Huntway Reports Loss of $1.6 Million in 4th Quarter

Huntway Partners, a Valencia-based producer of liquid asphalt, said it lost $1.62 million in the fourth quarter of 1989 despite a 35% jump in revenue.

The loss in the quarter that ended Dec. 31 compared with a $441,000 loss a year earlier, and reflected lower profit margins due to severe price competition in the liquid-asphalt industry, Huntway said. Liquid asphalt is derived from crude oil, and the rise in oil prices in the quarter helped lift Huntway’s revenue to $24.2 million from $17.9 million.

For all of 1989, Huntway lost $1.78 million compared with a $3.16-million profit a year earlier, and its revenue rose 8% to $89.5 million from $82.8 million.

Huntway went public in November, 1988, and used the proceeds to reduce its debt. Its 1988 financial results are on a pro forma basis: that is, they reflect what Huntway’s results would have been had Huntway gone public and reduced its debt at the start of 1988.