Water Industry News

Insituform Swings to Fourth-Quarter Profit

Feb. 23, 2006

CHESTERFIELD, Mo. Insituform Technologies Inc., a contractor that rehabilitates sewers and underground piping systems, said on Thursday it swung to a fourth-quarter profit, helped by strong results from the company's rehabilitation and Tite Liner business segments.

Income for the quarter was $4.3 million, or 16 cents per share, up from a loss of $6.6 million, or 25 cents per share, last year. Revenue for the quarter was $146 million, up nearly 15 percent from $127.4 million last year.

Analysts polled by Thomson Financial expected the company to earn, on average, 15 cents per share.

For the full year, income was $13.2 million, or 49 cents per share, up from $597,000, or 2 cents per share, last year. Annual revenue was $595.3 million, up from $542.6 million last year.

"During 2005, our company gained significant momentum as we continued to implement our strategic initiatives. We expect that momentum to accelerate this year. The fundamentals are in place for ongoing improvement in our rehabilitation and Tite Liner segments. And, although the tunneling business remains challenging, we are confident we are taking the right steps to return this business to a respectable level of profitability," Thomas Rooney, Jr., president and chief executive, said in a prepared statement.