Acme Metals Announces Third Quarter Results.RIVERDALE Riverdale, village (1990 pop. 13,671), Cook co., NE Ill., a suburb adjacent to Chicago; inc. 1892. Its large steel mill closed with the national decline of the industry. , ILLINOIS--(BUSINESS WIRE)--Oct. 24, 1996-- Acme (company, jargon) ACME - /ak'mee/ 1. A Company that Makes Everything. The canonical imaginary business. Possibly also derived from the word "acme" meaning "highest point". 2. A program for MS-DOS. (NYSE NYSE See: New York Stock Exchange :AMI, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AMK AMK Ammattikorkeakoulu AMK Ang Mo Kio AMK Angkor Mikroheranhvatho Kampuchea (Cambodia microfinance) AMK Angkatan Muda Keadilan (Malaysia) ) Acme Metals Incorporated reported a third quarter net income of $2.9 million, or 25 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with net income of $5.3 million, or 45 cents per share reported in the same period last year. The Steel Making segment reported an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $1.5 million versus generating income of $4.7 million last year while the Steel Fabricating segment reported $5.3 million in operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. this quarter versus $4.5 million last year. Sales for the quarter just ended were $125 million up 2 percent from sales of $122 million during the comparable period in 1995. For the first nine months, Acme had net income of $9.5 million, or 82 cents per share, compared with $22.1 million or $1.90 per share in 1995. The Steel Making segment reported a year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. loss of $3.5 million versus operating income of $23.4 million in the first nine months of last year while the Steel Fabricating segment reported operating income of $15.7 million this year versus $16.5 million in the comparable period last year. Sales for the first nine months of 1996 were $378 million, down 3 percent from sales of $390 million during the comparable period in 1995 primarily due to lower average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. for steel and tubing products. Reported third quarter and year-to-date operating income include costs of $3.3 million and $6.4 million, respectively, of training and start-up Start-up The earliest stage of a new business venture. costs related to the Modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, and Expansion Project at the Company's steel making subsidiary in Riverdale, Illinois This article is about the Cook County village. For the adjacent Chicago community area, see Riverdale, Chicago. Riverdale is a village in Cook County, Illinois, United States. The population was 15,055 at the 2000 census. . Acme Metals' President and Chief Executive Officer Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and D. Bennett commented, "We are pleased that, excluding the $3.3 million training and start-up costs, our Steel Making Segment recorded an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $1.8 million in the quarter and that our Fabricating Segment again posted a solid performance with operating income for the Fabricating Segment improving 18 percent from last year's comparable period." The Acme Metals CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. went on to say that the Company is continuing its hot commissioning at its new steel making facility. The Company announced earlier this month that a test coil had been produced through its continuous thin slab caster and seven-stand hot strip mill currently being commissioned in Riverdale, a Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. suburb suburb, a community in an outlying section of a city or, more commonly, a nearby, politically separate municipality with social and economic ties to the central city. In the 20th cent. . Acme's new facility is the world's first complex to produce MiniGratedTM steel, combining highly efficient mini-mill casting and rolling technology with the traditional high quality liquid steel produced via the blast 1. blast - BLT, used especially for large data sends over a network or comm line. Opposite of snarf. Usage: uncommon. The variant "blat" has been reported. 2. blast - [HP/Apollo] Synonymous with nuke. Sometimes the message "Unable to kill all processes. furnace/basic oxygen furnace furnace, enclosed space for the burning of fuel. There are many kinds of furnaces, the type depending upon the fuel and the use to which the heat produced within it is put. Most familiar are the furnaces used in the heating of buildings. technology. In the earlier announcement of this milestone “Milemarker” redirects here. For the American indie rock band, see Milemarker (band). A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. the Acme Metals CEO said, "Our strategic investment in this state-of-the-art facility will result in higher quality steels for customers, create opportunities to both expand our share of present markets and enter new markets, as well as enable us to leapfrog the prevalent prevalent widespread occurrence. industry cost structure and technology. As a result, we will take a better product, at a lower cost, to a larger market, and get there 10 days faster. We expect Acme to emerge as one of the strongest competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. ." Acme Metals Incorporated, through its operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , is a fully integrated producer of steel, steel strapping strap·ping adj. Having a sturdy muscular physique; robust. n. 1. Straps considered as a group. 2. Material for making straps. and strapping products, welded steel tubing, and auto and light truck jacks. Its common stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol AMI and on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol AMK. -0-
ACME METALS INCORPORATED
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three and Nine Months Ended
September 29, 1996 and September 24, 1995
(in thousands, except for weighted average shares
outstanding and per share amounts)
Three Months Nine Months
1996 1995 1996 1995
---------- --------- --------- -----------
Net Sales $ 125,174 $ 122,211 $ 378,307 $ 389,930
Cost of products
sold 108,829 104,300 333,260 323,746
------- -------- -------- ---------
Gross Profit 16,345 17,911 45,047 66,184
Training and start-up
- Modernization
Project 3,280 - 6,431 -
Selling and
administrative
expense 9,187 8,654 26,511 26,345
------- -------- -------- ---------
Operating income 3,878 9,257 12,105 39,839
Interest expense (289) (4,438) (1,226) (18,150)
Interest income 1,022 3,464 4,887 11,148
Other-net 155 (70) 43 1,668(1)
------- -------- -------- ---------
Income before
income taxes 4,766 8,213 15,809 34,505
Income tax
provision 1,907 2,957 6,324 12,422
------- -------- -------- ---------
Net income $ 2,859 $ 5,256 $ 9,485 $ 22,083
------- -------- -------- ---------
------- -------- -------- ---------
PER COMMON SHARE
Net income $ 0.25 $ 0.45 $ 0.82 $ 1.90
------- -------- -------- ---------
------- -------- -------- ---------
Weighted average
shares
outstanding 11,631,654 11,610,259 11,617,902 11,604,437
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
(1) Includes $1.6 million gain on sale of coal producing
properties.
UNAUDITED BUSINESS SEGMENT SALES AND OPERATING INCOME
For the Three and Nine Months Ended
September 29, 1996 and September 24, 1995
(in thousands, except for Steel Shipments)
Three Months Nine Months
1996 1995 1996 1995
Net Sales
Steel Making
Sales to unaffiliated
customers $ 56,121 $ 53,794 $ 169,712 $ 175,542
Intersegment
sales 26,153 25,559 85,548 87,118
---------- -------- -------- ---------
82,274 79,353 255,260 262,660
Steel Fabricating
Sales to unaffiliated
customers 69,053 68,417 208,595 214,388
Intersegment
sales 491 351 1,190 1,218
---------- -------- -------- ---------
69,544 68,768 209,785 215,606
Eliminations (26,644) (25,910) (86,738) (88,336)
---------- -------- -------- ---------
Total $ 125,174 $ 122,211 $ 378,307 $ 389,930
---------- -------- -------- ---------
---------- -------- -------- ---------
Income from Operations
Steel Making $ (1,469) $ 4,727 $ (3,545) $ 23,357
Steel
Fabricating 5,347 4,530 15,650 16,482
---------- -------- -------- ---------
Total $ 3,878 $ 9,257 $ 12,105 $ 39,839
---------- -------- -------- ---------
---------- -------- -------- ---------
Depreciation
Steel
Making $ 2,275 $ 2,064 $ 6,918 $ 8,446
Steel
Fabricating 881 965 2,813 2,859
Corporate 79 32 242 86
---------- -------- -------- ---------
Total $ 3,235 $ 3,061 $ 9,973 $ 11,391
---------- -------- -------- ---------
---------- -------- -------- ---------
Capital Expenditures
Steel
Making $ 41,081 $ 68,155 $154,506 $ 165,480
Steel
Fabricating 2,079 1,919 4,411 2,968
Corporate 14 1,183 24 1,332
---------- -------- -------- ---------
Total $ 43,174 $ 71,257 $158,941 $ 169,780
---------- -------- -------- ---------
---------- -------- -------- ---------
Flat Roll Steel
Shipments
(in tons) 146,192 125,653 459,309 455,624
---------- -------- -------- ---------
---------- -------- -------- ---------
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
September 29, 1996 and December 31, 1995
(in thousands)
ASSETS 1996 1995
---------- ----------
Current assets $ 182,153 $ 258,787
Investments and other assets 66,811 116,778
Property, plant and
equipment, net 527,851 379,178
---------- ----------
Total assets $ 776,815 $ 754,743
---------- ----------
---------- ----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 82,848 $108,330
Long term debt 306,591 276,831
Other long term liabilities 10,855 10,143
Post retirement benefits other
than pensions 91,425 86,856
Retirement benefit plans 27,188 24,472
Shareholders' equity 257,908 248,111
---------- ----------
$ 776,815 $ 754,743
---------- ----------
---------- ----------
UNAUDITED SCHEDULE OF INVESTMENT POSITION
September 29, 1996 and December 31, 1995 - (in thousands)
Cash and cash equivalents $ 43,241 $ 53,043
Short term investments 13,739 83,756
Restricted cash and investments - 50,305
---------- ----------
$ 56,980 $ 187,104
---------- ----------
---------- ----------
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended
September 29, 1996 and September 24, 1995
(in thousands)
1996 1995
---------- ----------
Net cash provided by
operating activities $ 26,569 $ 32,763
---------- ----------
Purchase of investments (24,669) (346,058)
Sales and/or maturities
of investments 144,991 441,870
Reclass of restricted cash - 7,619
Investment in joint venture (1,750) (500)
Capital expenditures
- Modernization Project (155,725) (141,179)
Capital expenditures - other (19,007) (13,363)
---------- ----------
Net cash used for investing
activities (56,160) (51,611)
---------- ----------
Issuance of long term debt,
net of issuance costs 19,477
Other 312 382
---------- ----------
Net cash provided by financing
activities 19,789 382
---------- ----------
Net decrease in cash and
cash equivalents (9,802) (18,466)
Cash and cash equivalents at
beginning of period 53,043 76,639
---------- ----------
Cash and cash equivalents at
end of period $ 43,241 $ 58,173
---------- ----------
---------- ----------
Note: During the third quarter of 1996 and 1995 accounts payable
relating to the Modernization Project totaled $3.1 million and
$15.2 million, respectively. Due to the non-cash nature of the
capital expenditures, they have been excluded from this
Statement. At December 31, 1995, accrued capital expenditures
related to the Modernization Project totaled $18.9 million which
were liquidated in the first quarter of 1996.
CONTACT: Acme Metals Incorporated Investor Relations Investor relations The process by which the corporation communicates with its investors. , 708/841-8383 (ext. 2266) |
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