(Desk of Dennis Banning – CFO)
No doubt 2010 was an interesting year. Following the recession of 2009, we started the year with an adequate backlog but activity in service market sectors remained slow. This all started to change after the first quarter as we started to see the market recover with capital spending increases. By the third quarter we started to see a significant increase in revenues/shipments, which translated into a good third quarter. Revenue levels in the fourth quarter were excellent.
Incoming order levels in November and December were also “off the charts” for both TC bolted storage systems and Boss Tank shop-welded units. ATEC Steel also reported a significant increase in order activity for their field-welded tank construction and field construction services in December.
Based on our record backlog and strong incoming levels, 2011 has all the potential to be a banner year. Barring unforeseen conditions in 2011, it appears that the market has rebounded with sustained vitality. Perhaps the most important aspect we continue to witness is the preference for TC storage products and services worldwide. Company promotions will always open the door for vendor review, but TC’s client base is really based on the solid performance of our products in the field. We are told continuously by clients that we build the best storage systems available in the marketplace today. In 2011, we are going the raise the bar for performance in dry bulk and liquid storage to the next level.
Good luck to all in 2011!