-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VkzLoHHy99tcaBStI0twq3xlKuPxyFSVWhFOEltqbKCyWDiG+UFy+jIZi4K0bNV7 WpWTIHtU8QeOqX9/lTeGPA== 0000950134-05-013969.txt : 20050726 0000950134-05-013969.hdr.sgml : 20050726 20050726060146 ACCESSION NUMBER: 0000950134-05-013969 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050726 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050726 DATE AS OF CHANGE: 20050726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAVERICK TUBE CORPORATION CENTRAL INDEX KEY: 0000869087 STANDARD INDUSTRIAL CLASSIFICATION: STEEL PIPE & TUBES [3317] IRS NUMBER: 431455766 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10651 FILM NUMBER: 05972710 BUSINESS ADDRESS: STREET 1: 16401 SWINGLEY RIDGE RD STREET 2: STE 700 CITY: CHESTERFIELD STATE: MO ZIP: 63017-1713 BUSINESS PHONE: 6367331600 MAIL ADDRESS: STREET 1: 16401 SWINGLEY RIDGE ROAD STREET 2: SUITE 700 CITY: CHESTERFIELD STATE: MO ZIP: 63017 8-K 1 c96991e8vk.txt CURRENT REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 26, 2005 MAVERICK TUBE CORPORATION (Exact Name of Registrant as Specified in Its Charter) Delaware 1-10651 43-1455766 (State or Other Jurisdiction of (Commission File (IRS Employer Incorporation) Number) Identification No.) 16401 Swingley Ridge Road, Suite 700, Chesterfield, Missouri 63017 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (636) 733-1600 N/A (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) SECTION 2 - FINANCIAL INFORMATION ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On July 26, 2005, Maverick Tube Corporation announced earnings for the second quarter ended June 30, 2005. A copy of the News Release issued by Maverick in connection with this report under Item 2.02 is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Maverick will also publish the News Release, including the supplemental information contained therein, on its website, www.mavericktube.com, under the heading "Investor Relations". Maverick will supply certain historical and financial information to certain analysts who cover Maverick's common stock during its second quarter 2005 earnings conference call on Tuesday, July 26, 2005, at 10:00 a.m. CT. The financial information is attached hereto as Exhibit 99.2 and is incorporated herein by reference. SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits
No. Description ----- ----------- 99.1 News Release dated July 26, 2005 of Maverick Tube Corporation announcing earnings for the second quarter ended June 30, 2005. 99.2 Certain historical and financial Information.
The information in Item 2.02 of this Current Report on Form 8-K, including the exhibits hereto, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 26, 2005 MAVERICK TUBE CORPORATION By: /s/ Joyce M. Schuldt ----------------------------------------- Joyce M. Schuldt Senior Vice President - Finance, Chief Financial Officer and Secretary EXHIBIT INDEX
Exhibit Number Description - ------- ----------- 99.1 News Release dated July 26, 2005 of Maverick Tube Corporation announcing earnings for the second quarter ended June 30, 2005. 99.2 Certain historical and financial Information.
EX-99.1 2 c96991exv99w1.txt NEWS RELEASE EXHIBIT 99.1 NEWS RELEASE [MAVERICK LOGO] For further information contact Richard Preckel, 636-733-1600 MAVERICK TUBE CORPORATION REPORTS SECOND QUARTER RESULTS ST. LOUIS, July 25, 2005 - Maverick Tube Corporation (NYSE:MVK) announced today its results for the quarter ended June 30, 2005. The Company reported net income for the second quarter of $38.7 million, or $0.89 per diluted share, compared to net income of $31.2 million, or $0.72 per diluted share, for the first quarter 2005. Income from continuing operations for the second quarter was $28.6 million, or $0.66 per diluted share, compared to $31.8 million, or $0.73 per diluted share, for the first quarter 2005. Net income for the second quarter of 2005 included a gain on the sale of the Company's hollow structural sections (HSS) business of $11.2 million, or $0.26 per diluted share, along with a loss from discontinued operations of $0.03 per diluted share. Net sales from continuing operations were $405.4 million for the second quarter compared to $417.1 million for the first quarter 2005. Sales of energy products recorded in the second quarter 2005 were $319.6 million compared to $333.6 million in the first quarter 2005, reflecting the normal seasonal slowdown in Canadian activity largely offset by robust U.S. and international activity. Canadian shipments declined by about 35,400 tons while other energy shipments increased about 22,700 tons, resulting in a net 5.3% decline compared to the first quarter 2005. The revenue effect of this decline was partially offset by higher selling prices. U.S. active rigs running increased 4.5% over the first quarter while the Canadian rig count declined 53.7% over the same period. Sales of industrial products recorded in the second quarter 2005 were $85.9 million compared to $83.5 million in the first quarter 2005. This 2.9% revenue increase is attributable to a 14% increase in shipments partially offset by lower average selling prices. C. Robert Bunch, the Company's Chairman and Chief Executive Officer, said, "We are pleased with the performance of our energy segment in the second quarter. Despite the anticipated reduction in Canadian activity due to Spring break up, energy gross margins improved over last quarter primarily due to higher selling prices and the anticipated reduction in steel costs flowing through cost of goods sold. Our industrial segment has not been as robust. Non-residential construction activity, which was expected to increase from 2004 levels, was actually down 9% through May. As a result, while industrial product pricing was in line with expectations, volumes were below our forecast. We remain hopeful that activity levels will improve in the second half of the year." Mr. Bunch continued, "We are pleased to report that Maverick made substantial strides towards a number of its strategic goals during the second quarter. We acquired Tubos del Caribe, S.A., a low cost supplier of quality premium OCTG and line pipe, which gives us a substantial presence in Latin American energy markets. In connection with this acquisition, we obtained a new revolving credit facility sufficient to help fund future growth. We have also commenced a program that should, when combined with our acquisition of TuboCaribe, more than double our capacity to manufacture premium alloy OCTG and line pipe for U.S. and Canadian market consumption by the end of this year. When completed, we estimate Maverick will have about 300,000 tons of alloy OCTG capacity available for the U.S. and Canadian markets, along with 20,000 tons of full body normalized line pipe capacity. We also increased our energy focus and created liquidity for our core business by successfully divesting our industrial HSS business. Finally, we are continuing our efforts to reduce expenses and operate as leanly and efficiently as possible." "We believe these initiatives will materially add to our foundation for future growth," Mr. Bunch continued, "especially when combined with the current positive trends in the markets affecting Maverick's businesses. Anticipated robust global drilling activity should drive continued heavy demand for all of our various energy products. In addition, steel costs have fallen significantly over the past several months and currently appear to be stabilizing at attractive levels. Assuming our selling prices remain strong, as we expect, we should see the margin expansion that began in the second quarter accelerate as the year progresses and into next year. All in all, we are extremely optimistic about the second half of this year and 2006." Maverick Tube Corporation is a St. Louis, Missouri, based manufacturer of tubular products in the energy industry for exploration, production, and transmission, as well as industrial tubing products (steel electrical conduit, HSS, standard pipe, pipe piling, and mechanical tubing) used in various applications. This news release may contain forward-looking information that is based on assumptions that are subject to numerous business risks, many of which are beyond the control of the Company. There is no assurance that such assumptions will prove to be accurate. Actual results may differ from these forward-looking statements due to numerous factors, including those described under "Risk Factors" and elsewhere in Maverick's Form 10-K for its year ended December 31, 2004. Any financial or statistical information presented during the call can be accessed by clicking on the Investor Relations page of Maverick's website, located at http://www.mavericktube.com. Such financial or statistical information may include any non-GAAP measures, the most directly comparable GAAP measures, and a reconciliation to GAAP results. - Table attached - MAVERICK TUBE CORPORATION Selected Consolidated Financial Data For the Second Quarter and Six Months Ended June 30, 2005 (In thousands, except rig count, tons shipped and per share data) (Unaudited)
QUARTER ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2005 2004 2005 2004 ----------------------------------------------------------- Net sales $ 405,440 $ 299,312 $ 822,511 $ 577,026 Cost of goods sold 338,510 197,329 685,849 413,764 ----------------------------------------------------------- Gross profit 66,930 101,983 136,662 163,262 Selling, general and administrative 19,576 18,309 36,815 34,809 Sales commissions 2,490 3,427 5,069 5,584 ----------------------------------------------------------- Income from operations 44,864 80,247 94,778 122,869 Interest expense 3,831 2,677 6,324 5,295 ----------------------------------------------------------- Income from continuing operations before income taxes and cumulative effect of accounting change 41,033 77,570 88,454 117,574 Provision for income taxes 12,427 29,702 28,086 44,496 ----------------------------------------------------------- Income from continuing operations before cumulative 28,606 47,868 60,368 73,078 effect of accounting change Income (loss) from operations of discontinued HSS business (net of tax) (1,129) 10,129 (1,676) 15,244 Gain on sale of HSS business (net of tax) 11,201 -- 11,201 -- ----------------------------------------------------------- Income before cumulative effect of accounting change 38,678 57,997 69,893 88,322 Cumulative effect of accounting change -- -- -- (1,584) ----------------------------------------------------------- Net income $ 38,678 $ 57,997 $ 69,893 $ 86,738 =========================================================== Diluted earnings per share Income from continuing operations $ 0.66 $ 1.12 $ 1.39 $ 1.72 Income from discontinued operations $ 0.23 $ 0.24 $ 0.22 $ 0.36 Loss from cumulative effect of accounting change -- -- -- ($ 0.04) Net income $ 0.89 $ 1.36 $ 1.61 $ 2.04 Average shares deemed outstanding 43,319,893 42,734,149 43,404,363 42,573,674 =========================================================== OTHER DATA: Depreciation and amortization $ 7,439 $ 6,833 $ 14,974 $ 13,109 Capital expenditures 16,912 6,088 30,238 11,659
JUNE 30, DECEMBER 31, 2005 2004 ------------ ------------ BALANCE SHEET DATA: Working capital $ 481,297 $ 471,083 Property, plant & equipment - net 254,832 211,534 Goodwill & intangibles 236,095 120,506 Total assets 1,192,601 1,002,437 Current maturities of long-term debt 44,152 3,298 Long-term revolving credit facility 151,027 54,660 Convertible debt 120,000 120,000 Other long-term debt (less current maturities) 2,278 2,981 Stockholders' equity 670,218 595,664
QUARTER ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2005 2004 2005 2004 ----------------------------------------- Average U.S. rig count (1) 1,336 1,164 1,308 1,141 Average Canadian rig count (1) 241 202 381 365 Average U.S. & Canadian workover rigs(1) 1,755 1,620 1,893 1,739 Latin America rig count (1) 326 290 319 282 International rig count (1) 916 837 896 817
(1) Source: Baker Hughes 7/25/05 EX-99.2 3 c96991exv99w2.txt CERTAIN HISTORICAL AND FINANCIAL INFORMATION . . . MAVERICK TUBE CORPORATION HISTORICAL INFORMATION
ENERGY: 03/31/05 06/30/05 09/30/05 12/31/05 Total ---------------------------------------------------------------------- ASSUMPTIONS: U.S. Domestic: Rig Count 1,279 1,336 -- -- 1,308 Import Market Share 37.26% 48.4% 0.00% 0.00% 43.09% Inventory Change 63,126 153,789 -- -- 216,915 Energy Net Selling Price $ 1,265.83 $ 1,262.72 $ -- $ -- $ 1,264.27 Total Cost/Ton $ 1,121.13 $ 1,086.84 $ -- $ -- $ 1,103.99 Canadian: Rig Count 521 241 -- -- 381 Total OCTG Shipments 322,181 148,235 -- -- 470,416 OCTG Import Market Share 45.41% 53.73% 0.00% 0.00% 48.55% OCTG Inventory Change 21,898 60,320 -- -- -- Energy Net Selling Price $ 1,371.30 $ 1,312.63 $ -- $ -- $ 1,341.96 Total Cost/Ton $ 1,135.40 $ 1,081.66 $ -- $ -- $ 1,108.53 Coiled Tubing: Coiled Tubing Net Selling Price $ 2,938.26 $ 3,310.04 $ -- $ -- $ 3,124.15 Total Cost/Ton $ 2,065.53 $ 2,383.44 $ -- $ -- $ 2,224.48 U.S. Domestic Shipments 137,654 156,921 -- -- 294,575 Revenues $ 174,246 $ 198,147 $ -- $ -- $ 372,393 Costs 154,329 170,549 -- -- 324,878 ---------------------------------------------------------------------- Gross Profit $ 19,918 $ 27,598 $ -- $ -- $ 47,516 Gross Profit Margin 11.43% 13.93% 0.00% 0.00% 12.76% Colombia Shipments -- 6,990 -- -- 6,990 Revenues $ -- $ 6,953 $ -- $ -- $ 6,953 Costs -- 5,776 -- -- 5,776 ---------------------------------------------------------------------- Gross Profit $ -- $ 1,177 $ -- $ -- $ 1,177 Gross Profit Margin 0.00% 16.93% 0.00% 0.00% 16.93% Canadian Shipments 86,037 50,680 -- -- 136,718 Revenues $ 117,984 $ 66,524 $ -- $ -- $ 184,508 Costs 97,687 54,819 -- -- 152,505 ---------------------------------------------------------------------- Gross Profit $ 20,297 $ 11,706 $ -- $ -- $ 32,003 Gross Profit Margin 17.20% 17.60% 0.00% 0.00% 17.34% Coiled Tubing Shipments 7,867 7,850 -- -- 15,717 Revenues $ 23,115 $ 25,984 $ -- $ -- $ 49,099 Costs 16,249 18,710 -- -- 34,959 ---------------------------------------------------------------------- Gross Profit Margin 6,866 7,274 -- -- 14,140 Gross Profit Margin Percentage 29.70% 27.99% 0.00% 0.00% 28.80%
