Chaparral Steel Co. Reports 1997 Income.MIDLOTHIAN, Texas--(BUSINESS WIRE)--July 16, 1997--Chaparral Steel Company (NYSE NYSE See: New York Stock Exchange :CSM CSM - ["CSM - A Distributed Programming Language", S. Zhongxiu et al, IEEE Trans Soft Eng SE-13(4):497-500 (Apr 1987)]. ) today reported net income of $40.2 million or $1.41 per share for the fiscal year ended May 31, 1997. Net income for the prior year equaled $42.0 million or $1.43 per share. As a result of improved earnings in the fourth quarter, net income for 1997 was almost level with 1996. Total 1997 shipments of just over 1.6 million tons were up 2% compared to a year ago with average realized prices down 1%. Demand for wide flange flange (flanj) a projecting border or edge; in dentistry, that part of the denture base which extends from around the embedded teeth to the border of the denture. flange n. 1. beams, Chaparral's primary product, was maintained during the year by sustained favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. levels of U.S. nonresidential construction. The proposed cash merger with Texas Industries is under consideration by a special committee appointed by Chaparral's Board of Directors. Under the terms of the offer by Texas Industries, owners of the publicly traded shares of Chaparral chaparral (chăpərăl`), type of plant community in which shrubs are dominant. It occurs usually in regions having from 10 to 20 in. (25–50 cm) of rainfall annually and with a Mediterranean-type climate. Steel would receive consideration of $14.25 per share. Chaparral Steel Company manufactures high quality structural and bar products from recycled steel for distribution throughout 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. . -0-
CHAPARRAL STEEL COMPANY AND SUBSIDIARIES
SUMMARY OF EARNINGS
(In thousands except per share)
(Unaudited)
Quarter ended Year ended
May 31 May 31
1997 1996 1997 1996
Net sales $175,797 $155,571 $616,676 $607,656
Costs and expenses 154,137 136,501 553,288 541,887
-------- -------- -------- --------
21,660 19,070 63,388 65,769
Provision for income
taxes 7,546 5,901 23,206 23,792
NET INCOME $ 14,114 $ 13,169 $ 40,182 $ 41,977
Average shares outstanding 28,659 29,194 28,728 29,543
Net income per common
share $ .50 $ .45 $ 1.41 $ 1.43
CONTACT: Chaparral Steel Co., Midlothian Kenneth R. Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. , 972/647-6730 |
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