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ALJ Announces 2nd Quarter Earnings
05/14/2007 - ALJ Regional Holdings—the parent company of Kentucky Electric Steel—reported net income of $14,652,000 million on net sales of $73,810,000 for the six months ended March 31, 2007.
ALJ Regional Holdings, Inc.—the parent company of Kentucky Electric Steel—reported net income of $14,652,000 million on net sales of $73,810,000 for the six months ended March 31, 2007.
The $14,652,000 net income compares to net income of $907,000 for the six months ended March 31, 2006. Earnings per share, $0.37, compare to $0.04 earnings per share for the six months ended March 31, 2006. The $73,810,000 net sales compare to net sales of $70,004,000 for the six months ended March 31, 2006.
“The second quarter of fiscal 2007 was slightly stronger than the second quarter of 2006 for both sales volume and selling price,” said John Scheel, ALJ’s CEO. “This resulted in operating performance for the six-month period that was nearly equivalent.
“The dramatic increase in net income for the second quarter and first half was due to a one-time gain as a result of the repurchase of debt in conjunction with our new financing arrangement. We were able to restructure certain of our financial obligations as a result of continued strong operating and profit performance by Kentucky Electric Steel,” concluded Scheel.
ALJ Regional Holdings, Inc. is the parent company of KES Acquisition Co. dba Kentucky Electric Steel, the owner and operator of a steel mini-mill near Ashland, Ky., producing both merchant bar quality flats and special bar quality steel flats.
