HOFFMAN ESTATES, Ill. (AP) â¿¿ Mineral producer Amcol International Corp. reported a profit for the fourth quarter on higher revenue after losing money in the same period a year earlier.
The company, which mines minerals like clay to sell for industrial uses, said Friday that its net income for the quarter ended Dec. 31 was $13.7 million, or 43 cents per share, compared to a net loss of $9.4 million, or 30 cents per share, a year earlier.
Revenue rose 6.5 percent to $233.7 million from $219.4 million during the prior year period.
CEO Ryan McKendrick said fourth-quarter sales were in line with what the company expected, and results were boosted by demand from clients in the energy industry. Demand for oil drilling fluids should remain strong in 2012, McKendrick said in a statement.For the full year, Amcol reported net income of $59.1 million, or $1.86 per share, almost double the $30.4 million, or 97 cents per share, the previous year. Revenue rose to $942.4 million from $841 million. Its shares slipped 5 cents to $29.31 in afternoon trading Friday.