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L.B. FOSTER COMPANY REPORTS FIRST QUARTER RESULTS

 L.B. FOSTER COMPANY REPORTS FIRST QUARTER RESULTS
 PITTSBURGH, April 16 /PRNewswire/ -- L.B. Foster Company


announced today a net loss for the 1992 first quarter of $1.2 million or $0.12 per share on sales of $45 million.
 The current year benefited from a gain of $0.5 million related to the sale of certain securities held as investments. In the comparable 1991 quarter, net income was $0.2 million or $0.02 per share on sales of $57 million.
 "Although we anticipated a difficult first quarter, several additional factors contributed to the disappointing results. The continued disastrous decline in oil and gas exploration, as evidenced by the lowest operating rig count since Baker Hughes began tracking activity, depressed our pipe distribution business beyond our expectations. In addition, our new Birmingham, Ala., pipe coating plant came on stream too late to have any first quarter contribution.
 "We are somewhat encouraged by the volume of new orders entered during the quarter, $60.8 million vs. $61.3 million in 1991, but we continue to believe that the company's results will remain depressed until the second half of 1992 when benefits of the Surface Transportation Bill should begin to impact the company's construction and rail products markets," stated Lee B. Foster, president and chief executive officer.
 L.B. Foster Company, located in Pittsburgh, is a manufacturer, fabricator and distributor of construction, rail and tubular products.
 CONDENSED STATEMENTS OF CONSOLIDATED INCOME
 L. B. FOSTER COMPANY AND SUBSIDIARIES
 (In Thousands, Except Per Share Amounts)
 Three Months Ended
 March 31,
 1992 1991
 NET SALES $45,135 $56,884
 COSTS AND EXPENSES:
 Cost of Goods Sold 41,406 50,710
 Selling and Administrative
 Expenses 4,827 5,243
 Interest Expense 626 761
 Other (income) expense (489) (2)
 43,370 56,712
 INCOME BEFORE INCOME TAXES (1,235) 172
 INCOME TAXES 0 3
 NET INCOME ($1,235) $169
 EARNINGS PER SHARE ($0.12) $0.02
 -0- 4/16/92
 /CONTACT: Lee B. Foster, president and CEO of L.B. Foster Company, 412-928-7842/ CO: L.B. Foster Company ST: Pennsylvania IN: CST SU: ERN


DM -- PG028 -- 9515 04/16/92 16:54 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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