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ALJ Announces Results for Fiscal Year 2010
01/03/2011 - ALJ Regional Holdings, Inc., the parent company of Kentucky Electric Steel, posted net income of $472,000 on net sales of $32.37 million for the fourth quarter, and net income of $5.69 million on net sales of $112.83 million for the fiscal year ended September 30, 2010.
ALJ Regional Holdings, Inc., the parent company of Kentucky Electric Steel, posted net income of $472,000 on net sales of $32.37 million for the fourth quarter, and net income of $5.69 million on net sales of $112.83 million for the fiscal year ended September 30, 2010.
The $472,000 net income ($0.01 per share) compares to net income of $1.118 million ($0.02 per share) for the year-ago fourth quarter. Net sales of $32.37 million compare to net sales of $24.40 million for the year-ago fourth quarter.
The full-year net income of $5.69 million ($0.11 per share) compares to net income of $53,161 ($0.00 per share) for the fiscal year ended September 30, 2009. Full-year net sales of $112.83 million compare to net sales of $110.08 million in fiscal 2009.
“2010 was a recovery year compared to the breakeven year of 2009,” commented John Scheel, ALJ’s Chief Executive Officer. “In fact, we utilized an improved cash position at KES to refinance our working capital line of credit on more favorable terms which, in turn, allowed us to continue our efforts to retire corporate debt.”
ALJ is the parent of Kentucky Electric Steel, a steel minimill near Ashland, Ky. Kentucky Electric Steel produces steel bar flats as both merchant bar quality flats (MBQ Bar Flats) and special bar quality flats (SBQ Bar Flats).
