Universal Stainless & Alloy Products Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company's sales were $47.2 million compared with $62.2 million in the fourth quarter of 2011. Operating income was $1.8 million, or 3.7% of sales against operating income of $7.0 million, or 11.3% of sales, in the fourth quarter of 2011. Income before income taxes was $1.14 million against $6.47 million a year ago. Net income was $1.1 million or $0.16 per basic and diluted share against $4.3 million or $0.59 per diluted share a year ago. The company had positive cash flow from operations of $12.7 million, even after continued investment in the ramp-up of North Jackson. Capital expenditures were $4.3 million, including $3.0 million for the North Jackson operation.

For full year 2012, the company's sales were $251.0 million compared with $252.6 million in 2011. Operating income was $23.40 million against $29.69 million a year ago. Income before income taxes was $20.95 million against $28.48 million a year ago. Net income was $14.6 million, or $2.02 per diluted share compared with $18.1 million or $2.56 per diluted share, in 2011. Net cash provided by operating activities was $20.81 million against $10.69 million a year ago. Capital expenditures, net of amount included in current liabilities were $34.23 million against $16.79 million a year ago.