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ALJ Announces 3rd Quarter Earnings for Kentucky Electric
08/12/2008 - ALJ, the parent company of Kentucky Electric Steel, reports net income of $2.7 million on net sales of $51.1 million for the quarter, and net income of $9.5 million on net sales of $133.4 million for the nine months ended June 30, 2008.
ALJ, the parent company of Kentucky Electric Steel, reported net income of $2.7 million on net sales of $51.1 million for the quarter, and net income of $9.5 million on net sales of $133.4 million for the nine months ended June 30, 2008.
The $2.7 million net income compares to net income of $1.6 million for the three months ended June 30, 2007. The $51.1 million net sales compares to nets sales of $37.5 million for the three months ended June 30, 2007
“The third quarter of fiscal 2008 was similar to the third quarter of 2007 for sales volume and stronger for selling price and, therefore, net revenue and margin,” said John Scheel, ALJ’s CEO.
“Sales revenue for the nine-month period ended June 30 increased from $111,316,923 in 2007 to $133,396,838 in 2008. Income from operations for the nine-month period increased from $8,759,367 to $12,212,716 and the net income for the nine-month periods was $16,249,154 and $9,539,990 for 2007 and 2008, respectively. The 2007 net income included a one-time gain as a result of the repurchase of debt in conjunction with our new financing agreement,” added Scheel.
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 (MBQ Bar Flats), and special bar quality steel flats (SBQ Bar Flats).
