Universal Stainless & Alloy Products Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
January 27, 2012 at 07:00 am
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Universal Stainless & Alloy Products Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported total net sales of $62,168,000 against $51,583,000 a year ago. Operating income was $7,013,000 against $5,453,000 a year ago. Income before income taxes was $6,468,000 against $5,407,000 a year ago. Net income was $4,256,000 or $0.59 per diluted share against $3,569,000 or $0.52 per diluted share a year ago. For the fourth quarter of 2011, cash flow from operations reached $9.6 million. Capital expenditures were $16.6 million for the fourth quarter, including $14.4 million for the North Jackson operation.
For the full year, the company reported total net sales of $252,596,000 against $189,423,000 a year ago. Operating income was $29,687,000 against $20,423,000 a year ago. Income before income taxes was $28,478,000 against $20,063,000 a year ago. Net income was $18,122,000 or $2.56 per diluted share against $13,242,000 or $1.93 per diluted share a year ago. Net cash provided by operating activities was $10,687,000 against $907,000 a year ago. Capital expenditures, net of amount included in current liabilities were $16,790,000 against $6,903,000 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.
Universal Stainless & Alloy Products Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011