Sales down 23% at Simpson for Q3

PLEASANTON, Calif. Simpson Manufacturing reported net income of $12.8 million for the third quarter ended Sept. 30, down 45.4% from $23.4 million in the same quarter of 2008. Sales for the quarter were $167.2 million, down 23.9% from $219.8 million in the third quarter last year.

For the nine months ended Sept. 30, the company reported net income of $15.03 million, down 71.1% from $52.1 million as reported for the same period last year. Sales were $452.4 million, down 25.4% from $606.7 million this period last year.

In a release, the company described decreased sales across the board for subsidiary company Simpson Strong-Tie’s major product lines, particularly in new home construction. The same was true for Simpson Dura-Vent’s product lines, with the exception of special gas vent products, which saw a slight increase in sales.

The company attributed down numbers to weak home-building activity and the weak economic environment.