West Warwick-based Amtrol Inc. announced Friday that 2004 second-quarter net sales were $52.7 million, an increase of $5.2 million or 11 percent compared to the second quarter of 2003. The company also reported earnings before interest, taxes, depreciation and amortization (EBITDA) of $7.5 million, an increase of $700,000 as compared to the second quarter of 2003. For the first six months of 2004, Amtrol reported net sales of $105.3 million, an increase of $8.9 million or 9.2 percent from the same period in 2003. EBITDA for the first six months of 2004 was $13.7 million, an increase of $1.1 million from the same period in 2003.
The increase in net sales was principally due to improving economic conditions, higher well tank sales and the strengthening of the euro against the U.S. dollar. The increase in EBITDA was principally due to the higher sales offset by increased steel costs in both North America and Europe.
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Gross profit for the second quarter of 2004 increased $1.4 million or 12.8 percent from the second quarter of 2003. For the first six months of 2004, gross profit increased $2.4 million or 10.8 percent from the first six months of 2003. As a percentage of net sales, the gross profit percentage for the first six months increased from 22.5 percent in 2003 to 22.8 percent in 2004. The increase was due principally to higher sales and favorable product mix offset by increased steel costs in both North America and Europe.
The company’s net loss in 2004 of $9.7 million compares to a net loss in 2003 of $1.5 million due to a loss of $8.1 million incurred on the sale of a discontinued subsidiary during the first quarter.
Amtrol is an international producer and marketer of flow and expansion control products, water heaters and cylinders for a variety of gases. The company’s major products include pressure tanks used in water well, hydronic heating and potable hot water applications, indirect-fired water heaters, and both LPG and disposable refrigerant gas cylinders.
Amtrol is a wholly owned subsidiary of Amtrol Holdings Inc. which is controlled by Cypress Merchant Banking Partners LP and Cypress Offshore Partners.
