|
TWST: Would you give us a brief historical sketch of the company and a
picture of the things you are doing at the present time?
Mr. Cooper: Our company and our predecessor company, Portec, Inc., have
roots that go back to the turn of the century. Most of our management
team, including myself, worked for the rail segment of our prior
company, and in December 1997, Portec, Inc., decided to break up and
sell off its businesses. The rail segment of the former company was
about a third of its business, and we were able to participate in an
opportunity to buy our portion of the former company. We secured
financial backing from a successful entrepreneur, Marshall Reynolds, in
Huntington, West Virginia. We had to go through the process of bidding
for the business against some competitors and other financial players.
With the backing of Marshall Reynolds and his circle of investors, in
December 1997, we were successful in buying our portion of the former
company. At the time, the 1997 sales were in a range of $38-$39 million.
We had good business activity in 1998 and 1999 and we concentrated on
improving our balance sheet and reducing our debt. Our business was a
little slow in 2000 and 2001, but we stayed profitable throughout that
period and business picked up nicely beginning in 2002. Fast-forwarding
up to January 2004, we elected to go for an IPO to raise approximately
$18 million to grow the company, and we successfully did that. Our sales
in 2004 hit the $69 million mark and we made two significant
acquisitions in late 2004. In 2005, we achieved a sales level of $91
million; it has been a good ride. We have a solid company, a good
management team, and good financial backing and we have a good strategy
for continuing the growth of the company.
Tickers included in this excerpt: PRPX
For more information call (212) 952 7433. The
Wall Street Transcript does not endorse any of the comments made by interviewees, and does
not make stock recommendations.
|
|
