Armstrong World Industries today reported a small drop in net profits for the fourth quarter but a sizable increase for the year.
For the quarter, net profits slid 1.2 percent to $8.4 million (14 cents a share) from $8.5 million (14 cents a share) in the 2011 quarter.
Sales dipped 1.6 percent to $612.8 million.
Read more: http://lancasteronline.com/article/local/816802_Armstrong-s-yearly-profit-climbs.html#ixzz2LOK0sAFf
Map of Pennsylvania highlighting Lancaster County (Photo credit: Wikipedia)
Lancaster County is officially the home of U.S. Women’s Field Hockey.
USA Field Hockey and Spooky Nook Sports announced Tuesday that they’ve formed a partnership that will make Nook Sports, the sprawling indoor sports complex located on Spooky Nook Road in East Hempfield Township, the home of the U.S. Women’s National Team through 2022.
The complex will also host USA Field Hockey sanctioned events starting in 2014.
Nook Sports is scheduled to open its doors on March 1. A $25 million renovation project transformed the former Armstrong World Industries distribution center into the world’s largest indoor sports complex.
Map of Pennsylvania highlighting Lancaster County (Photo credit: Wikipedia)
On a recent weekday, a couple of hard-hatted workers patched holes in the concrete floor of a former Armstrong World Industries distribution center in East Hempfield Township.
While a handful of other workers stretched communication lines across a bare metal mezzanine, a sweeper droned methodically across the shiny floor of the massive structure.
It’s hard to picture now, but by March, this building should be bustling with adults and kids headed for soccer, tennis and lacrosse tournaments; basketball and football games; physical therapy appointments; and exercise workouts.
March 1 is the target date for the opening of Spooky Nook Sports Complex, a $25 million project to transform the idled distribution center into what will be the biggest indoor sports complex in the United States.
Armstrong World Industries today reported a 10.3 percent increase in second-quarter net profits, despite lower sales.
Net profits were $41.8 million (70 cents a share), up from $37.9 million (64 cents a share) in the second quarter of 2011.
Sales, however, fell 5.2 percent to $709.9 million from $748.6 million in the comparable year-ago period.
Although sales slid, Armstrong said it boosted profits by cutting manufacturing costs and reducing its selling, general and administrative expenses.
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Armstrong World Industries today reported a profitable fourth quarter and a ten-fold increase in profits for the full year.
Helping the results were sharply lower restructuring charges, the absence of asset-impairment charges and lower selling, general and administrative expenses.
Lancaster-based Armstrong also announced it will build its first manufacturing plant in Russia, continuing its expansion into what it calls “emerging markets.”
The $100 million mineral-fiber ceiling plant is expected to begin operations in 2015, said Armstrong, although the company did not name the city where the plant will be located.
