CSN Announces Net Income of R$333 Million and EBITDA of R$833 Million in the First Quarter 2004.Business Editors SAO Sa´o n. 1. (Zool.) Any marine annelid of the genus Hyalinæcia, especially H. tubicola of Europe, which inhabits a transparent movable tube resembling a quill in color and texture. PAULO, Brazil--(BUSINESS WIRE)--May 7, 2004 Companhia Siderurgica Nacional ("CSN CSN Crosby, Stills, and Nash (band) CSN Centrala studiestödsnämnden (Swedish: state education grant and loan program) CSN Confédération des Syndicats Nationaux (French) ") (NYSE NYSE See: New York Stock Exchange :SID) (BOVESPA See Bolsa de Valores de Sao Paulo. :CSNA CSNA Classification Society of North America CSNA California School Nutrition Association CSNA California State Numismatic Association (Alameda, CA) CSNA Cardozo Shaw Neighborhood Association (Washington, DC) 3) announces today its first quarter results (1Q04), in accordance with the Brazilian Corporate Law and which is denominated in Reais. The comments included in this press release, unless otherwise stated, refer to consolidated results and comparisons to the first quarter of 2003 (1Q03). Production: Output volumes for the first quarter of 2004 reached 1.4 million tons of crude steel and 1.3 million tons of rolled finished products, representing a growth rate of 6.5% and of nearly 20%, respectively, in relation to the same period of the previous year. This growth is the result of improved operating performance of revamped equipment (Blast Furnace blast furnace, structure used chiefly in smelting. The principle involved in this means of extracting metals is that of the reduction of the ores by the action of carbon monoxide, i.e., the removal of oxygen from the metal oxide in order to obtain the metal. #3 and Hot Strip Mill #2). Net Revenue: Sales volumes of finished products and slabs grew 4.2% in relation to the same period of last year. Consolidated net revenues grew 17.7%, reaching R$1,865 million, due to higher average prices in both domestic and external markets and to slightly higher volumes. Domestic sales represented 69% of total net revenues in the quarter, in line with the same period of the previous year. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become : EBITDA amounted to R$833 million, a 5.8% growth in relation to the R$788 million recorded in the same period of last year. EBITDA margin (EBITDA divided by net revenues) decreased from 49.7% to 44.7%, or 5.0 p.p. due to the impact of the lower average exchange rate for exports and higher production and freight costs. Compared to 4Q03, EBITDA margin grew 8.5 p.p., in line with gross profit and reflecting the lower provisions for doubtful accounts. Net Income: Consolidated net income was R$333.3 million in 1Q04, 16% below the R$396.5 million net income recorded in the previous year and 5.8% higher than that of 4Q03. Full press release is available on http://www.mzconsult.com.br/csn/rel012004engfinal.pdf CSN will host conference calls to discuss 1Q04 results: Conference Call in English May 7, 2004 - 12:30 p.m. Eastern Time US: (877) 234-1973 International: (1-973) 582-2734 Conference Call ID: CSN or 4755239 Conference Call in Portuguese May 7, 2004 - 3:00 p.m. (Brasilia time) (55-11) 2101-1490 Conference Call ID: CSN Live Webcast on www.csn.com.br |
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