U.S. Concrete Inc. said Monday that a charge associated with its Michigan operations was largely responsible for a fourth-quarter net loss of $23.8 million, or 63 cents loss per diluted share, compared with net income of $4.1 million, or 14 cents a share, for the same period in 2005.
The results include a $26.8 million after-tax, non-cash charge to reduce the carrying value of the Houston-based concrete products company’s goodwill related to its Michigan operations. Excluding that item, U.S. Concrete’s (NASDAQ: RMIX) net income was $3 million, or 8 cents a share.
Revenue for the quarter increased 33.6 percent to $210.5 million, compared with $157.6 million for the fourth quarter of 2005.
Analysts polled by Thomson Financial expected the company to have net income of 7 cents a share on revenue of $209 million.
The company said the increase in revenue reflected higher sales.
U.S. Concrete also posted a full-year net loss of $8.1 million, or 22 cents a share, on revenue of $789.5 million, compared with net income of $12.6 million, or 43 cents a share, on revenue of $575.7 million in 2005. Excluding the goodwill charge, net income for 2006 was $18.7 million, or 50 cents a share.
Source: www.bizjournals.com
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