Printer Friendly

BIRMINGHAM STEEL CORPORATION ANNOUNCES FIRST QUARTER 1993 EARNINGS

 BIRMINGHAM STEEL CORPORATION ANNOUNCES FIRST QUARTER 1993 EARNINGS
 BIRMINGHAM, Ala., Oct. 13 /PRNewswire/ -- Birmingham Steel Corporation (NYSE: BIR) today announced net income of $6,654,000, or $.47 per share, for the first quarter ended Sept. 30, 1992. Earnings for the comparable period last year were $5,497,000, or $.49 per share. The slight decline in earnings per share is attributable to a 25.2 percent increase in average outstanding shares of the company's common stock.
 Steel shipments in the first quarter of fiscal 1993 were 396,000 tons, an 8.2 percent increase from 366,000 tons reported in the same quarter last year. Net sales for the first quarter increased slightly to $112,019,000, compared with $111,114,000 a year ago.
 James A. Todd Jr., chairman and chief executive officer, commented, "The company's first quarter results reflect continued progress in our cost reduction strategy. The average selling price for steel fell over 4 percent since the first quarter a year ago, yet net income realized a 21 percent increase. Scrap pricing has remained relatively steady with the prior year, though high capacity utilization and efficient manufacturing practices led to a 5 percent reduction in first quarter steel conversion costs."
 Todd continued, "Although significant cost reductions were achieved in the first quarter, equipment outages experienced at our Birmingham and Seattle facilities in late September elevated steel conversion costs at both locations. The Birmingham melt shop experienced a transformer failure which suspended melting production for approximately two weeks. Production downtime was efficiently utilized by accelerating a planned equipment upgrade to the continuous caster. The Seattle melt shop experienced an equipment outage in the baghouse which interrupted melting production for approximately five days. Both facilities have restored production operations."
 Todd further commented, "All of our planned capital improvement projects continue to proceed on schedule. The new in-line rolling mill at Birmingham should start up in November, with the new melt shop at the Jackson, Miss., mill scheduled for completion in January 1993. These and other capital projects, including the new rolling mill for Seattle, will provide the company with the modern equipment necessary to advance toward our stated goal of producing a ton of steel for $100 over the price of scrap. We continue to be pleased with the progress attained in the production performance and profitability of all our operating mills, despite prolonged weak economic conditions."
 Birmingham Steel operates steel mini-mills producing steel and steel products, primarily reinforcing bar, and is the largest manufacturer of steel roof support systems used in underground coal mining. The common stock of Birmingham Steel Corporation is traded on the New York Stock Exchange under the symbol "BIR".
 BIRMINGHAM STEEL CORPORATION
 Financial Highlights
 Three months ended Sept. 30 1992 1991 Pct.
 Change
 Revenues $112,019,000 $111,114,000 1
 Net income $ 6,654,000 $ 5,497,000 21
 Earnings per share $.47 $.49 (4)
 Average shares outstanding 14,149,865 11,301,388 25
 -0- 10/13/92
 /CONTACT: Dennis R. Plyler, vice president-finance of Birmingham Steel, 205-444-3279/
 (BIR) CO: Birmingham Steel Corporation ST: Alabama IN: MNG SU: ERN


GK-PS -- NY067 -- 9478 10/13/92 16:13 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:Oct 13, 1992
Words:527
Previous Article:DAMARK INTERNATIONAL, INC. REPORTS RESULTS FOR FIRST THREE QUARTERS
Next Article:ASHLAND OIL "KERA FAIR" TRANSFORMS OFFICE INTO CLASSROOM
Topics:


Related Articles
BAYOU STEEL CORPORATION FIRST QUARTER FISCAL 1993 RESULTS
STRONG FIRST QUARTER ANTICIPATED BY ALLEGHENY LUDLUM
EARNINGS UP SHARPLY AT ALLEGHENY LUDLUM
ROANOKE ELECTRIC STEEL ANNOUNCES SECOND QUARTER RESULTS
ROANOKE ELECTRIC STEEL ANNOUNCES FIRST QUARTER RESULTS
OLYMPIC STEEL, INC. REPORTS RECORD SALES, VOLUMES AND PRETAX EARNINGS FOR THE FIRST QUARTER
GIBRALTAR STEEL CORPORATION REPORTS RECORD SALES AND PRETAX EARNINGS FOR FIRST QUARTER
GIBRALTAR STEEL CORPORATION REPORTS RECORD SALES AND PRETAX EARNINGS FOR SECOND QUARTER
OLYMPIC STEEL REPORTS RECORD SALES AND TONS SOLD
GIBRALTAR STEEL CORPORATION REPORTS RECORD SALES AND PRETAX EARNINGS FOR THIRD QUARTER

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