This excerpt taken from the AKS 8-K filed Oct 24, 2006.
For the first nine months of 2006, AK Steels net income was $61.3 million, or $0.55 per share, which included after-tax charges of $16.4 million, or $0.15 per share, resulting from the implementation of new labor agreements at the Butler and Zanesville operations, and the reduction in the value of the companys deferred tax asset due to state tax law changes. In the comparable 2005 period, net income was $39.2 million, or $0.35 per share, which included total non-cash charges of $32.6 million, or $0.30 per share, resulting from the reduction in the value of the companys deferred tax asset.
Sales for the first nine months of 2006 were a record $4,486.8 million, compared to $4,270.4 million in the first nine months of 2005. Operating profit for the first nine months of 2006 was $147.5 million, or $32 per ton shipped. Excluding the one-time charges of $15.8 million related to the Butler and Zanesville labor contracts, adjusted operating profit for the first nine months of 2006 was $163.3 million, or $35 per ton, compared to $162.3 million, or $34 per ton on the same basis for the first nine months of 2005. A reconciliation of charges to adjusted net income and operating profit for the comparative nine-month periods is illustrated by the following chart: