Metal Management Reports Results for the Period Ended June 30, 2005
2005年8月2日 - 10:00PM
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Metal Management, Inc. (Nasdaq:MTLM): -- Sales Increased to $382
Million -- Net Income of $5.4 Million -- EPS of $0.22 per diluted
share Metal Management, Inc. (Nasdaq:MTLM), one of the nation's
largest full service scrap metal recyclers, today announced results
for the first fiscal quarter ended June 30, 2005. The company
generated consolidated net sales of $382 million in the first
quarter of fiscal 2006 and net income of $5.4 million. EBITDA(1)
(as defined) was $13 million, and earnings per share were $0.22 per
diluted common share. First Quarter Highlights -- Consolidated net
sales of $382 million for the quarter ended June 30, 2005
represented an increase of 4% over net sales of $367 million for
the quarter ended June 30, 2004. -- EBITDA (as defined) of $13
million in the quarter ended June 30, 2005, compared to EBITDA (as
defined) of $26 million in the quarter ended June 30, 2004. -- Net
income was $5.4 million or $0.22 per diluted common share, compared
to $12.5 million or $0.52 per common diluted share for the quarter
ended June 30, 2004. -- Approximately 1.2 million tons of metal
were processed and sold or brokered, including ferrous yard
shipments of approximately 1.1 million tons and non-ferrous
shipments of approximately 120 million pounds. -- The Company
turned ferrous inventories 13 times and non-ferrous inventories
(excluding stainless and alloy) 14 times. -- A dividend of $0.075
per share was paid to all shareholders of record. -- The company
ended the fiscal quarter with no borrowings under its line of
credit and a solid cash position including marketable securities of
$47 million. Daniel W. Dienst, Chairman, Chief Executive Officer
and President of Metal Management said, "Metal Management met the
challenges in the first quarter of fiscal 2006 by adhering to our
disciplined strategy of turning inventories as rapidly as market
conditions permit. We have now generated positive pre tax income
for 14 consecutive quarters. Our business was tested in the first
quarter and maintaining profitability in the face of ferrous and
nickel markets that declined precipitously is a testament to our
franchise and the hard work of our 1,600 employees across the
country." The Company noted that weakness in the ferrous markets
during the first half of calendar 2005 was without precedent both
in terms of percentage and absolute dollar declines in unit
pricing. These price changes were extreme and significantly reduced
the spreads that the Company was able to realize. -- Prices for
prime grades of ferrous scrap declined by more than $300 per ton
since late calendar 2004 through June 2005. -- Prices for prime
grades of ferrous scrap declined from approximately $250 per ton at
the start of the first quarter to about $140 per ton in June 2005.
-- Obsolete grades of ferrous scrap also declined precipitously in
the first half of calendar 2005 and during the first quarter of
fiscal 2006. Mr. Dienst continued, "Due to our operational
flexibility and unique distribution channels, we were able to
offset weak domestic demand for ferrous scrap by taking advantage
of more favorable export markets. In the first quarter we exported
approximately 330,000 tons of ferrous grades of scrap. The weakness
evidenced by declining prices in the ferrous market has now abated
to some degree and we are cautiously optimistic for continued
recovery in ferrous prices in the current quarter. "We are
especially pleased with the progress of our new joint ventures in
Albany, New York and Nashville, Tennessee. Port Albany Ventures is
already making a strong contribution to our bottom line and has
expanded both the scope of our operations as well as our portfolio
of services. Metal Management Nashville is also progressing well
and we are on track to ramp up operations there over the next few
quarters. Joint ventures, including our investment in Southern
Scrap, contributed more than $2 million to our pre-tax earnings in
the first fiscal quarter and will be an important element of our
growth strategy going forward as we continue to expand our service
offerings and geographic footprint. "The hard work is behind us in
creating one of the strongest balance sheets in the industry. This
enables us to make infrastructure investments that will create an
enterprise with world class recycling facilities. Our national
footprint and track-record of operational excellence enables us to
now focus more keenly on both organic and external growth
opportunities. We will continue to be financially disciplined as we
assess opportunities for growth and will move forward
opportunistically only if a situation meets our stringent criteria.
We would look for any potential transaction to be accretive to
earnings while maintaining a strong capitalization. In the
meantime, our dividend program allows us to continue returning
capital to shareholders even as we enhance and expand our
infrastructure and geographic reach," concluded Mr. Dienst.
