Schnitzer Steel Industries, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended November 30, 2012; Provides Earnings Guidance for 2013
January 08, 2013 at 01:30 pm
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Schnitzer Steel Industries, Inc. reported unaudited consolidated earnings results for the first quarter ended November 30, 2012. For the quarter, the company reported revenues of $592,820,000 against $812,176,000 for the same period last year. Operating income was $1,213,000 against $14,970,000 for the same period last year. Loss before income taxes was $483,000 against income before income taxes of $11,306,000 for the same period last year. Net loss attributable to the company was $1,671,000 or $0.06 per diluted share against net income attributable to the company of $7,018,000 or $0.25 per diluted share for the same period last year. Adjusted operating income was $3 million against $15 million for the same period last year. Adjusted net loss attributable to the company was $1 million or $0.02 per diluted share against adjusted net income attributable to the company of $7 million or $0.25 per diluted share for the same period last year. Adjusted results for the quarter exclude a $2 million pre-tax restructuring charge associated with cost reduction initiatives announced in August 2012. Reported results were negative due to the aggregate $0.10 impact of a noncash tax item and a restructuring charge associated with cost reduction initiatives that announced in August 2012. Capital expenditures were $27 million.
For fiscal 2013 as a whole, the company anticipate a capital spend of up to $90 million.
Radius Recycling, Inc., formerly Schnitzer Steel Industries, Inc., is a manufacturer and exporter of recycled metal products. The Company also operates a third-party recycling (3PR) service, which includes materials management, reverse logistics, railcar dismantling, and vehicle recycling services. The Company operates scrap recycling facilities in 25 states, western Canada, and Puerto Rico. It has 54 metals recycling facilities, including seven shredding operations. The Companyâs integrated operating platform also includes 50 stores which sell serviceable used auto parts from salvaged vehicles and receive over four million annual retail visits. Its steel manufacturing operations produce finished steel products, including rebar, wire rod, and other specialty products. The Company has seven deep water export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company's subsidiaries include Auto Parts Group Southwest, LLC, Edman Corp., and others.
Schnitzer Steel Industries, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended November 30, 2012; Provides Earnings Guidance for 2013