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LBFoster Investor Relations L.B. Foster Reports First Quarter Operating Results May 3 , 2021 PITTSBURGH , May 03 , 2021 ( GLOBE NEWSWIRE ) -- L.B. Foster Company ( NASDAQ : FSTR ) , a leading provider of products and services for the rail industry and solutions to support critical infrastructure projects , today reported its first quarter of 2021 operating results , which included the following performance highlights : 1 • First quarter of 2021 net sales were $ 116.1 million , a decrease of $ 5.8 million , or 4.8 % , from the prior year quarter . • First quarter of 2021 gross profit was $ 18.8 million , a decline of $ 4.3 million , or 18.6 % , from the prior year quarter . Gross profit margin was 16.2 % for the first quarter of 2021 versus 19.0 % in the prior year quarter . • First quarter of 2021 selling and administrative expenses were $ 18.0 million , a decrease of $ 2.3 million , or 11.4 % , from the prior year quarter . Selling and administrative expenses as a percent of net sales decreased to 15.5 % compared to 16.7 % in the prior year quarter . • First quarter of 2021 net loss from continuing operations was $ 1.3 million , or $ 0.12 per diluted share , a decrease of $ 0.12 per diluted share from the prior year quarter . • Adjusted EBITDA ( earnings before interest , taxes , depreciation , amortization , and certain charges ) from continuing operations for the quarter was $ 2.7 million , a decrease of $ 2.1 million from the prior year quarter . • Net cash provided by continuing operating activities for the quarter totaled $ 7.6 million , an increase of $ 12.5 million from the prior year quarter . • Net debt¹ ( total debt less cash and cash equivalents ) decreased by $ 5.7 million from December 31 , 2020 to $ 31.8 million as of March 31 , 2021. Over the last year , the Company reduced its net debt¹ by $ 26.0 million . The Company's adjusted net leverage ratio¹ was 1.1x as of March 31 , 2021 , compared to 1.4x as of March 31 , 2020 . • Backlog increased by 14.6 % to $ 271.9 million compared to the prior year quarter , driven by significant increases in both the Rail Technologies and Services ( " Rail " ) and Infrastructure Solutions segments . New orders for the first quarter of 2021 were $ 135.6 million , an increase of 3.7 % from the prior year quarter . See " Non - GAAP Disclosures " at the end of this press release for information regarding the following non - GAAP measures from continuing operations used in this release : EBITDA , adjusted EBITDA , net debt , adjusted net leverage ratio , free cash flow , adjusted net ( loss ) income , and adjusted ( loss ) earnings per diluted share . CEO Comments Bob Bauer , President and Chief Executive Officer , commented , " First quarter results reflect the continued deferral of projects in the midstream pipeline markets for protective coatings and measurement systems . In addition , weather - related delays and working restrictions due to the pandemic imposed in certain areas , particularly in the United Kingdom , kept the company from converting more backlog to sales revenue . On the bright side , we are seeing the impact of the pandemic dissipating , most notably in our friction management consumables which benefited from increased traffic as COVID restrictions were eased . " " Sales revenue in the first quarter also reflected seasonality in our business , with lower volume in January and February , followed by a strong month in March , which contributed 47.0 % of first quarter sales . Backlog increased $ 23.7 million in the quarter to $ 271.9 million . This level of backlog , coupled with expected improving market and operating conditions , allows us to anticipate a significant sequential increase in second quarter sales and profitability . There are several positive signs in the marketplace that include increasing project activity , customer - specific plans for capital spending , government support for transportation sector investment , and an improving outlook due to fewer virus - related disruptions . We are gearing up operations in anticipation of an increase in sales and the potential for further strengthening as the year progresses . " Mr. Bauer added , " Our strong cash flow generation and improving balance sheet should continue to allow us to effectively manage operations through the current environment and positions us well to take advantage of improving market conditions and business opportunities . " First Quarter Results • Net sales for the first quarter of 2021 was $ 116.1 million , a $ 5.8 million decrease , or 4.8 % , compared to the prior year quarter . The sales decrease was attributable to both of the Company's segments , with the Rail and Infrastructure Solutions