Investor Conference Call Metal Management will host its First
Quarter Results Conference Call and Webcast at 11:00 am ET (10:00
am CT) on August 2, 2005. The conference call can be accessed by
dialing 800-591-6923 passcode 68890461. International callers can
dial 617-614-4907 passcode 68890461. The conference will also be
accessible via the web at www.mtlm.com. A replay of the call will
be available by dialing 888-286-8010 passcode 29899615 through
August 9, 2005. International callers can dial 617-801-6888
passcode 29899615 for the replay. About Metal Management, Inc.
Metal Management is one of the largest full service metal recyclers
in the United States, with approximately 40 recycling facilities in
15 states. For more information about Metal Management, Inc., visit
the Company's website at www.mtlm.com. Forward Looking Statements
All of the statements in this release, other than historical facts,
are forward-looking statements made in reliance upon the Safe
Harbor Provisions of the Private Securities Litigation Reform Act
of 1995. As such, they involve risks and uncertainties and are
subject to change at any time. These statements reflect our current
expectations regarding the future profitability of the Company and
its subsidiaries. As discussed in our annual report on Form 10-K
for the fiscal year ended March 31, 2005, and in other periodic
filings filed by the Company with the U.S. Securities and Exchange
Commission, some of the factors that could affect our performance
include, among other things: cyclicality and competitiveness of the
metals recycling industry, commodity price fluctuations, debt
covenants that restrict our ability to engage in certain
transactions, compliance with environmental, health, safety and
other regulatory requirements applicable to the Company, potential
environmental liability, risk of deterioration of relations with
labor unions, dependence on key management, dependence on suppliers
of scrap metal, concentration of customer risk, impact of export
and other market conditions on the business, availability of scrap
alternatives, and under funded defined benefit pension plans. (1)
EBITDA is defined by the company to be earnings before interest,
taxes, depreciation, amortization, non-cash and non-recurring
expense (income), income from joint ventures, gain (loss) on sale
of fixed assets, other income (expense), stock-based compensation
expense, and gain (loss) on debt extinguishment. EBITDA is
presented because management believes it provides additional
information with respect to the performance of its fundamental
business activities. Management also believes that debt holders and
investors commonly use EBITDA to analyze company performance and to
compare that performance to the performance of other companies that
may have different capital structures. A reconciliation of EBITDA
to GAAP net income is included in the table attached to this
release. EBITDA is a measure of performance typically used by many
investors, but is not a measure of earnings as defined under GAAP,
and may be defined differently by others. -0- *T METAL MANAGEMENT,
INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in
thousands, except per share amounts) Three months ended
--------------------------- June 30, June 30, 2005 2004 -----------
----------- Net sales $ 381,634 $ 367,176 Operating expenses: Cost
of sales (excluding depreciation) 350,379 323,779 General and
administrative 19,746 18,682 Depreciation and amortization 4,614
4,529 ----------- ----------- Operating income 6,895 20,186 Income
from joint ventures 2,051 3,230 Interest expense (376) (1,313)
Interest and other income, net 472 39 Loss on debt extinguishment 0
(1,653) ----------- ----------- Income before income taxes 9,042
20,489 Provision for income taxes 3,596 7,964 -----------
----------- Net income $ 5,446 $ 12,525 =========== ===========
Earnings per share: Basic $ 0.22 $ 0.55 =========== ===========
Diluted $ 0.22 $ 0.52 =========== =========== Cash dividends
declared per share $ 0.075 $ 0.000 =========== =========== Weighted
average common shares outstanding: Basic 24,354 22,947 ===========
=========== Diluted 25,300 24,161 =========== =========== METAL
MANAGEMENT, INC. EBITDA (AS DEFINED) RECONCILIATION TO GAAP
FINANCIAL MEASURES (unaudited, in thousands) Three months ended
---------------------- June 30, June 30, 2005 2004 ---------
--------- Net income $ 5,446 $ 12,525 Add Back: Depreciation and
amortization 4,614 4,529 Tax provision 3,596 7,964 Stock-based
compensation expense 1,498 1,067 Income from joint ventures (2,051)
(3,230) Interest expense 376 1,313 Interest and other income, net
(472) (39) (Gain) loss on sale of fixed assets (16) 145 Loss on
debt extinguishment 0 1,653 --------- --------- EBITDA (AS DEFINED)
$ 12,991 $ 25,927 ========= ========= *T
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