From the press release:Rick Santa, senior vice president and chief financial officer, said that although year-to-date bookings have been strong, longer lead times on the delivery of carbon steel in the United States are expected to result in sales during the second half of 2008 that will be approximately 5% less than the first half of the year. Sales in the third quarter are expected to be up to 20% less than second quarter sales, while fourth quarter sales are expected to be equal to or above those of the second quarter. Gross margin in the third quarter is expected to be between 28% and 29% as a result of lower sales spread over a fixed manufacturing and overhead expense base. Fourth quarter gross margin is expected to improve to levels comparable to those in the first and second quarters based upon anticipated fourth quarter sales that should approximate or exceed those of the second quarter.
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