Printer Friendly

BAYOU STEEL CORPORATION THIRD QUARTER FISCAL 1992 RESULTS

 BAYOU STEEL CORPORATION THIRD QUARTER FISCAL 1992 RESULTS
 LaPLACE, La., Aug. 12 /PRNewswire/ -- Bayou Steel Corporation (AMEX: BYX) today reported significantly improved financial results as compared to last year.
 The net losses for the third quarter and the first nine months of fiscal 1992 were ($504,000), or ($.04) per common share, and ($1,554,000), or ($.12) per common share, respectively, compared to net losses of ($3,564,000), or ($.28) per common share, and ($3,689,000), or ($.29) per common share, for the comparable periods of fiscal 1991.
 Howard M. Meyers, president and chief executive officer, commented on Bayou's third quarter fiscal 1992 performance saying: "Despite difficult market conditions, the moderate loss in the current quarter is much lower than the prior year. The improvement was due to both an increase in shipments and a reduction in costs."
 In further remarks, Meyers stated: "The increase in steel structural shape shipments in the third fiscal quarter compared to the same period last year was due mainly to the improved surface condition of our product which has led to better customer acceptance and the expansion of business with these customers. During the past year, we also remained focused on ways to reduce overhead and operating cost. The unit conversion cost, the cost to convert scrap into finished product, in the third quarter of fiscal 1992 decreased by 19.1 percent compared to the same period last year. This decrease was the result of implementing capital improvements, reducing overhead, and renegotiating several major supply contracts."
 Bayou Steel Corporation operates a steel minimill producing structural steel products. Located on the Mississippi River in LaPlace, La., 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."
 BAYOU STEEL CORPORATION
 FINANCIAL HIGHLIGHTS
 (In thousands, except per share data)
 (Unaudited)
 3rd qtr. ended June 30 1992 1991
 Net sales $ 31,050 $ 33,663
 Gross profit $ 2,618 $ (531)
 Operating income $ 1,515 $ (1,505)
 Net income (loss) $ (504) $ (3,564)
 Net income (loss) per common share $ (.04) $ (.28)
 Shape shipment tons 97,318 93,466
 Billet shipment tons 9,386 23,593
 9 mos. ended June 30 1992 1991
 Net sales $ 89,297 $ 97,201
 Gross profit $ 7,763 $ 4,372
 Operating income $ 4,524 $ 1,331
 Net income (loss) $ (1,554) $ (3,689)
 Net income (loss) per common share $ (.12) $ (.29)
 Shape shipment tons 277,749 271,816
 Billet shipment tons 24,830 41,933
 -0- 8/12/92
 /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


BR-BN -- AT006 -- 6183 08/12/92 12:38 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 12, 1992
Words:463
Previous Article:TEAMSTERS TO MOBILIZE AGAINST PROPOSED 'FREE TRADE' DEAL WITH MEXICO AND CANADA
Next Article:ATMOS ENERGY CORPORATION ANNOUNCES IMPROVED THIRD QUARTER RESULTS
Topics:


Related Articles
BAYOU STEEL CORPORATION FOURTH QUARTER FISCAL 1991 RESULTS
BAYOU STEEL CORPORATION REPORTS FIRST QUARTER FISCAL 1992 RESULTS
BAYOU STEEL CORPORATION REPORTS SECOND QUARTER FISCAL 1992 RESULTS
BAYOU STEEL CORPORATION FIRST QUARTER FISCAL 1993 RESULTS
BAYOU STEEL CORPORATION SECOND QUARTER FISCAL 1993 RESULTS
BAYOU STEEL CORPORATION FIRST QUARTER FISCAL 1994 RESULTS
Bayou Steel Corporation Third Quarter Fiscal 1996 Results
Bayou Steel Corporation Second Quarter Fiscal 1997 Results
Bayou Steel Corporation Third Quarter Fiscal 1997 Results
Bayou Steel Corporation First Quarter Fiscal 1998 Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters