4 million in 2006. Sales for the year were $75.62 million, down 10 percent from $83.15 million last year.
“While non-residential construction in our primary Phoenix and Las Vegas metropolitan markets remained relatively strong in 2007, demand for our ready-mix products in the residential sector was off sharply for the second consecutive year and has remained weak so far in 2008,” said CEO Bradley Larson in a statement.
Larson said the company responded to the tough environment by maintaining tight control over operating costs while developing access to raw materials, increased production and distribution capacity and strengthening their sales and marketing.
“We remain bullish about the long-term growth prospects in our markets once this cycle runs its course,” he said.
Ready Mix has been providing ready-mix concrete products to the construction industry since 1997 and operates three plants in Phoenix; Las Vegas; and Moapa, Nev.
Lumber Liquidators to ship to the United Kingdom
In light of a record-low dollar, flooring retailer Lumber Liquidators has announced a plan to offer exotic hardwoods at lower prices to the U.K. market with free shipping. The promotion is planned through May 31.
The company said prices on some hardwoods will be as low as 4.95 British pounds per square meter, or US$9.89, a significant markdown over U.K. prices. The company plans to showcase its hardwood products at the London Ideal Home Show, which runs through April 6.
Customers in the United Kingdom will be able to browse flooring options at a special site, lumberliquidators.com/UK, which features conversion calculators and shipping status updates.
Toano, Va.-based Lumber Liquidators operates more than 125 flooring stores in the United States.
Stimson Lumber will close locations in Montana, Idaho
Stimson Lumber will close its mill in Bonner, Mont., according to a report in the Missoulian (Missoula County, Mont.) newspaper.
The mill will close indefinitely due to the effects of a downturn in the North American housing market and lower lumber demand, according to the report.
The mill employs around 100 workers, who were given 60-day notices this week as the plant prepares for closure. Additionally, the company plans to shut down operations at a Coeur d’Alene, Idaho, plant, which employs about 60 people.
Based on Portland, Ore., Stimson Lumber has assets and operations in Idaho, Montana, Oregon and Washington.