09.08.2013 13:25:34
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Olympic Steel Q2 Profit Down - Quick Facts
(RTTNews) - Olympic Steel Inc. (ZEUS), a national metals service center, reported that its second quarter net income totaled $2.5 million, or $0.23 per share, down from $4.5 million, or $0.41 per share, in 2012's comparable quarter.
Net sales for the 2013 second quarter totaled $330.8 million, a 10.0% decrease from the $367.4 million reported in last year's comparable period.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share and revenues of $343.82 million for the quarter. Analysts' estimates typically exclude special items.
For the first half of 2013, net income was $7.7 million, or $0.69 per share, compared with $10.8 million, or $0.98 per share, in last year's first half. For the first half of 2013, LIFO income increased earnings by $0.13 per share.
Net sales for the six months declined 10.7% to $668.9 million, compared with $749.4 million in the first half of 2012.
Chairman and Chief Executive Officer Michael Siegal said, "The first half of 2013 was characterized by lower sales volume and average selling prices compared with last year. However, despite the external headwinds, Olympic Steel successfully improved consolidated gross margin, lowered inventory levels and generated strong free cash flow. A portion of the excess cash has been used to reduce debt by more than $34 million since the beginning of this year."
"Looking to 2013's second half, we have identified more than $4.0 million in annualized operating cost savings. We began implementing these reductions at the end of the second quarter, and expect them to be completed by the end of the third quarter," Siegal added.
Olympic Steel's Board of Directors approved a regular quarterly cash dividend of $0.02 per share, which is payable on September 17, 2013, to shareholders of record on September 3, 2013.
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