foster (lb) co-a (FSTR) Key Developments
L.B. Foster Enters into an Amended and Restated Revolving Credit Facility Credit Agreement with PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company
Mar 13 15
On March 13, 2015, L.B. Foster, its domestic subsidiaries, and certain of its Canadian subsidiaries entered into an amended and restated USD 335,000,000 revolving credit facility credit agreement with PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company. This amended credit agreement modifies the prior revolving credit facility which had a maximum credit line of USD 200,000,000. The amended credit agreement provides for a five-year, unsecured revolving credit facility that permits borrowings up USD 335,000,000 for the U.S. borrowers and a sublimit of the equivalent of USD 25,000,000 that is available to the Canadian borrowers. The amended credit agreement’s accordion feature permits the company to increase the available revolving borrowings under the facility by up to an additional USD 100,000,000 subject to the company’s receipt of increased commitments from existing or new lenders and to certain conditions being satisfied. Borrowings under the amended credit agreement will bear interest at rates based upon either the base rate or Euro-rate plus applicable margins. Applicable margins are dictated by the ratio of the company’s indebtedness less cash on hand to the company’s consolidated EBITDA, as defined in the underlying amended credit agreement. The base rate is the high of PNC Bank’s prime rate, the Federal Funds Rate plus 0.50% or the daily Euro-rate plus 1.00%. The base rate and Euro-rate spreads range from 0.00% to 1.50% and 1.00% to 2.50%, respectively. The amended credit agreement includes two financial covenants: Leverage Ratio, defined as the company’s Indebtedness less cash on hand, in excess of USD 15,000,000, divided by the company’s consolidated EBITDA, which must not exceed 3.25 to 1.00 and Minimum Interest Coverage, defined as consolidated EBITDA less Capital Expenditures divided by consolidated interest expense, which must be no less than 3.00 to 1.00.
LB Foster Co. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Capex and Cash Flow Guidance for the Year 2015
Mar 3 15
LB Foster Co. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the fourth quarter, the company's net sales were $161,149,000 compared with $156,548,000 a year ago. The improvement in Tubular sales was due to coatings business while the Rail sales increase was principally driven by Rail Technologies, Rail Distribution and Concrete Ties, partially offset by a decline in Transit sales. The Construction segment sales decline was due to a reduction in Piling Product sales. Income from continuing operations before income taxes was $9,666,000 compared with $11,554,000 a year ago. Income from continuing operations was $6,038,000 or $0.58 diluted earnings per share compared with $7,275,000 or $0.71 per diluted share a year ago. Net income was $6,029,000 or $0.58 earnings per diluted share compared with $7,275,000 or $0.71 per diluted share a year ago. Cash flow from continuing operating activities for the fourth quarter of 2014 generated $17.0 million compared to $11.4 million of cash provided in the fourth quarter of 2013. Improved working capital management led to the increase. Adjusted diluted earnings per share of $0.85 for the quarter were up 19.7% from prior year. Pretax income was $9.7 million or 6% of sales compared to $11.6 million or 7.4% of sales in the prior year.
For the full year, the company's net sales were $607,192,000 compared with $597,963,000 a year ago. The Rail segment sales increase was due to double digit sales increases in Rail Technologies, Allegheny Rail Products and Concrete Tie division sales. The Tubular segment sales improvement was driven by Ball Winch acquisition. The Construction sales decline is principally due to Piling Products which experienced a shortage of product during much of 2014. Income from continuing operations before income taxes was $39,056,000 compared with $44,115,000 a year ago. Income from continuing operations was $25,654,000 or $2.48 diluted earnings per share compared with $29,276,000 or $2.85 per diluted share a year ago. Net income was $25,656,000 or $2.48 earnings per diluted share compared with $29,290,000 or $2.85 per diluted share a year ago. Cash flow provided from continuing operating activities was a record $66.6 million for 2014, compared to $13.9 million in the prior year. The current year period was favorably impacted by improved working capital management compared to last year. Capital expenditures were $17.1 million compared to $9.7 million in 2013. On an adjusted basis, EPS for the full year would be $3.02.
For the year 2015, The company anticipates spending approximately $18 million to $22 million in capital programs, which includes an estimated $5 million of expenditures on ERP program As in prior years, the company continue to forecast that cash generated from operating activities will exceed capital expenditures, debt service payments, dividends and share repurchases in 2015.
LB Foster Co. to Report Q4, 2014 Results on Mar 03, 2015
Feb 25 15
LB Foster Co. announced that they will report Q4, 2014 results at 11:00 AM, US Eastern Standard Time on Mar 03, 2015
LB Foster Co., Q4 2014 Earnings Call, Mar 03, 2015
Feb 25 15
LB Foster Co., Q4 2014 Earnings Call, Mar 03, 2015
L.B. Foster Company Declares Quarterly Dividend Payable March 27, 2015
Feb 20 15
LB Foster Co. announced that its board of directors has authorized a $0.04 per share regular quarterly cash dividend on its issued and outstanding shares of common stock. The dividend is payable on March 27, 2015 to shareholders of record at the close of business on March 13, 2015.