California Steel Reports 1st Quarter Results
04/17/2008 - California Steel Industries reports net income of $9.6 million on sales revenues of $369.2 million for its first quarter ended March 31, 2008.
California Steel Industries reported net income of $9.6 million on sales revenues of $369.2 million for the first quarter ended March 31, 2008.
Net income of $9.6 million reflects a significant improvement over net income of $1.3 million for the same period last year. Net sales revenues of $369.2 million are 17% higher than net sales revenues of $314.7 million for the first quarter 2007.
EBITDA for the quarter was $26.6 million, more than double first-quarter 2007's EBITDA of $12.7 million.
"First quarter 2008 was a good recovery from our results of fourth quarter 2007," said Masakazu Kurushima, President and CEO. "Shipment levels improved, and the average selling price increased about 10%," he continued.
Comparing first quarter 2008 results to fourth quarter 2007, net sales were 24% higher than last year's net sales of $297.0 million. Shipments were 13% higher, up from 413,143 tons. Tonnage sold was 7% higher compared to the first quarter of 2007.
There is no outstanding balance under the company's Revolving Credit Agreement as of March 31, 2008, with availability of over $109.2 million. The company has a balance of cash and cash equivalents of $58.8 million as of March 31, 2008.
California Steel Industries is the leading producer of flat-rolled steel products in the western United States (defined as the 11 states located west of the Rocky Mountains) based on tonnage billed. Its broad range of products includes hot rolled, cold rolled, electric resistant weld pipe and galvanized coil and sheet. Located near Fontana, Calif., the company has about 1000 employees.
