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NWPA is producing the pipe from a new facility located on the island of Batam, Indonesia, across the Singapore Straits from Singapore. The company installed a newly completed Spiral Weld Pipe Mill into this new facility, which is located on the property of DSAW, an Indonesian company, which is also producing structural piling for Samsung. "We are looking forward to a successful project. This will be our first project built in Indonesia," said Brian W. Dunham, CEO of the Company. "We are using our newest mill which was designed and built by our subsidiary company."
NWPA has begun delivering and will finish production by the end of the second quarter of next year. The company is evaluating other opportunities to place this mill after this project is completed, including the option of keeping the mill in Indonesia.
NWPA is a subsidiary of Northwest Pipe Company which was formed in 2009 and is headquartered in Singapore. NWPA's primary business is the design and manufacture of Spiral Weld Pipe Mills.
Northwest Pipe Company also announced that the project for casings for the USEC American Centrifuge project has now been cancelled. As previously disclosed, the project was pending as USEC attempted to finalize its financing. Northwest Pipe has now been notified by its customer, a contractor, that the project has been cancelled. "Obviously, the news on the USEC project is disappointing. However, Northwest Pipe is not at risk on this contract -- we have been paid for all of our work to date," said Dunham.
"Both of these projects have some impact on our near term operations. The Batam startup is later than we had expected and will not generate the Q3 revenues we had anticipated. The USEC work was mostly planned for 2010 and 2011 and we expect to replace it with other projects. We had expected to generate some revenue this year from this project and this will be more difficult to replace because of the shorter time frame," noted Dunham.
Northwest Pipe Company manufactures welded steel pipe and other products in two business groups. Its Water Transmission Group is the leading supplier of large diameter, high-pressure steel pipe products that are used primarily for water infrastructure in North America. Its Tubular Products Group manufactures smaller diameter steel pipe for a wide range of applications including construction, agricultural, energy, traffic and other commercial and industrial uses. The Company is headquartered in Vancouver, Washington and has eleven manufacturing facilities across the United States, in Mexico and in Indonesia.
This release contains forward-looking statements, including statements regarding the project described above. These statements reflect management's current information about this project and management's current views and estimates of market circumstances, industry conditions and Company performance. Actual results could vary materially from the description contained herein due to many factors including market demand, operating efficiencies, availability and price of raw materials, changes in preliminary estimates of financial results in connection with finalization of such results and other risks described from time to time in the Company's reports to the Securities and Exchange Commission.
For more information, contact: Brian Dunham 360-397-6250
SOURCE: Northwest Pipe Company
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