California Steel Industries Posts Improved Q1 Results
04/21/2010 - California Steel Industries reports sales revenues of $232.7 million for the period ended March 31, 2010, compared to $147.1 million for the year-ago first quarter. Net income for the period is $10.4 million, an improvement from last year's net loss of $15.3 million in the first quarter.
California Steel Industries, Inc. reported sales revenues of $232.7 million for the period ended March 31, 2010, compared to $147.1 million for the year-ago first quarter. Sales are also 52% higher than fourth quarter 2009 results of $153.6 million.
Net income for the period is $10.4 million, an improvement from last year's net loss of $15.3 million in the first quarter and net loss of $2.3 million in the fourth quarter.
Sales volume is 326,880 net tons, more than doubling the 156,884 net tons from first quarter 2009, and 47% higher than fourth quarter 2009.
EBITDA, as adjusted, for the quarter is $24.8 million, 22% higher than first quarter 2009 results of $20.4 million, and almost triple the $9.1 million for fourth quarter 2009.
"We can report these positive results today as confirmation of the steps California Steel Industries has taken over the course of last year to build the strength of our company," said Vicente Wright, President and Chief Executive Officer. "Our employees, our business model, our customers and vendors, our dedication to customer service, our quality and our delivery performance all combine to give California Steel Industries the competitive structure to succeed in this new economic environment."
There is no outstanding balance under the company's Revolving Credit Agreement as of March 31, 2010, with availability of over $108 million. The company has a balance of cash and cash equivalents of $55.2 million.
California Steel Industries is the leading producer of flat-rolled steel products in the western United States based on tonnage billed, with a broad range of products, including hot rolled, cold rolled, electric resistant weld pipe, and galvanized coil and sheet. Located near Fontana, Calif., the company has about 900 employees.
