Brush Engineered Materials revealed on Friday (31st July) that sales of its ruthenium media targets were disappointing in the first half of 2009.

The company confirmed in its second-quarter results that overall sales hit $174.1 million, representing a 29 per cent quarterly rise and an improvement on a previous estimate of between $150 million and $160 million.

Although the total was boosted by strong demand in consumer electronics-oriented markets, sales of ruthenium did not play a major role in the improvement.

However, Brush explained that it expects to reverse this trend and re-establish its share of the data market when it begins to embark on a recovery.

"Sales of ruthenium media targets in the second quarter and first half of the year remained weak," it noted.

"[But] progress in the re-qualification of materials with key customers has continued and it is anticipated that as the data storage market recovers the company will have an opportunity to regain some of the market share lost in 2008."

Meanwhile, Chairman, President and CEO Richard Hipple explained that he was "pleased" with the results, praising the company for its response to the global economic downturn.

"We ended the quarter with higher cash and lower debt, improving further what was already a strong balance sheet while pressing on with our initiatives to create new revenue streams and extend our market positions," he said.

The Ohio-based firm supplies beryllium products, alloy products, electronic products, precious metal products and engineered material systems.

Source:

Brush Engineered Materials Inc. Reports Second Quarter Results (31/07/09)

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