Simpson Manufacturing Co., Inc. reported unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported that net sales decreased 2.6% from $158.7 million for the first quarter of 2012 to $154.5 million. The company had net income of $4.8 million compared to net income of $7.2 million for the first quarter of 2012. Basic and diluted net income per common share was $0.10 compared to $0.15 for the first quarter of 2012. The decrease in the company's Net Sales were primarily due to lower sales in Europe, which were affected by difficult economic conditions in Europe. In addition, net sales were also affected negatively by reduced home center sales, lower selling prices and inclement weather in some regions of the United States, Canada and Europe, which possibly delayed construction projects during the quarter. Income from operations was $9.01 million compared to $13.51 million reported a year ago. Income before taxes was $9.05 million compared to $13.57 million reported a year ago. Capital expenditure spending was nearly $5 million, primarily for manufacturing equipment in the U.S. and IT hardware and software. For the quarter, the company reported pre-tax impairment of assets of $1.025 million compared to $0.461 million reported a year ago. At its meeting on April 23, 2013, the board of directors declared a cash dividend of $0.125 per share for the first quarter of 2013. The record date for the dividend will be July 3, 2013, and it will be paid on July 25, 2013. The company announced it previously estimated gross margin for the year 2013 to be in the 42% to 43% range, and believes that is still the case. The company reaffirmed annual estimate of tax rate for 2013 to be in the 41% to 42% range. 2013 capital expenditure is looking to be around $29 million. For 2013, depreciation and amortization expense is expected to be $26 million to $27 million, of which, $20 million to $21 million is depreciation.

Simpson Manufacturing Co., Inc., Board Meeting, Apr 23, 2013. Agenda: To declare a cash dividend of $0.125 per share.

Simpson Manufacturing Co., Inc., Q1 2013 Earnings Call, Apr 26, 2013