This excerpt taken from the AKS 8-K filed Jul 25, 2006.
Six Month Results
For the first six months of 2006, the company reported net income of $35.3 million, or $0.32 per share. Those results are net of total non-cash charges of $2.7 million, or $0.02 per share, reflecting the reduction in value of the companys deferred tax assets as a result of state tax law changes. Net income for the corresponding 2005 period was $68.2 million, or $0.62 per share, after giving effect to charges of $32.6 million, or $0.29 per share, due to state tax law changes.
First-half 2006 sales were a record $2,933.2 million, compared to $2,877.1 million for the same period in 2005. The company reported an operating profit for the first six months of 2006 of $92.4 million, or $30 per ton, compared to $187.8 million, or $60 per ton, for the prior year period.
During the 2006 second quarter, AK Steel made an early $84 million contribution to the companys pension trust fund. AK Steel reported that it ended the second quarter of 2006 with $485 million of cash and $528 million of availability under its two credit facilities.