USAP » Topics » Results of Operations

This excerpt taken from the USAP 10-Q filed May 11, 2009.

Results of Operations

The Company recorded a net loss for the three-month period ended March 31, 2009 of $3.8 million, or $0.57 per diluted share, which included unusual charges of $3.6 million equivalent to $0.53 per share, after-tax, primarily due to the deepening recession and economic uncertainty. The following unusual charges (totaling $6.0 million pre-tax) are included in the 2009 financial results:

 

 

$1.9 million increase to the bad debt reserve due to the inability of a privately held service center customer to pay amounts owed on 2008 business and a related $0.5 million increase to inventory reserves;

 

 

$1.5 million due to a decline in raw material values and the consumption of high cost material during the quarter;

 

 

$1.0 million write-down of stock inventory;

 

 

$0.9 million attributed to the reduction of operating levels; and

 

 

$0.2 million resulting from a 20% reduction in salaried employees.

An analysis of the Company’s operations for the three-month periods ended March 31, 2009 and 2008 is as follows:

 

     For the
Three-month period ended
March 31,
(dollars in thousands)    2009     2008

Net sales:

    

Stainless steel

   $ 33,762     $ 42,028

Tool steel

     3,329       9,107

High-strength low alloy steel

     2,743       4,011

High-temperature alloy steel

     2,019       1,146

Conversion services

     304       525

Other

     29       28
              

Total net sales

     42,186       56,845

Cost of products sold

     43,864       46,779

Selling and administrative expenses

     4,737       3,075
              

Operating income (loss)

   $ (6,415 )   $ 6,991
              

Tons Shipped

     9,593       11,767
              
This excerpt taken from the USAP 10-Q filed Nov 10, 2008.

Results of Operations

An analysis of the Company’s operations for the three- and nine-month periods ended September 30, 2008 and 2007 is as follows (dollars in thousands):

 

     For the
Three-month period ended
September 30,
   For the
Nine-month period ended
September 30,
     2008    2007    2008    2007

Net sales:

           

Stainless steel

   $ 42,094    $ 45,510    $ 127,882    $ 130,208

Tool steel

     10,393      7,281      31,159      20,822

High-strength low alloy steel

     2,564      6,006      9,509      19,812

High-temperature alloy steel

     1,763      2,637      6,253      7,737

Conversion services

     541      446      1,514      1,427

Other

     284      128      1,649      297
                           

Total net sales

     57,639      62,008      177,966      180,303

Cost of products sold

     51,040      50,875      150,837      143,337

Selling and administrative expenses

     2,852      2,990      8,561      8,951
                           

Operating income

   $ 3,747    $ 8,143    $ 18,568    $ 28,015
                           
This excerpt taken from the USAP 10-Q filed Aug 8, 2008.

Results of Operations

An analysis of the Company’s operations for the three- and six-month periods ended June 30, 2008 and 2007 is as follows (dollars in thousands):

 

     For the
Three-month period ended
June 30,
   For the
Six-month period ended
June 30,
     2008    2007    2008    2007

Net sales:

           

Stainless steel

   $ 43,760    $ 45,128    $ 85,788    $ 84,698

Tool steel

     11,659      6,444      20,766      13,541

High-strength low alloy steel

     2,934      7,572      6,945      13,806

High-temperature alloy steel

     3,344      2,355      4,490      5,100

Conversion services

     448      492      973      981

Other

     1,337      65      1,365      169
                           

Total net sales

     63,482      62,056      120,327      118,295

Cost of products sold

     53,018      49,442      99,797      92,462

Selling and administrative expenses

     2,634      3,407      5,709      5,961
                           

Operating income

   $ 7,830    $ 9,207    $ 14,821    $ 19,872
                           
This excerpt taken from the USAP 10-Q filed May 9, 2008.

Results of Operations

An analysis of the Company’s operations for the three-month periods ended March 31, 2008 and 2007 is as follows:

 

     For the
Three-month period ended
March 31,
(dollars in thousands)    2008    2007

Net sales:

     

Stainless steel

   $ 42,028    $ 39,570

Tool steel

     9,107      7,097

High-strength low alloy steel

     4,011      6,234

High-temperature alloy steel

     1,146      2,745

Conversion services

     525      489

Other

     28      104
             

Total net sales

     56,845      56,239

Cost of products sold

     46,779      43,020

Selling and administrative expenses

     3,075      2,554
             

Operating income

   $ 6,991    $ 10,665
             

Tons Shipped

     11,767      11,157
             
This excerpt taken from the USAP 10-Q filed Nov 13, 2007.

Results of Operations

An analysis of the Company’s operations for the three- and nine-month periods ended September 30, 2007 and 2006 is as follows (dollars in thousands):

 

    

For the

Three-month period ended
September 30,

  

For the

Nine-month period ended
September 30,

     2007    2006    2007    2006

Net sales:

           

Stainless steel

   $ 45,510    $ 41,726    $ 130,208    $ 110,159

Tool steel

     7,281      5,408      20,822      18,645

High-strength low alloy steel

     6,006      4,529      19,812      10,322

High-temperature alloy steel

     2,637      2,932      7,737      7,045

Conversion services

     446      461      1,427      1,694

Other

     128      54      297      201
                           

Total net sales

     62,008      55,110      180,303      148,066

Cost of products sold

     50,875      42,910      143,337      116,721

Selling and administrative expenses

     2,990      3,038      8,951      8,173
                           

Operating income

   $ 8,143    $ 9,162    $ 28,015    $ 23,172
                           
This excerpt taken from the USAP 10-Q filed Aug 10, 2007.

Results of Operations

An analysis of the Company’s operations for the three- and six-month periods ended June 30, 2007 and 2006 is as follows (dollars in thousands):

 

    

For the

Three-month period ended
June 30,

   For the
Six-month period ended
June 30,
     2007    2006    2007    2006

Net sales:

           

Stainless steel

   $ 45,128    $ 35,015    $ 84,698    $ 68,433

Tool steel

     6,444      7,410      13,541      13,237

High-strength low alloy steel

     7,572      3,241      13,806      5,793

High-temperature alloy steel

     2,355      1,744      5,100      4,113

Conversion services

     492      504      981      1,233

Other

     65      105      169      147
                           

Total net sales

     62,056      48,019      118,295      92,956

Cost of products sold

     49,442      37,641      92,462      73,811

Selling and administrative expenses

     3,407      2,879      5,961      5,135
                           

Operating income

   $ 9,207    $ 7,499    $ 19,872    $ 14,010
                           
This excerpt taken from the USAP 10-Q filed May 11, 2007.

Results of Operations

An analysis of the Company’s operations for the three-month periods ended March 31, 2007 and 2006 is as follows:

 

     For the
Three-month period ended
March 31,
(dollars in thousands)    2007    2006

Net sales:

     

Stainless steel

   $ 39,570    $ 33,418

Tool steel

     7,097      5,827

High-strength low alloy steel

     6,234      2,552

High-temperature alloy steel

     2,745      2,369

Conversion services

     489      729

Other

     104      42
             

Total net sales

     56,239      44,937

Cost of products sold

     43,020      36,170

Selling and administrative expenses

     2,554      2,256
             

Operating income

   $ 10,665    $ 6,511
             

Tons Shipped

     11,157      12,045
             

 

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