Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) has reported second quarter net income of $3.2 million, or $0.12 per diluted share, down from $5.5 million, or $0.20 per diluted share, earned in the year-earlier quarter.
For the first six months of 2007, net income decreased $20.6 million, or 241.3%, to a loss of $(12.1) million, or $(0.44) per diluted share, from a profit of $8.5 million, or $0.31 per diluted share, in the first six months of 2006. The year-to-date 2007 results reflect after-tax charges of $11.8 million, or $(0.43) per diluted share, from the closure of the Company’s tunneling operation recorded in the first quarter of 2007.
Thomas S. Rooney, Jr., President and CEO commented, “We continue to experience difficult U.S. sewer market conditions, which we do not foresee changing over the near-term. However, our international markets, including Canada, along with our Tite Liner® business continue to help counter these effects. We are taking steps to rationalize our field operations in the U.S. to protect profitability going forward. We are making strides in pursuing our global growth opportunities in sewer, water, oil and mining pipe rehabilitation. Our visibility into the global potential for these markets is increasing every day. While we continue to weather tough U.S. market conditions, we believe we are positioning ourselves strategically to achieve profitable growth in the future.”
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