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WEIRTON STEEL ISSUES RESULTS

 WEIRTON, W.Va., Jan. 28 /PRNewswire/ -- Weirton Steel Corporation (NYSE: WS) today reported it had narrowed its net loss for the year ended Dec. 31, 1992, to $31.8 million or $1.40 per share of common stock, compared to a net loss of $74.7 million, or $3.49 per share, in 1991.
 Net sales in 1992 increased 4 percent to $1.079 billion from 1991's $1.036 billion on shipments that were 8 percent higher than the previous year. Increased shipments of 2,102,000 tons compared to 1,938,000 tons in 1991 can be attributed to a moderate strengthening of the economy together with improved operating performance of Weirton's newly refurbished continuous caster and hot strip mill which have led to an overall operating improvement. Offsetting gains from increased shipments were lower prices, which continued a downward trend throughout 1992.
 Improved hot strip mill performance during the fourth quarter of 1992, along with increased sheet product shipments, led to financial results that exceeded last year's fourth quarter and each of the first three quarters of 1992. For the fourth quarter of 1992, the company reported a net loss of $3.4 million, or a loss of $0.16 per share of common stock, compared to a net loss of $6.6 million, or a loss of $0.27 per share, for the same period of 1991. Operating profit in the fourth quarter of 1992 increased to $6.4 million, compared to an operating loss of $2.5 million in the same quarter a year ago. Sales for the 1992 fourth quarter of $278 million, compared to 1991's $280 million, reflect generally lower selling prices on shipments that increased 5 percent to 561,400 tons compared to 533,800 tons for 1991's fourth quarter.
 Capital expenditures for the year totaled $45 million, substantially completing the company's steelmaking and hot strip mill modernization program. Projected capital expenditures for 1993 are expected to be in the $35 million to $40 million range. Herbert Elish, chairman and president, attributed much of the fourth quarter improvement to more consistent operation. "With the modernization program essentially behind us, we can look forward to fewer production interruptions from our new equipment in 1993," he stated.
 The recessionary environment contributed to lower selling prices for sheet products throughout the year, but incoming orders improved moderately in the fourth quarter and are reflected in the improved shipment level. Tin mill products pricing and shipments were off slightly in the fourth quarter and for the year.
 During the latter part of the year, the company implemented its "Assuring Weirton's Future" initiative which includes substantial cost reductions, new marketing initiatives, and customer service enhancements. This program is designed to enhance Weirton's position as a high-quality, low-cost producer. Operating performance continues to improve as a result of this program. In addition, demand for sheet products is strengthening. "These developments give us cause for some optimism for 1993," Elish said.
 "Our lenders have agreed to amend certain loan covenants which will enable us to pursue a public offering of senior debt. Completing that issue will increase our financial flexibility. We will continue to focus on our longer term program Assuring Weirton's Future' with initiatives which we believe will permit the company to return to profitability during that period."
 Weirton Steel operates an integrated flat rolled steel producing plant in Weirton, W.Va.
 WEIRTON STEEL CORPORATION
 Statement of Income - Unaudited
 (Dollars in Thousands)
 Period ended Three Months 12 Months
 Dec. 31 1992 1991 1992 1991
 Net sales $278,217 $280,221 $1,078,691 $1,036,335
 Operating costs:
 Cost of sales 255,667 269,210 1,010,022 1,019,280
 Selling, general &
 administrative
 expense 7,622 6,962 30,470 29,148
 Depreciation 8,512 6,550 38,617 34,335
 Total oper. costs 271,801 282,722 1,079,109 1,082,763
 Income (loss) from
 operations 6,416 (2,501) (418) (46,428)
 Other inc. (expense):
 Interest expense (11,357) (8,731) (40,921) (32,833)
 Interst income 442 1,256 3,073 3,156
 Total other exp. (10,915) (7,475) (37,848) (29,677)
 Loss before ESOP
 contribution &
 income taxes (4,499) (9,976) (38,266) (76,105)
 1989 ESOP contribution 652 653 2,610 2,610
 Loss before income
 taxes (5,151) (10,629) (40,876) (78,715)
 Income tax benefit (1,779) (4,000) (4,763) (4,000)
 Loss bef. cumulative
 effect of change in
 accounting
 principle (3,372) (6,629) (36,113) (74,715)
 Cumulative effect
 on prior years of
 change in accounting
 for depreciation -- -- 4,356 --
 Net loss (3,372) (6,629) (31,757) (74,715)
 Net loss per common
 share $(0.16) $(0.27) $(1.40) $(3.49)
 Net shipments in
 tons 561,400 533,800 2,102,400 1,938,800
 -0- 1/28/93
 /CONTACT: Richard W. Garan, director of media and investor relations of Weirton Steel, 304-797-2728/
 (WS)


CO: Weirton Steel Corporation ST: West Virginia IN: MNG SU: ERN

PT-CD -- PG014 -- 0538 01/28/93 18:30 EST
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Date:Jan 28, 1993
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