Northwest Pipe bouncing back

first_imgUnder threat of being removed from the Nasdaq stock exchange, Vancouver-based Northwest Pipe Co. on Friday issued late and restated financial reports, including data for all of 2011 showing the company bounced back to profitability.The Nasdaq had given the company, a maker of steel pipe primarily for drinking water systems, until April 30 to file its delayed financial reports, including its 2011 annual financial report and quarterly reports from last year.Northwest Pipe reported a profit of $12.7 million, or $1.35 per diluted share, for all of 2011. That compares with a loss of $5.4 million, or 59 cents per diluted share, for all of 2010.The company’s revenues for all of 2011 increased by 32 percent to $511.7 million, “the highest ever,” the company said in a news release, exceeding the previous high of $451.4 million in 2008.The company said it will hold a conference call on its 2011 financial results on Monday.Northwest Pipe’s release of late financial statements Friday complied with the Nasdaq’s demand that it file those reports by the end of April or be delisted from the exchange. The fresh information, filed with the U.S. Securities and Exchange Commission, also showed the company possessing a healthy bottom line after it announced in March new “material errors” with its accounting procedures.last_img

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