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Sales volume increased by approximately 1% over the fourth quarter of 2009, and selling prices for the same period increased by 11%. For the year 2010, sales were $720.5 million, representing an increase of 17.1% compared to $615.5 million in 2009.
“Fourth quarter results were in line with expectations; however, gross margin remained under pressure due to significant raw material cost increases and competitive pricing pressures,” said Greg Yull, president and CEO. “The increase in sales was primarily attributable to higher selling prices that partially recovered raw material cost increases.
“During 2010, we continued to implement manufacturing cost reduction programs totaling approximately $15 million, compared to approximately $12 million in 2009. These programs, which included productivity improvements, waste reduction and energy conservation, are critical to offset the impact of rising input costs and are expected to contribute to future gross margin improvements.”
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