PITTSBURGH , July 28 /PRNewswire-FirstCall/ -- MSA (NYSE: MSA) today
announced that net sales for the second quarter of 2008 were
"I am very pleased to report the strongest second quarter sales and net income in MSA history," said William M. Lambert , MSA President and CEO. "This performance is a direct result of our ongoing initiatives to develop innovative new products, expand our market reach, and improve operational effectiveness." Mr. Lambert added he was particularly pleased to see the company make strong improvement in the company's operating income performance for the quarter. "I believe we will continue to see significant progress on each of these initiatives during the remainder of 2008 and in future years," he said.
Operating income (income before taxes, currency exchange gains and losses,
interest, and restructuring and other charges) was
Sales in the company's North American segment increased
Sales in the company's European segment increased
Sales in MSA's International segment improved by
Second quarter 2008 net income in the North American segment was
"During the quarter, we saw meaningful sales growth in each of our three geographic segments," Mr. Lambert commented. "In North America , our sales growth was led by higher government sales, including strong shipments of our latest generation SCBAs to the U.S. Air Force for use by air base firefighting squads. Our North American sales of SCBAs and other products to customers in the fire service market were somewhat lower during the quarter, which we believe reflects a recent slowdown in municipal spending," Mr. Lambert added. "Our sales in the European segment grew nicely across a broad range of products and our backlog continues to be strong in those markets. International segment sales growth was led by Latin America and South Africa , where we see continued strength in the mining industry."
"Our strong second quarter performance is gratifying, and reflects the broad balance of our business, both in terms of diverse product lines and markets. The recent slowdown in municipal spending has tempered our expectations in the U. S. fire service market, however, we continue to see strength in the remainder of our business, but this outlook is certainly subject to global economic conditions," Mr. Lambert concluded.
Established in 1914, MSA is a global leader in the development,
manufacture and supply of sophisticated safety products that protect people's
health and safety. Sophisticated safety products typically integrate any
combination of electronics, mechanical systems and advanced materials to
protect users against hazardous or life-threatening situations. The company's
comprehensive line of products is used by workers around the world in the fire
service, homeland security, construction and other industries, as well as the
military. Principal products include self-contained breathing apparatus, gas
masks, gas detection instruments, head protection, respirators and thermal
imaging cameras. The company also provides a broad range of consumer and
contractor safety products through retail channels. These products are
marketed and sold under the MSA Safety Works brand. MSA has annual sales of
Cautionary Statement Regarding Forward-Looking Statements:
Except for historical information, certain matters discussed in this press release may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, including without limitation all projections and anticipated levels of future performance, involve risks, uncertainties and other factors that may cause our actual results to differ materially from those discussed herein. Actual results can be affected by any number of factors, many of which are outside of management's control. Among the factors that could cause such differences are spending patterns of government agencies, competitive pressures, product liability claims and our ability to collect related insurance receivables, the success of new product introductions, currency exchange rate fluctuations, the identification and successful integration of acquisitions and the risks of doing business in foreign countries. These risks, uncertainties and other factors are detailed from time to time in our filings with the United States Securities and Exchange Commission ("SEC"). You are strongly urged to review all such filings for a more detailed discussion of such risks and uncertainties. MSA's SEC filings are readily obtainable at no charge at www.sec.gov, as well as on a number of other commercial web sites.