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Trex Company Announces Record Fourth-Quarter Sales of $75.3 Million
- Net Sales Up 47% over 4Q09
- Ends Quarter with $27 Million in Cash
- Forecasts Sales of $70 Million for 1Q11
- Warranty Reserve Increased
WINCHESTER, Va.--(BUSINESS WIRE)--February 28, 2011--Trex Company, Inc. (NYSE: TREX), the world’s largest manufacturer of wood-alternative decking and railing products, today announced financial results for the fourth quarter ended December 31, 2010.
Net sales for the fourth quarter of 2010 totaled $75.3 million compared to net sales of $51.2 million for the 2009 fourth quarter. The Company reported a net loss of $0.5 million, or $0.03 per diluted share, for the 2010 period compared to a net loss of $0.3 million, or $0.02 per diluted share, for the 2009 period. During the 2010 period, the Company recognized $4.1 million of unusual charges, which included a $5.2 million increase to the Company’s warranty reserve for decking material manufactured at its Nevada plant prior to mid-2006 offset by a $1.1 million reduction to supply contract-related charges taken in prior 2010 quarters. Before giving effect to these adjustments, net income was $3.6 million, or $0.23 per diluted share for the 2010 fourth quarter. The Company’s fourth-quarter-2009 results included a benefit for income taxes of $5.1 million primarily related to a carry-back tax adjustment offered through the 2009 economic stimulus plan. Before giving effect to this adjustment, the company realized a net loss of $5.4 million, or $0.36 per diluted share for the 2009 fourth quarter.
For the full year ended December 31, 2010, Trex Company reported net sales of $317.7 million compared to net sales of $272.3 million for 2009, a 17% increase. The Company reported a net loss of $10.1 million, or $0.66 per diluted share, compared to a net loss of $16.9 million, or $1.12 per diluted share, for 2009. In total, the Company recognized $21.3 million of unusual charges during 2010 consisting of a $15.0 million increase to its warranty reserve for decking material, a $2.4 million charge related to its joint venture for recycling waste polyethylene in Spain and $3.9 million related to two supply contracts. Before giving effect to these charges, net income for 2010 totaled $11.3 million, or $0.72 per diluted share. Before giving effect to the $23.3 million non-cash impairment charge related to the Company’s Olive Branch facility recognized during the 2009 third quarter and the $5.1 million tax loss carryback described above, the Company had net income of $1.3 million, or $0.09 per diluted share, for 2009.
The following information was filed by Trex Co Inc (TREX) on Monday, February 28, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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