Printer Friendly

BAYOU STEEL CORPORATION REPORTS THIRD QUARTER FISCAL 1993 RESULTS

 LAPLACE, La., Aug. 10 /PRNewswire/ -- Bayou Steel Corporation (AMEX: BYX) today reported a net loss for the third quarter of fiscal 1993 of ($4,078,000), or ($.32) per common share, compared to a net loss of ($504,000), or ($.04) per common share, for the comparable period of fiscal 1992.
 Howard M. Meyers, president and chief executive officer, commented on Bayou's third quarter fiscal 1993 financial results, saying, "The company's loss in the third fiscal quarter was due to strike-related costs and to the increases in scrap cost, which were not completely recovered in finished product price increases."
 Meyers then discussed the strike by the United Steelworkers of America, Local 9121, 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. Existing and recently hired personnel are continuing operations. The company is currently operating and producing at normal levels. In the fourth quarter, strike costs should decrease substantially. Our reduced shape inventory level may result in some missed shipment opportunities."
 Meyers also commented on the commercial aspects of the business: "Steel structural shape shipments increased by approximately 8 percent when comparing the third quarters of fiscal 1993 to 1992. The increase is mainly attributable to improved export orders. Domestic competition will remain intense as little improvement in the overall market is expected. Due to rising scrap costs, margins have fallen."
 Bayou Steel Corporation operates a steel minimill producing structural steel products. Located on the Mississippi River in LaPlace, 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)
 3rd qtr. ended June 30 1993 1992
 Net sales $ 34,485 $ 31,050
 Gross profit $ 745 $ 2,618
 Operating income (loss) $ (218) $ 1,515
 Net income (loss) before
 extraordinary gain $ (4,078) $ (504)
 Extraordinary gain $ --- $ ---
 Net income (loss) $ (4,078) $ (504)
 Net income (loss) per common share $ (.32) $ (.04)
 Shape shipment tons 105,541 97,318
 Billet shipment tons 13,132 9,386
 9 mos. ended June 30 1993 1992
 Net sales $ 99,726 $ 89,297
 Gross profit $ 6,420 $ 7,763
 Operating income (loss) $ 3,347 $ 4,523
 Net income (loss) before
 extraordinary gain $ (5,428) $ (1,554)
 Extraordinary gain $ 756 $ ---
 Net income (loss) $ (4,672) $ (1,554)
 Net income (loss) per common share $ (.36) $ (.12)
 Shape shipment tons 302,780 277,749
 Billet shipment tons 39,114 24,830
 -0- 8/10/93
 /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-TG -- AT011 -- 1211 08/10/93 12:54 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:Aug 10, 1993
Words:466
Previous Article:TOM WHITESIDE TO JOIN SILICON GRAPHICS AS PRESIDENT OF MIPS TECHNOLOGIES; POWERPC LEADER LEAVES IBM
Next Article:TO PAY YOUR BILLS -- PICK UP THE PHONE
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters