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Esmark Issues 2nd Quarter Earnings Guidance
06/13/2008 - Esmark is expecting second-quarter net earnings to be in the range of $.35 to $.45 per diluted share, significantly better than the $.40 loss per share that it reported in the first quarter of 2008.
Esmark Inc. said that it expects second-quarter net earnings to be in the range of $.35 to $.45 per diluted share, significantly better than the $.40 loss per share that it reported in the first quarter of 2008. The company based its projections on current expectations for production and shipments for the balance of the quarter.
"As projected in our earnings call comments on June 10, I am pleased to provide positive earnings per share guidance for the second quarter,” said Esmark Chairman and CEO, James P. Bouchard. “While continued strength in the domestic flat rolled market provides the underpinnings for this expected performance, it is really about the exceptional improvement in our Mill Operations segment and the increasing contribution by our Downstream Operations segment. Clearly we are now poised to capitalize on these exceptional market conditions.”
The company also noted that it has been notified by NASDAQ that its filing delinquencies have been remedied and the delisting proceedings which NASDAQ had initiated are considered moot and will not proceed.
“We are also pleased that NASDAQ took immediate action to halt the delisting proceedings following the filing of our first quarter Form 10-Q with the SEC,” commented Bouchard. “Our filings were delayed principally due to the complexity of the accounting related to the Wheeling-Pittsburgh merger transaction consummated on November 27, 2007. We are taking appropriate steps to ensure future compliance.”
