Printer Friendly

BAYOU STEEL CORPORATION SECOND QUARTER FISCAL 1993 RESULTS

 LAPLACE, La., May 17 /PRNewswire/ -- Bayou Steel Corporation (AMEX: BYX) today reported a net loss for the second quarter of fiscal 1993 of ($1,697,000), or ($.13) per common share, compared to a net loss of ($352,000),or ($.03) per common share, for the comparable period of fiscal 1992.
 Howard M. Meyers, president and chief executive officer, commented on Bayou's second quarter fiscal 1993 performance, saying: "Steel structural shape shipments increased by approximately 9 percent when comparing the second quarters of fiscal 1993 to 1992. The increase is mainly attributable to the customers building inventories in anticipation of rising shape prices and a slightly improving domestic market. Contributing to the company's net loss in the second fiscal quarter were the increases in scrap cost and strike-related expenses."
 Meyers then discussed the strike by the United Steelworkers of America which began on March 21: "Negotiations on a new collective bargaining contract have continued with the United Steelworkers of America, but economic differences have precluded an agreement. The company is taking necessary steps to return to normal operations."
 Meyers also commented on the short-term business outlook: "Competition will remain intense as little improvement in the overall market is expected. Due to the strike, the company will experience reduced shipments, additional expenses, and higher unit costs in the third quarter of fiscal 1993. It is unlikely that the company will report a profitable third fiscal quarter."
 Bayou Steel Corporation operates a steel minimill producing structural steel products. Located on the Mississippi River in LaPlace, La., the company operates three stocking locations along the inland waterway system near Pittsburgh, Chicago and Tulsa, Okla. The common stock of Bayou Steel Corporation is traded on the American Stock Exchange under the symbol "BYX."
 FINANCIAL HIGHLIGHTS
 (In thousands, except per share data)
 2nd qtr. ended March 31 1993 1992
 Net sales $ 33,408 $ 29,037
 Gross profit $ 1,312 $ 2,759
 Operating income $ 283 $ 1,609
 Income (loss) before extraord. gain $ (1,697) $ (352)
 Extraordinary gain $ --- $ ---
 Net income (loss) $ (1,697) $ (352)
 Net income (loss) per common share $ (.13) $ (.03)
 Shape shipment tons 104,752 95,560
 Billet shipment tons 7,494 1,465
 6 mos. ended March 31 1993 1992
 Net sales $ 65,241 $ 58,247
 Gross profit $ 4,946 $ 5,145
 Operating income $ 2,836 $ 3,008
 Income (loss) before extraord. gain $ (1,350) $ (1,051)
 Extraordinary gain $ 756 $ ---
 Net income (loss) $ (594) $ (1,051)
 Net income (loss) per common share $ (.05) $ (.08)
 Shape shipment tons 197,239 180,431
 Billet shipment tons 25,982 15,444
 -0- 5/17/93
 /CONTACT: Richard J. Gonzalez, vice president, treasurer and CFO of Bayou Steel, 504-652-4900/
 (BYX)


CO: Bayou Steel Corporation ST: Louisiana IN: SU: ERN

BN-BR -- AT010 -- 9209 05/17/93 12:27 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 17, 1993
Words:460
Previous Article:WYSE INTRODUCES OPEN MULTIUSER/NETWORK SERVER PLATFORM WITH ADVANCED SCALABILITY AND SECURITY FEATURES
Next Article:RAUCH INDUSTRIES ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
Topics:


Related Articles
BAYOU STEEL CORPORATION FOURTH QUARTER FISCAL 1991 RESULTS
BAYOU STEEL CORPORATION REPORTS SECOND QUARTER FISCAL 1992 RESULTS
BAYOU STEEL CORPORATION THIRD QUARTER FISCAL 1992 RESULTS
BAYOU STEEL CORPORATION FIRST QUARTER FISCAL 1993 RESULTS
BAYOU STEEL CORPORATION FIRST QUARTER FISCAL 1994 RESULTS
BAYOU STEEL CORPORATION ANNOUNCES SECOND QUARTER FISCAL 1994 RESULTS
BAYOU STEEL CORPORATION REPORTS THIRD QUARTER FISCAL 1994 RESULTS
BAYOU STEEL CORPORATION REPORTS FOURTH QUARTER FISCAL 1994 RESULTS
Bayou Steel Corporation Second Quarter Fiscal 1997 Results
Bayou Steel Corporation First Quarter Fiscal 1998 Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters