Universal Stainless & Alloy Products Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 29, 2013 at 05:30 pm IST
Share
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.
Universal Stainless & Alloy Products, Inc. is engaged in manufacturing and marketing semi-finished and finished specialty steel products, including stainless steel, nickel alloys, tool steel and certain other premium alloyed steels. Its manufacturing process involves melting, remelting, heat treating, hot and cold rolling, forging, machining and cold drawing of semi-finished and finished specialty steels. It produces a variety of specialty steel grades using several manufacturing processes including vacuum induction melting (VIM), vacuum-arc remelting (VAR), electro-slag remelting (ESR) and argon oxygen decarburization (AOD). Its products are sold to service centers, forgers, rerollers and original equipment manufacturers (OEMs). Its customers further process its products for use in a variety of industries, including the aerospace, power generation, oil and gas, heavy equipment and general industrial markets. It also performs conversion services on materials supplied by customers.