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ALJ Announces 3rd Quarter Earnings
08/16/2007 - ALJ - the parent company of the former Kentucky Electric Steel - reports net income of $1.6 million on net sales of $37.5 million for the three months ended June 30, 2007.
ALJ — the parent company of KES Acquisition and the former Kentucky Electric Steel — reported net income of $1.6 million on net sales of $37.5 million for the three months ended June 30, 2007.
“The third quarter of fiscal 2007 was similar to the third quarter of 2006 for sales volume and stronger for selling price and, therefore, net revenue and margin,” said John Scheel, ALJ’s CEO.
The $1.6-million net income ($0.04 per share) compares to net income of $460,000 for the three months ended June 30, 2006.
“Sales revenue for the nine-month period ended June 30 increased from $104,287,949 in 2006 to $111,316,923 in 2007. Net income for the nine month period increased from $1,365,830 to $16,249,154 but this included a one-time gain as a result of the repurchase of debt in conjunction with our new financing agreement,” concluded Scheel.
ALJ is the parent company of KES Acquisition Co., doing business as Kentucky Electric Steel, the owner and operator of a steel mini-mill near Ashland, Ky., producing both merchant bar quality (MBQ) flats and special bar quality (SBQ) steel flats.
