Universal Stainless & Alloy Products, Inc. is correcting the results for the third quarter of 2012 previously reported on 24 October 2012. This was necessitated by the discovery of an incorrect customer invoice, for which a credit memo has now been issued.

The effect of this correction is that previously reported sales for the third quarter of 2012 were reduced by $0.9 million to $61.4 million from the $62.3 million originally reported. Accordingly, corrected operating income for the third quarter of 2012 is $4.7 million and corrected net income is $2.7 million.

Related adjustments also have been made in the segment report for the company’s Universal Stainless & Alloy Products segment as well as in accounts receivable and other items on the balance sheet and cash flow statements.

"We are disappointed that this adjustment was necessary and we have taken immediate action to prevent this from happening again," commented company president and CEO Dennis Oates.