Schnitzer Steel Industries, Inc. Announces Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended November 30, 2016
January 05, 2017 at 08:30 am
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Schnitzer Steel Industries, Inc. announced unaudited consolidated earnings and operating results for the first quarter ended November 30, 2016. For the quarter, the company reported revenues of $334,161,000 against $321,198,000 a year ago. Total operating income was $587,000 against operating loss of $4,028,000 a year ago. Loss from continuing operations before income taxes was $717,000 against $5,480,000 a year ago. Net loss attributable to the company was $1,326,000 or $0.05 per diluted share against $5,296,000 or $0.20 per diluted share a year ago. Loss from continues operations was $655,000 against $4,902,000 a year ago. Adjusted operating income was $1 million against adjusted operating loss of $2 million a year ago. Adjusted net loss attributable to the company was $1 million or $0.03 per diluted share against loss of $4 million or $0.13 per diluted share a year ago. The company generated operating cash flow of $6 million. Total debt at the end of the first quarter was $188 million and debt, net of cash was $180 million.
For the quarter, the company reported ferrous sales volume of 833,889 LT against 805,279 LT a year ago. Nonferrous sales volume was 136,057,000 LB against 111,077,000 LB a year ago. Ferrous sales volumes in the first quarter were 4% higher versus the prior year quarter, primarily due to stronger export demand.
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.
RADIUS RECYCLING, INC. 
