Kentucky Electric Steel reports financial results.ASHLAND Ashland (ăsh`lənd).1 Industrial city (1990 pop. 23,622), Boyd co., E Ky., on terraces along the Ohio River near the influx of the Big Sandy; settled 1786, inc. 1854. , Ky.--(BUSINESS WIRE)--Nov. 3, 1994--Kentucky Electric Steel Inc. announced today the results for its fiscal year ended Sept. 24, 1994. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for fiscal 1994 were $102.6 million, up 13.3% over fiscal 1993 net sales of $90.5 million. Net income for the year ended Sept. 24, 1994 of $5.2 million, or $1.06 per share, was down slightly from the net income of fiscal 1993 of $5.5 million or $1.23 per share. Earnings per share are calculated using 4.9 million shares in 1994 and 4.5 million shares in 1993. For the quarter ended Sept. 24, 1994, net sales were $24.8 million, up 5.2% over fiscal 1993 fourth quarter sales of $23.6 million. The company's reported net income was up 19.2% to $1.6 million, or $.32 per share for the fourth quarter of fiscal 1994, vs. a net income of $1.3 million, or $.29 per share for the comparable period in fiscal 1993. Shipments for fiscal 1994 were 251,600 tons, up 2.9% over fiscal 1993; however, shipments for the fourth fiscal quarter of 1994 were down slightly as compared to the fourth quarter of 1993 reflecting a more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. product mix. This decline was due to a shift in the product mix to products with higher production times but also with higher margins. Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by C. Hanebuth, President and Chief Executive Officer of Kentucky Kentucky, state, United States Kentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. Electric Steel Inc. commented: ``Our first year as a publicly held company was filled with many challenges and opportunities. The increase in scrap costs experienced in the first half of fiscal 1994 was overcome through increases in selling prices and improved product mix. However, the timing differential hurt first half earnings.'' Hanebuth added: ``Construction continues on the rolling mill rolling mill: see steel. and caster project with completion and start-up Start-up The earliest stage of a new business venture. scheduled for the latter part of the third quarter of fiscal 1995. Caster equipment was delivered in October October: see month. and we expect equipment for the second cooling bed, shear shear: see strength of materials. Shear A straining action wherein applied forces produce a sliding or skewing type of deformation. and stacker to be delivered in November and December 1994.'' Hanebuth said: ``Fiscal 1995 promises to be an exciting year for Kentucky Electric Steel Inc. We believe demand in the steel industry, and in particular in the market segments we serve, will remain strong throughout 1995.'' Kentucky Electric Steel Inc. purchased the assets of Kentucky Electric Steel Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of NS Group Inc., on Oct. 6, 1993. The reported operating results for fiscal 1993 represent the operations of Kentucky Electric Steel Corporation. Kentucky Electric Steel Inc. is a publicly held company which operates a specialty steel mini-mill manufacturing special quality steel bar flats for the leaf-spring suspension, cold drawn bar conversion, truck trailer In communications, a code or set of codes that make up the last part of a transmitted message. See trailer label. support beam, and steel service center markets. Kentucky Electric Steel's common stock (symbol: KESI) is traded on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Stock Exchange. -0-
Kentucky Electric Steel Inc.
Summarized Financial Data
(In thousands, except per share earnings)
Three Months Ended Year Ended
9/24/94 9/25/93 9/24/94 9/25/93
Net sales $ 24,785 $ 23,557 $102,629 $ 90,547
Cost of goods sold 19,348 18,831 81,853 71,468
Gross profit 5,437 4,726 20,776 19,079
Selling and Admin.
Exp. 2,892 2,764 12,002 10,485
Operating income 2,545 1,962 8,774 8,594
Interest income and
other 57 217 194 698
Interest expense (119) (69) (586) (402)
Income before income
taxes 2,483 2,110 8,382 8,890
Provision for income
taxes 922 800 3,167 3,374
Net income $ 1,561 $ 1,310 $ 5,215 $ 5,516
Net income per common
share $.32 $.29 $1.06 $1.23
Weighted average
shares
outstanding 4,940,775 4,500,000 4,908,158 4,500,000
Summary Balance Sheet Data
(in Millions)
9/24/94 9/25/93
Working capital $21.6 $13.1
Total assets 56.9 46.3
Long-term debt 9.0 2.7
Shareholders' equity 34.3 15.1
CONTACT: Kentucky Electric Steel Inc., Ashland Charles C. Hanebuth or William J. Jessie, 606/928-6441 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion