Schnitzer Steel Reports Second Quarter Earnings.PORTLAND Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. , Ore. -- Schnitzer Schnitzer is a German word meaning "carver" and is the surname of:
tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, for the fiscal 2006 second quarter ended February February: see month. 28, 2006. Fiscal year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , the Company reported net income of $62.6 million, or $2.03 per diluted share. Included in year-to-date net income was a gain of $34 million (after tax) related to the disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of joint venture assets under the agreement between the Company and Hugo HUGO - A bytecode-interpreted transaction handler from Geac. Neu for the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of their joint ventures. Net income was also reduced by a charge of $11 million relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a reserve taken by the Company for the estimated amount to settle the ongoing SEC and Department of Justice investigations into the Company's past payment practices in Asia. Excluding the gain from the disposition of joint venture assets and the charge for the investigation reserve, year-to-date net income was $40 million, or $ 1.30 per diluted share.
(in millions, except per- Second Second First Year to Year to
share data) Quarter Quarter Quarter Date Date
2006 2005 2006 2006 2005
----------------------------------------------------------------------
Revenues $ 403 $ 216 $ 389 $ 792 $ 415
----------------------------- ------ ------ ------ ------ -----
Net Income $ 21 $ 36 $ 42 $ 63 $ 79
----------------------------- ------ ------ ------ ------ -----
Diluted EPS $ .68 $ 1.15 $ 1.34 $ 2.03 $2.53
----------------------------- ------ ------ ------ ------ -----
Gain on Asset Disposition -- -- $ 34 $ 34 --
----------------------------- ------ ------ ------ ------ -----
Charge for Investigation
Reserve -- -- ($ 11) ($ 11) --
----------------------------- ------ ------ ------ ------ -----
Net Income excluding Gain on
Asset Disposition and Charge
for Investigation Reserve $ 21 $ 36 $ 19 $ 40 $ 79
----------------------------- ------ ------ ------ ------ -----
Diluted EPS excluding Gain on
Asset Disposition and Charge
for Investigation Reserve $ 0.68 $ 1.15 $ 0.61 $ 1.30 $2.53
----------------------------- ------ ------ ------ ------ -----
"Schnitzer Steel continued to take advantage of strong market fundamentals by posting another solid quarter," said John Carter John Carter may refer to:
n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our outlook and remain focused on maximizing max·i·mize tr.v. max·i·mized, max·i·miz·ing, max·i·miz·es 1. To increase or make as great as possible: the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. value of our businesses. During the second quarter, we continued to make progress integrating the businesses acquired during the first quarter and to improve our productivity through several ongoing projects intended to upgrade and replace infrastructure and equipment across the Company." Commenting on the first quarter's results, Mr. Carter said, "Overall, the performance of each of our business segments was consistent with our expectations and market conditions. The Metals Recycling recycling, the process of recovering and reusing waste products—from household use, manufacturing, agriculture, and business—and thereby reducing their burden on the environment. Business had a substantial increase in volumes due to increased output in the Northeast “Northeastern” redirects here. For the Boston college, see Northeastern University, Boston. Northeast or north east is the ordinal direction halfway between north and east. It is the opposite of southwest. See boxing the compass. and the completion of several sales on the West Coast which had been delayed from the first quarter. On the materials acquisition side, we had expected to see the decrease in the cost of buying our materials to be greater than the decrease in export sales prices, resulting in an improvement in margins. However, particularly in the Northeast and Southeast Southeast or south east is the ordinal direction halfway between south and east. It the opposite of northwest. Southeast or South East can refer to: Used metals that are an important source of industrial metals and alloys, particularly in the production of steel, copper, lead, aluminum, and zinc. Smaller amounts of tin, nickel, magnesium, and precious metals are also recovered from scrap. continued to result in increased competition to purchase materials, primarily due to the strong domestic steel industry. Our operations in these regions actually experienced increased costs for the acquisition of raw materials." "Our Steel Manufacturing Business had its second consecutive record quarter for earnings driven by continued strong West Coast demand for steel products. As expected, earnings in the Auto Parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
Metals Recycling Business The Metals Recycling segment, which includes the operations of businesses acquired during the first quarter, continues to benefit from strong worldwide fundamentals for scrap metal producers.
($ in millions, except Second Second First Year to Year to
selling prices; volume Quarter Quarter Quarter Date Date
in thousand long tons) 2006 2005 2006 (1) 2006 (1) 2005
----------------------------------------------------------------------
Revenues $ 295 $ 152 $ 281 $ 577 $ 297
----------------------- -------- ------- -------- ---------- -------
Ferrous Sales $ 239 $ 134 $ 234 $ 473 $ 260
----------------------- -------- ------- -------- ---------- -------
Ferrous Volumes
(Processing/Trading) 912/154 476/-- 662/307 1,574/461 947/--
----------------------- -------- ------- -------- ---------- -------
Avg. Net Ferrous Sales
Prices ($/LT)
(Processing/Trading) $197/178 $240/-- $205/216 $ 201/203 $238/--
----------------------- -------- ------- -------- ---------- -------
Operating Income $ 19 $ 39 $ 16 $ 36 $ 74
----------------------- -------- ------- -------- ---------- -------
(1) Includes the results of the operations acquired through the HNC
separation and termination agreement and the acquisition of
Regional Recycling as if they were acquired at the beginning of
the fiscal year.
Revenues from the Metals Recycling Business increased 5% over the first quarter of 2006. The increase was a result of higher sales volumes from the West Coast and Northeastern north·east n. 1. Abbr. NE The direction or point on the mariner's compass halfway between due north and due east, or 45° east of due north. 2. An area or region lying in the northeast. 3. operations and partially offset by lower average sales prices. The worldwide markets for scrap metal remain good. The unsettled export markets that existed at the end of the first quarter continued into the early part of the second quarter, although by the end of the quarter the market was beginning to show signs of strength. Domestic scrap prices continued to remain higher than export prices driven by strong market conditions in the U.S. steel The United States Steel Corporation (NYSE: X) is an integrated steel producer with major production operations in the United States and Central Europe. The company is the world's seventh-largest steel producer ranked by sales (see list of steel producers). industry. The Metals Recycling Business reported a decline in year over year quarterly 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. of 52% as a result of higher buying prices, significantly lower selling prices and the high cost of operating outdated out·dat·ed adj. Out-of-date; old-fashioned. outdated Adjective old-fashioned or obsolete Adj. 1. and inefficient equipment. The Company's Southeastern south·east n. 1. Abbr. SE The direction or point on the mariner's compass halfway between due south and due east, or 135° east of due north. 2. An area or region lying in the southeast. 3. operations were profitable for the quarter. Volumes in the Global Trading Business were significantly lower than the first quarter due to unusually harsh winter weather and strong Russian Russian associated in some way with Russia. Russian blue a breed of cats with short, dense, silver-tipped blue-colored coat and vivid green eyes. domestic demand. Revenues in the Global Trading Business were lower due to the lower volumes and a focus on selling lower grade materials. In addition to the installation of a new mega-shredder and other yard improvements in Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. , work continued on the installation of mega-shredders at facilities in Portland and Oakland Oakland, city (1990 pop. 372,242), seat of Alameda co., W Calif., on the eastern side of San Francisco Bay; inc. 1852. Together with San Francisco and San Jose, the city comprises the fourth largest metropolitan area in the United States. and the installation of a new dock in Portland. Auto Parts Business The Auto Parts Business reported higher year over year revenues due to the additional self-service stores acquired in January January: see month. 2005 and the acquisition of GreenLeaf Greenleaf can refer to: Places
($ in millions, except
locations) Second Second First Year to Year to
Quarter Quarter Quarter Date Date
2006 2005 2006 (1) 2006 (1) 2005
----------------------------------------------------------------------
Revenues $ 50 $ 24 $ 53 $ 103 $48
-------------------------- ------ ------ ------ ----- ---
Operating Income $ 4 $ 7 $ 8 $ 12 14
-------------------------- ------ ------ ------ ----- ---
Locations (end of quarter) 49 30 49 49 30
-------------------------- ------ ------ ------ ----- ---
(1) Includes the results of GreenLeaf Auto Recyclers as if it was
acquired at the beginning of the fiscal year.
Revenues for the Auto Parts Business increased 104% over the same period last year, primarily as a result of the acquisitions and higher same store retail parts and core sales. The increased revenues were partially offset by significantly lower prices for scrapped auto (AUTOmatic) Refers to a wide variety of devices that perform unattended operations. bodies. During the quarter, year over year operating income declined 48%. Lower prices for the sale of scrapped auto bodies combined with higher purchase costs for inventory resulted in a reduction in operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: , offsetting the improved retail parts and core sales. In addition, the full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. GreenLeaf operation posted a modest loss as the Company continued the process of implementing its integration strategy. Toward the end of February, the first GreenLeaf self-service conversion was completed when a site in Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. began operating as a Pick-N-Pull store. Steel Manufacturing Business The Steel Manufacturing Business had its second consecutive record quarter for operating income as it continued to benefit from a strong West Coast market for steel products. ($ in millions, except Second Second First Year to Year to selling prices; volume in Quarter Quarter Quarter Date Date thousand tons) 2006 2005 2006 2006 2005 ---------------------------------------------------------------------- Revenues $ 90 $ 67 $ 89 $ 179 $137 --------------------------- ------ ------- ------ ------ ---- Avg. Net Sales Prices ($/T) $ 522 $ 517 $ 517 $ 519 $525 --------------------------- ------ ------- ------ ------ ---- Sales Volume 165 125 166 331 251 --------------------------- ------ ------- ------ ------ ---- Operating Income $ 16 $ 5 $ 16 $ 32 $ 18 --------------------------- ------ ------- ------ ------ ---- Revenues for the Steel Manufacturing Business rose 34% compared to the second quarter of last year. Sales volumes increased 32% and the average price per ton increased slightly as customer demand remained strong through the winter months and was not impacted by normal seasonality. Operating income was 203% higher than in the same period last year, primarily reflecting higher volumes, lower scrap costs and improved productivity. In addition, margins were increased by an improvement in product mix, as the Company produced and sold a greater proportion of higher margin rebar re·bar n. 1. A rod or bar used for reinforcement in concrete or asphalt pourings. 2. A group of such rods forming a grid. [re(inforcing) bar.] and a lesser proportion of lower margin wire rod a metal rod from which wire is formed by drawing. See also: Wire . Outlook The company said the factors that will affect its results in the third quarter of 2006 include: Metals Recycling Business: Pricing: The export markets are expected to remain subject to cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. fluctuations. Based on sales booked to date, and the Company's current view of the market, average net selling prices in the processing operation are expected to be up slightly from the second quarter of this year. Average sales prices in the Global Trading business are expected to approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. prices in the processing business as the product mix improves. The Company continues to expect competition for the purchase of materials due to the strong worldwide demand for recycled metal. However, purchase prices may rise at a lower rate than sales prices, providing an opportunity for improved margins. Sales volumes: Ferrous ferrous (fĕr`əs), iron in the +2 valence state. Containing or having to do with iron. The difference between ferrous and ferric is the number of valence electrons they contain (ferrous contains two and ferric contains three), which scrap volumes in the domestic processing business are expected to increase slightly in the third quarter. Sales volumes in the Global Trading business are expected to nearly double from the second quarter as the impact of winter weather shipping conditions is reduced and higher market prices increase the flow of processed material available for purchase from Russia Russia, officially the Russian Federation, Rus. Rossiya, republic (2005 est. pop. 143,420,000), 6,591,100 sq mi (17,070,949 sq km). and the Baltic Sea Baltic Sea, arm of the Atlantic Ocean, c.163,000 sq mi (422,170 sq km), including the Kattegat strait, its northwestern extension. The Øresund, Store Bælt, and Lille Bælt connect the Baltic Sea with the Kattegat and Skagerrak straits, which lead to the region. Auto Parts Business: The third quarter in the self-service Auto Parts Business has historically been one of the strongest periods for retail demand. Customer admissions and retail parts sales are expected to increase compared to the second quarter and be slightly improved from the third quarter of 2005. Wholesale revenues from the sale of cores and scrapped auto bodies are also expected to increase from the second quarter based on higher expected scrap metal prices. Margins in the third quarter are expected to improve compared to the second quarter due to higher revenues from retail and core sales. As scrap prices remain high, the Company continues to see significant competition for the purchase of auto bodies, which results in higher costs to purchase inventory. Higher purchase costs for inventory are expected to result in margins which will be lower than during the third quarter of 2005. The integration of the GreenLeaf operation is expected to result in the conversion of two additional full-service locations to self-service stores toward the end of the third quarter. Due to advertising and other start-up Start-up The earliest stage of a new business venture. costs which are incurred before a store begins retail operations, the stores going through the conversion process will be a drag on Verb 1. drag on - last unnecessarily long drag out last, endure - persist for a specified period of time; "The bad weather lasted for three days" 2. operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before until such time as all stores are converted. The GreenLeaf full-service operation is expected to break-even or post a small profit during the quarter. Steel Manufacturing Business: Pricing: West Coast consumption of finished steel long products continues to remain strong and the Company is seeing good demand for rebar and merchant bar. Based on current market conditions, the Company expects average prices for the third quarter to approximate the second quarter of this year, and be slightly higher than the third quarter of last year. Increased competition from imports, particularly for wire rod, could put downward pressure on pricing. Volumes: The Company continues to see strong demand for finished steel products and customer inventories remain low. As a result, third quarter sales volumes are expected to be slightly higher than the 172,000 tons (Transparent Optical Networking Services) A marketing term for providing dark fiber to a customer. The customer is responsible for generating the transmission signal and interpreting it at the other end. See dark fiber. shipped in the third quarter of 2005. Second Quarter 2006 Conference Call A conference call to discuss results will be held today, April 10, 2006, at 11:30 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT , hosted by John Carter, Chief Executive Officer and Greg GREG Great Egg Harbor National Scenic and Recreational River (US National Park Service) Witherspoon, Chief Financial Officer. The call will be webcast and is accessible on Schnitzer Steel's web site at www.schnitzersteel.com. Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled ferrous metals products in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with 28 operating facilities located in 11 states throughout the country, including six export facilities located on both the East and West Coasts and in Hawaii Hawaii, island, United States Hawaii, island (1990 pop. 120,217), 4,037 sq mi (10,456 sq km), largest and southernmost island of the state of Hawaii and coextensive with Hawaii co.; known as the Big Island. . SSI's vertically integrated operating platform also includes its auto parts and steel manufacturing businesses. SSI's auto parts business sells used auto parts through its 31 Pick-n-Pull self service facilities and 18 Greenleaf full service facilities located in 14 states and western Canada
Western Canada, commonly referred to as the West . With an annual production capacity of 700,000 tons, SSI's steel manufacturing business produces finished steel products, including rebar, wire rod and other specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. products. SSI (1) See server-side include and single-system image. (2) (Small-Scale Integration) Less than 100 transistors on a chip. See MSI, LSI, VLSI and ULSI. 1. (electronics) SSI - small scale integration. 2. commenced its 100th year of operations in 2006. This news release includes two non-GAAP financial measures, "net income excluding a gain on disposition of joint venture assets and charge for investigation reserve" and "earnings per diluted share excluding a gain on disposition of joint venture assets and charge for investigation reserve." Management believes that by excluding the impact of the gain and the charge for the investigation reserve, these measures allow for better comparisons to prior periods and provide a better insight into the Company's operating performance. This news release, particularly the "Outlook" section, contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , within the meaning of Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements include, without limitation, statements regarding the Company's outlook for the business, and can be identified generally because they contain "expect," "believe," "anticipate," "estimate" and other words that convey convey v. to transfer title (official ownership) to real property (or an interest in real property) from one (grantor) to another (grantee) by a written deed (or an equivalent document such as a judgment of distribution which conveys real property from an estate). a similar meaning. One can also identify these statements as statements that do not relate strictly to historical or current facts. Examples of factors affecting the Company that could cause actual results to differ materially from current expectations are the following: volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory. 1. (programming) volatile - volatile variable. 2. (storage) volatile - See non-volatile storage. supply and demand conditions affecting prices and volumes in the markets for both the Company's products and raw materials it purchases; world economic conditions; world political conditions; changes in federal and state income tax laws; impact of pending or new laws New Laws: see Las Casas, Bartolomé de. and regulations regarding imports and exports into the United States and other foreign countries; foreign currency fluctuations; competition; seasonality, including weather; energy supplies; freight rates Noun 1. freight rate - the charge for transporting something by common carrier; "we pay the freight"; "the freight rate is usually cheaper" freightage, freight ; loss of key personnel; the inability to complete expected large scrap export shipments in the current quarter; consequences of the pending investigation by the Company's audit committee into past payment practices in Asia; business integration issues relating to acquisitions of businesses and the separation of the joint venture business described above; and business disruptions resulting from installation or replacement of major capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) , as discussed in more detail under the heading "Factors That Could Affect Future Results" in the Company's most recent annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. or quarterly report on Form 10-Q Form 10-Q See 10-Q. . One should understand that it is not possible to predict or identify all factors that could cause actual results to differ from the Company's forward-looking statements. Consequently, the reader should not consider any such list to be a complete statement of all potential risks or uncertainties. The Company does not assume any obligation to update any forward-looking statement. For more information about Schnitzer Steel Industries, Inc. go to www.schnitzersteel.com.
SCHNITZER STEEL INDUSTRIES, INC.
FINANCIAL HIGHLIGHTS
(in thousands, except per share amounts)
(Unaudited)
For the Three For the Six Months
Months Ended Ended
------------------- -------------------
Feb. 28, Feb. 28, Feb. 28, Feb. 28,
2006 2005 2006 2005
--------- --------- --------- ---------
REVENUES:
Metals Recycling Business:
Ferrous sales:
Processing $205,579 $133,647 $360,852 $260,479
Trading 33,312 112,000
Nonferrous sales 54,301 16,943 100,061 32,597
Other sales 1,791 1,490 3,467 3,536
--------- --------- --------- ---------
Total sales 294,983 152,080 576,380 296,612
Auto Parts Business 49,982 24,448 103,379 47,834
Steel Manufacturing Business 89,535 66,820 178,691 136,842
Intercompany sales eliminations (31,215) (27,602) (66,492) (66,581)
--------- --------- --------- ---------
Total $403,285 $215,746 $791,958 $414,707
========= ========= ========= =========
INCOME (LOSS) FROM OPERATIONS:
Metals Recycling Business:
Processing $ 19,594 $ 39,481 $ 36,689 $ 73,769
Trading (727) (515)
Auto Parts Business 3,630 6,963 11,986 13,952
Steel Manufacturing Business 16,246 5,358 32,316 18,118
Joint ventures 16,205 36,669
Corporate expense (8,987) (5,008) (28,466) (8,599)
Intercompany eliminations 1,814 739 1,285 (2,424)
Environmental matter - (7,725) - (8,225)
--------- --------- --------- ---------
Total $ 31,570 $ 56,013 $ 53,295 $123,260
========= ========= ========= =========
NET INCOME $ 21,118 $ 35,981 $ 62,648 $ 78,917
========= ========= ========= =========
BASIC EARNINGS PER SHARE $ 0.69 $ 1.18 $ 2.05 $ 2.60
========= ========= ========= =========
DILUTED EARNINGS PER SHARE $ 0.68 $ 1.15 $ 2.03 $ 2.53
========= ========= ========= =========
SHARE INFORMATION (THOUSANDS):
Basic shares outstanding 30,528 30,422 30,503 30,386
========= ========= ========= =========
Diluted shares outstanding 30,857 31,195 30,854 31,170
========= ========= ========= =========
SCHNITZER STEEL INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share amounts)
(Unaudited)
For the Three For the Six Months
Months Ended Ended
------------------- -------------------
Feb. 28, Feb. 28, Feb. 28, Feb. 28,
2006 2005 2006 2005
--------- --------- --------- ---------
Revenues $403,285 $215,746 $791,958 $414,707
--------- --------- --------- ---------
Cost of goods sold 338,561 155,041 662,174 294,481
Selling, general and
administrative 33,540 13,172 78,627 25,410
Environmental matter 7,725 8,225
--------- --------- --------- ---------
Income from wholly-owned
operations 31,184 39,808 51,157 86,591
Operating income from joint
ventures 386 16,205 2,138 36,669
--------- --------- --------- ---------
Operating income 31,570 56,013 53,295 123,260
Other income (expense):
Interest expense (401) (346) (1,382) (630)
Other income (expense), net 689 368 65,130 279
--------- --------- --------- ---------
288 22 63,748 (351)
--------- --------- --------- ---------
Income before income taxes and
minority interests 31,858 56,035 117,043 122,909
Income tax provision (10,591) (19,500) (46,148) (42,772)
--------- --------- --------- ---------
Income before minority
interests 21,267 36,535 70,895 80,137
Minority interests, net of tax (149) (554) (302) (1,220)
Pre-acquisition interests, net
of tax (7,945)
--------- --------- --------- ---------
Net income $ 21,118 $ 35,981 $ 62,648 $ 78,917
========= ========= ========= =========
Basic earnings per share $ 0.69 $ 1.18 $ 2.05 $ 2.60
========= ========= ========= =========
Diluted earnings per share $ 0.68 $ 1.15 $ 2.03 $ 2.53
========= ========= ========= =========
Schnitzer Steel Industries, Inc.
Selected Operating Statistics
(Unaudited)
Total
Q1 FY06 Q2 FY06 FY06
-----------------------------
Metals Recycling
Business
Ferrous Recycled
Metal Sales Prices
($/LT)(1)
Domestic $ 207 202 205
Exports $ 203 195 198
Total
Processing $ 205 197 201
Trading $ 216 178 203
Ferrous Processing
Sales Volume
(LT)(2)(3)
Cascade 154,096 148,036 302,132
Domestic 144,113 158,177 302,290
Export 363,772 605,386 969,158
----------------------------
Total Processed 661,981 911,599 1,573,580
----------------------------
Ferrous Trading Sales
Volume (LT)(3)
Trading 306,716 154,387 461,103
-----------------------------
Total Ferrous Sales
Volume (LT)(2)(3) 968,697 1,065,986 2,034,683
============================
Nonferrous Sales
Volume (pounds, in
thousands)(3) 68,614 71,800 140,414
Steel Manufacturing
Business
Sales Prices
($/NT)(1)(2)
Average $ 517 522 519
Sales Volume (NT)
Rebar 98,101 89,114 187,215
Coiled Products 48,716 57,061 105,777
Merchant Bar and
Other 19,241 18,540 37,781
----------------------------
Total 166,058 164,715 330,773
============================
Auto Parts Business
Number of self-
service locations at
end of quarter 30 31
Number of full-
service sites at end
of quarter (4) 19 18
Q1 FY05 Q2 FY05 Q3 FY05 Q4 FY05 FY05
-----------------------------------------------
Metals Recycling
Business
Ferrous Recycled
Metal Sales Prices
($/LT)(1)
Domestic $ 221 $ 220 $ 222 $ 206 $ 217
Exports $ 245 $ 247 $ 237 $ 216 $ 238
Total
Processing $ 236 $ 240 $ 231 $ 211 $ 230
Trading $ - $ - $ - $ - $ -
Ferrous Processing
Sales Volume
(LT)(2)(3)
Cascade 159,463 110,033 189,559 166,268 625,323
Domestic 16,500 9,440 16,903 21,986 64,829
Export 294,900 356,607 293,746 229,921 1,175,174
-------- -------- -------- -------- ---------
Total Processed 470,863 476,080 500,208 418,175 1,865,326
-------- -------- -------- -------- ---------
Ferrous Trading Sales
Volume (LT)(3)
Trading - - - - -
------------------------------------------
Total Ferrous Sales
Volume (LT)(2)(3) 470,863 476,080 500,208 418,175 1,865,326
======== ======== ======== ======== =========
Nonferrous Sales
Volume (pounds, in
thousands)(3) 29,368 30,932 33,602 31,843 125,745
Steel Manufacturing
Business
Sales Prices
($/NT)(1)(2)
Average $ 534 $ 517 $ 510 $ 493 $ 512
Sales Volume (NT)
Rebar 55,956 62,302 103,973 93,331 315,562
Coiled Products 56,679 50,391 51,579 57,306 215,955
Merchant Bar and
Other 13,703 11,957 16,349 19,161 61,170
-------- -------- -------- -------- ---------
Total 126,338 124,650 171,901 169,798 592,687
======== ======== ======== ======== =========
Auto Parts Business
Number of self-
service locations at
end of quarter 26 30 30 30 NA
Number of full-
service sites at end
of quarter (4) - - - - NA
(1) Price information is shown after a reduction for the cost of
freight incurred to deliver the product to the customer.
(2) Includes sales to the Steel Manufacturing Business for all
quarters.
(3) The Company elected to consolidate results of the businesses
formed from the Hugo Neu Corporation separation agreement and
Regional Recycling as though the transactions had occurred at the
beginning of the fiscal year.
(4) Reflects the addition of Greenleaf Auto Recyclers to the Auto
Parts Business in the first quarter of 2006.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion