Northwest Pipe Co. said Monday it recorded a net loss of about $900,000 for all of 2013 because it took a write-down of $27.5 million on certain assets.
Excluding the write-down, the Vancouver-based manufacturer of steel pipe said it reaped a profit of $16.4 million for all of last year. That compares with a profit of $16.2 million for all of 2012.
The write-down was a non-cash impairment charge recorded for property and equipment at Northwest Pipe’s Bossier City, La.-based facility, which produces tubular goods for use in the oil industry. “The impairment was driven primarily by the adverse price and volume effects due to the continued high level of tubular product imports and additional domestic tubular manufacturing capacity,” the company said in a news release. “The impairment charge has no impact on the company’s liquidity.”
The company posted net sales of $475.6 million for all of 2013, down 9.3 percent from $524.5 million in net sales for all of 2012.
Northwest Pipe, which has facilities in the U.S. and Mexico, manufactures welded steel pipe and tube products, including for drinking water systems.
