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PORTLAND, OR -- Northwest Pipe Company announced today that it has received a letter of intent from Kenny/Shea/Traylor, a joint venture of Wheeling, Illinois, to supply approximately $10 million of welded steel pipe for a water treatment plant.
Northwest Pipe will supply approximately 56,000 feet of large diameter steel pipe that will be used in a tunnel that is part of the Brightwater treatment plant in King County, Washington. The tunnel will be 14,000 feet long and approximately 18 feet in diameter at depths to 260 feet. The pipe will be installed inside the tunnel in four separate lines ranging from 27 inches to 84 inches in diameter. The pipe is expected to be manufactured in the Company's Portland, Oregon division beginning in 2007 with final delivery in 2008. The contract for the tunnel and the related pipe is the first phase of this $1.4 billion wastewater treatment plant.
The Company also commented on its financial expectations for the fourth quarter of 2005. "We expect to finish 2005 with a solidly profitable quarter with a range of earnings between $0.44 and $0.48 per share," said Brian W. Dunham, chief executive officer.
The Company's Tubular Products and Fabricated Products Groups performed generally as expected during the quarter. The Water Transmission Group, which had been expected to generate revenues of $60-62 million for the quarter, is now projecting revenues in the $54-56 million range. "Weather issues in certain plants, delays in steel deliveries, and some temporary production issues related to consolidation and new operations have combined to reduce our quarterly revenues," noted Dunham.
"Even with these fourth quarter issues," Dunham continued, "we expect to report both record sales and earnings for 2005. Furthermore, although we expect a relatively slow first quarter in 2006, we expect to reach all-time highs in both sales and earnings again in 2006."
Northwest Pipe Company manufactures welded steel pipe and other fabricated products in three business segments. Its Water Transmission Group is a leading supplier of large diameter, high-pressure steel pipe products that are used primarily for water transmission in the United States and Canada.
Web site: http://www.nwpipe.com/
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