Atlanta-based Tensar Corp. announced in a Feb. 6 press release a strong performance in 2011, with double digit income growth compared to 2010. The release also acknowledged that Standard & Poor’s (S&P) has downgraded the company’s corporate credit rating and the rating on TCO Funding Corp.’s first-lien term loan.
The 2011 performance was achieved “through record global revenue, operational productivity, and the success in the marketplace of its new, patented TriAx geogrid product,” according to the release. The company continues to generate strong cash flows in support of ongoing operations and achievement of its expanded 2012 earnings projection.
In regard to its financing, the release noted that Tensar “is engaged in constructive dialogue with its lenders to restructure or refinance a portion of its capital structure. These efforts are being undertaken to allow Tensar to achieve its long-term business plan. Tensar is in friendly negotiations with its lenders and intends to continue to operate its business consistent with how it has operated in the past. Tensar is current on all its operational obligations.”
Tensar is a developer and provider of proprietary products and engineering services used primarily in transportation, commercial and industrial construction. Patented, polymeric Tensar geogrids are the primary component of the company’s systems.