ALJ Announces 3rd Quarter Earnings
08/17/2009 - ALJ, the parent company of Kentucky Electric, reports a net loss of $934,192 on net sales of $19.381 million for the third quarter, and a net loss of $1.065 million on net sales of $85.779 million for the nine months ended June 30, 2009.
ALJ, the parent company of Kentucky Electric, reported a net loss of $934,192 on net sales of $19.381 million for the third quarter, and a net loss of $1.065 million on net sales of $85.779 million for the nine months ended June 30, 2009.
The $934,192 net loss ($0.02 per share) compares to net income of $2.737 million ($0.06 per share) for the year-ago third quarter. Net sales of $19.381 million compare to net sales of $51.063 million for the year-ago third quarter.
The first nine months net loss of $1.065 million ($0.02 per share) compares to net income of $9.540 million ($0.23 per share) for the comparable year-ago period. Net sales of $85.779 compare to net sales of $133.396 for the first nine months of 2008.
“The first three quarters of fiscal 2009 have been quite the challenge,” commented John Scheel, ALJ’s Chief Executive Officer. “Shipments at KES were down 37% compared to the same period in 2008 due to the poor economic conditions seen industry-wide. The third quarter of fiscal 2009 saw volume down 50% while prices were down 25% compared to the same period of fiscal 2008.
“All of that notwithstanding, KES nearly broke even on a net basis for the third quarter and for 2009 thus far and we have maintained our operating profitability throughout this difficult economic period,” added Scheel. “Further, we are currently experiencing an improving marketplace."
ALJ is the parent company of KES Acquisition Co., which does business as Kentucky Electric Steel, the owner and operator of a steel minimill near Ashland, Ky., producing both merchant bar quality flats and special bar quality steel flats.
