MIDLOTHIAN, Texas, March 20 /PRNewswire-FirstCall/ -- Chaparral
Steel Company (NASDAQ:CHAP) today reported record third quarter net
income of $62.5 million ($1.29 per diluted share) for the period
ended February 28, 2007. This represents an increase of $13.3
million compared to net income of $49.2 million ($1.03 per diluted
share) for its third quarter of fiscal 2006 and is only surpassed
by the record net income of $67.5 million set in the second quarter
ended November 30, 2006. Operating profit of $101.3 million
increased 23.5% compared to the third quarter of fiscal 2006 and
was surpassed only by the record set in the second quarter of this
fiscal year. "This was the second best quarter in our Company's
history in what is usually our seasonally slowest quarter. This
demonstrates the strength of our market," stated Tommy A. Valenta,
President and Chief Executive Officer. "We continue to see strong
domestic and international demand for structural products and
improving global prices going into the busier construction season."
Shipments of 567,000 tons were the fourth best quarter in the
Company's history. Shipments were similar to the third quarter of
fiscal 2006 and were up almost 5% from the second quarter of this
year. Average selling prices of $679 per ton increased $79 from the
third quarter of fiscal 2006 and were down slightly from the second
quarter of this year due to product mix. Average metal margins of
$490 per ton were 16% higher than the third quarter of fiscal 2006
and similar to the second quarter of this year. Due primarily to
rising scrap prices, the Company had a $7.3 million LIFO charge for
the quarter compared to a $1.9 million charge last quarter and a
$4.1 million credit for the third quarter of last year. Energy
expense was 12% higher than the second quarter as a result of
increased natural gas prices. During the quarter we signed a lease
for our mineral rights to explore for natural gas. For the nine
months ended February 28, 2007, the Company had record net income
of $189.1 million ($3.92 per diluted share) compared to net income
of $101.0 million ($2.15 per diluted share) for the first nine
months of fiscal 2006. The improved profitability was primarily due
to higher metal margins and lower energy costs. The Company ended
the quarter with $365.5 million of cash, cash equivalents and
short-term investments. During the quarter, the Company paid a
quarterly dividend of $0.10 per share and repurchased 213,800
shares of its common stock at an average price of $44.65 per common
share. Based on current market conditions the fourth quarter should
continue to provide strong results. The Company believes that end
user demand for its products will remain strong. Historically,
shipments in the fourth quarter are stronger than the third quarter
but due to low levels of available inventory, shipments are
expected to be similar to the third quarter. Domestic and
international scrap markets are volatile and at historic highs;
however, international structural prices have improved and we will
continue to price our products competitively to the international
market. The prospects for higher energy costs due to warmer weather
could have a negative impact on margins compared to third quarter
results. Based on the above, we anticipate net income to be around
$1.35 per diluted share for the fourth quarter. The Company's Third
Quarter Earnings Teleconference will be held tomorrow, March 21,
2007 at 11:00 a.m. Eastern Time. A real-time webcast of the
conference is available by logging on to Chaparral's website at
http://www.chapusa.com/ . Certain Statements contained in this
press release are "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. Such
statements are subject to risks, uncertainties and other factors,
which could cause actual results to differ materially from future
results expressed or implied by such forward-looking statements.
Potential risks and uncertainties include, but are not limited to,
the impact of competitive pressures and changing economic and
financial conditions on the Company's business, construction
activity in the Company's markets, changes in the costs of raw
materials, fuel and energy, the impact of environmental laws,
unexpected equipment failures, the effect of foreign currency
valuations and regulatory and statutory changes, which are more
fully described in the Company's Annual Report on Form 10-K filed
with the SEC. Chaparral Steel Company, headquartered in Midlothian,
Texas, is the second largest producer of structural steel beams in
North America. The Company is also a supplier of steel bar
products. In addition, Chaparral is a leading North American
recycling company. Additional information may be found at
http://www.chapusa.com/ . For further information contact Cary D.
Baetz at 972-779-1032 or Terresa Van Horn at 972-779-1033.
CHAPARRAL STEEL COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except per share data) (Unaudited) Three
months ended Nine months ended February 28, February 28, 2007 2006
2007 2006 -------- -------- ---------- ---------- Net sales
$420,166 $374,649 $1,234,192 $1,061,184 Costs and expenses (income)
Cost of products sold 306,945 279,250 901,897 859,691 Selling,
general and administrative 16,335 17,714 41,083 34,637 Interest
7,931 7,890 23,895 24,036 Other income, net (4,464) (4,367)
(15,693) (9,760) -------- -------- ---------- ---------- 326,747
300,487 951,182 908,604 -------- -------- ---------- ----------
Income before income taxes 93,419 74,162 283,010 152,580 Income
taxes 30,884 24,918 93,921 51,582 -------- -------- ----------
---------- Net income $ 62,535 $ 49,244 $ 189,089 $ 100,998
======== ======== ========== ========== Earnings per share: Basic $
1.34 $ 1.07 $ 4.07 $ 2.21 ======== ======== ========== ==========
Diluted $ 1.29 $ 1.03 $ 3.92 $ 2.15 ======== ======== ==========
========== Average shares outstanding: Basic 46,554 45,824 46,422
45,752 ======== ======== ========== ========== Diluted 48,322
47,704 48,249 47,029 ======== ======== ========== ========== Cash
dividends per share $ 0.10 $ --- $ 0.20 $ --- ======== ========
========== ========== CHAPARRAL STEEL COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING INFORMATION (Unaudited) Three months ended
Nine months ended ----------------------------- -----------------
February 28, November 30, February 28, ------------ ------------
------------- 2007 2006 2006 2007 2006 -------- --------- ---------
---------- ---------- Net sales (in $000's) $ 420,166 $ 374,649 $
403,377 $1,234,192 $1,061,184 Operating profit (in $000's) 101,350
82,052 108,846 306,905 176,616 Shipments (in 000's) Structural
mills 482 469 458 1,418 1,411 Bar mill 85 104 83 257 313 --------
-------- --------- --------- ---------- Total 567 573 541 1,675
1,724 ======== ======== ========= ========= ========== Price ($/ton
excluding delivery fees) Structural mills $ 688 $ 605 $ 686 $ 677 $
562 Bar mill 629 577 661 648 573 -------- -------- ---------
--------- --------- Combined $ 679 $ 600 $ 682 $ 672 $ 564 ========
======== ========= ========= ========= CHAPARRAL STEEL COMPANY AND
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except
share data) (Unaudited) February 28, May 31, 2007 2006 -----------
--------- Assets Current assets: Cash and cash equivalents $ 48,650
$ 42,583 Short-term investments 316,897 164,000 Accounts receivable
182,876 159,721 Inventories 189,541 159,803 Prepaid expenses 12,236
7,465 ---------- --------- Total current assets 750,200 533,572
---------- --------- Other assets: Goodwill 85,166 85,166
Investments and deferred charges 17,982 16,807 ---------- ---------
103,148 101,973 ---------- --------- Property, plant and equipment:
Land and land improvements 96,925 96,926 Buildings 56,477 55,570
Machinery and equipment 1,038,001 1,032,697 Construction in
progress 34,257 28,867 ---------- --------- Less depreciation
1,225,660 1,214,060 652,638 620,083 ---------- ---------- 573,022
593,977 ---------- ---------- $1,426,370 $1,229,522 ==========
========== Liabilities and Stockholders' Equity Current
liabilities: Trade accounts payable $ 84,743 $ 49,979 Accrued
wages, taxes and other liabilities 42,340 55,392 ----------
---------- Total current liabilities 127,083 105,371 ----------
---------- Deferred income taxes and other credits 148,855 155,645
Long-term debt 300,000 300,000 Stockholders' equity: Common stock,
$0.01 par value 469 462 Additional paid-in capital 719,298 707,573
Retained earnings (deficit) 140,260 (39,529) Treasury stock (9,595)
--- ---------- ---------- Total stockholders' equity 850,432
668,506 ---------- ---------- $1,426,370 $1,229,522 CHAPARRAL STEEL
COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In
thousands) (Unaudited) Nine months ended February 28, ------------
2007 2006 --------- --------- Operating activities: Net income $
189,089 $ 100,998 Adjustments to reconcile net income to net cash
provided by operating activities Depreciation 35,920 37,212
Deferred income taxes (8,846) 260 Stock-based compensation 2,559
259 Other - net (357) 1,114 Changes in operating assets and
liabilities Accounts receivable (23,154) (17,487) Inventories
(29,737) 66,595 Prepaid expenses (3,392) (966) Accounts payable
34,765 (12,030) Accrued wages, taxes and other liabilities (12,000)
36,186 Other credits 598 853 Receivable from or payable to TXI ---
(10,286) --------- --------- Net cash provided by operating
activities 185,445 202,708 --------- --------- Investing
activities: Capital expenditures (15,154) (11,937) Purchases of
short-term investments (10,453,808) (1,426,735) Sales of short-term
investments 10,300,910 1,320,520 Other - net (630) (570) ---------
--------- Net cash used by investing activities (168,682) (118,722)
--------- --------- Financing activities: Long-term borrowings ---
350,000 Debt retirements --- (50,000) Debt issuance costs ---
(9,500) Dividend paid to Texas Industries, Inc. --- (341,139)
Issuance of common stock 3,191 1,090 Tax benefits from exercise of
stock options 4,959 2,337 Common dividends paid (9,300) ---
Acquisitions of treasury stock (9,546) --- --------- --------- Net
cash used by financing activities (10,696) (47,212) ---------
--------- Increase in cash and cash equivalents 6,067 36,774 Cash
and cash equivalents at beginning of period 42,583 9,287 ---------
--------- Cash and cash equivalents at end of period $ 48,650 $
46,061 ========= =========
http://www.newscom.com/cgi-bin/prnh/20050713/CHAPLOGO
http://photoarchive.ap.org/ DATASOURCE: Chaparral Steel Company
CONTACT: Cary D. Baetz, +1-972-779-1032, or Terresa Van Horn,
+1-972-779-1033, both of Chaparral Steel Company Web site:
http://www.chapusa.com/
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