Couplings: Revenues $ 16,261 $ 20,547 $ -- $ -- $ 36,808 Costs 10,205 13,907 -- -- 24,112 ---------------------------------------------------------------------- Gross Profit Margin 6,056 6,640 -- -- 12,696 Gross Profit Margin Percentage 37.24% 32.32% 0.00% 0.00% 34.49% Tolling Selling Volume 10,037 6,454 -- -- 16,492 Tolling Net Selling Price $ 197.56 $ 220.81 $ -- $ -- $ 206.66 Tolling Other Cost/Ton $ 166.81 $ 191.22 $ -- $ -- $ 179.02 Revenues $ 1,983 $ 1,425 $ -- $ -- $ 3,408 Costs 1,674 1,234 -- -- 2,909 ---------------------------------------------------------------------- Gross Profit $ 309 $ 191 $ -- $ -- $ 500 Gross Profit Margin 15.56% 13.40% 0.00% 0.00% 14.66% Total Energy Volume 241,596 228,896 -- -- 470,492 Total Energy Revenues $ 333,589 $ 319,580 $ -- $ -- $ 653,169 Total Energy Costs 280,144 264,995 -- -- 545,139 ---------------------------------------------------------------------- Total Gross Profit $ 53,445 $ 54,585 $ -- $ -- $ 108,030 Total Gross Profit Margin 16.02% 17.08% 0.00% 0.00% 16.54%
INDUSTRIAL PRODUCTS: 03/31/05 06/30/05 09/30/05 12/31/05 Total ---------------------------------------------------------------------- ASSUMPTIONS: U.S. Domestic: Industrial Products Net Selling Price $ 1,594.67 $ 1,586.30 $ -- $ -- $ 1,590.61 Total Cost/Ton $ 1,163.21 $ 1,219.46 $ -- $ -- $ 1,190.48 Canadian: Industrial Products Net Selling Price $ -- $ 1,181.64 $ -- $ -- $ 1,456.03 Total Cost/Ton $ -- $ 1,161.83 $ -- $ -- $ 1,433.19 U.S. Domestic Shipments 48,330 45,464 -- -- 93,793 Revenues $ 77,070 $ 72,119 $ -- $ -- $ 149,189 Costs 56,217 55,441 -- -- 111,659 ---------------------------------------------------------------------- Gross Profit $ 20,852 $ 16,678 $ -- $ -- $ 37,530 Gross Profit Margin 27.06% 23.13% 0.00% 0.00% 25.16% PCD: Revenues $ 6,269 $ 4,799 $ -- $ -- $ 11,068 Costs 5,345 4,351 -- -- 9,696 ---------------------------------------------------------------------- Gross Profit Margin $ 923 $ 448 $ -- $ -- $ 1,371 Gross Profit Margin Percentage 14.73% 9.34% 0.00% 0.00% 12.39% Canadian Shipments -- 530 -- -- 530 Revenues $ 146 $ 627 $ -- $ -- $ 772 Costs 144 616 -- -- 760 ---------------------------------------------------------------------- Gross Profit $ 2 $ 11 $ -- $ -- $ 12
Gross Profit Margin 1.11% 1.68% 0.00% 0.00% 1.57% Colombia Shipments -- 9,714 -- -- 9,714 Revenues $ -- $ 8,314 $ -- $ -- $ 8,314 Costs -- 7,923 -- -- 7,923 ---------------------------------------------------------------------- Gross Profit $ -- $ 391 $ -- $ -- $ 391 Gross Profit Margin 0.00% 4.71% 0.00% 0.00% 4.71% Total Industrial Products Volume 48,330 55,708 -- -- 104,037 Total Industrial Revenues $ 83,484 $ 85,858 $ -- $ -- $ 169,342 Total Industrial Costs 61,707 68,331 -- -- 130,038 ---------------------------------------------------------------------- Total Industrial Gross Profit $ 21,777 $ 17,528 $ -- $ -- $ 39,304 Total Industrial Gross Profit Margin 26.09% 20.41% 0.00% 0.00% 23.21%
03/31/05 06/30/05 09/30/05 12/31/05 Total ------------------------------------------------------------------------- Consolidated Volume 289,925 284,604 -- -- 574,529 Consolidated Net Sales $ 417,073 $ 405,439 $ -- $ -- $ 822,511 Consolidated Gross Profit 75,222 72,113 -- -- 147,335 Consolidated Gross Profit Margin 18.0% 17.8% 0.0% 0.0% 17.9% Depreciation - COGS 5,490 5,183 -- -- 10,673 Depreciation - SG&A 1,394 1,453 -- -- 2,847 Selling, General & Administrative 18,440 20,627 -- -- 39,067 Partial Trade Case Relief -- -- -- Interest Expense (Net) 2,476 3,816 -- -- 6,292 Income (Loss) Before Income Taxes 47,422 41,034 -- -- 88,456 Taxes 15,659 12,425 -- -- 28,084 Tax Effected Discontinued HSS Operations (548) 10,070 -- -- 9,522 ------------------------------------------------------------------------- Net Income $ 31,215 $ 38,679 $ -- $ -- $ 69,894 ========================================================================= EPS $ 0.72 $ 0.89 $ -- $ -- $ 1.61 ========================================================================= Fully Diluted Shares Outstanding 43,481,348 43,319,893 -- -- 43,404,363
ENERGY: 03/31/04 06/30/04 09/30/04 12/31/04 Total ---------------------------------------------------------------------- ASSUMPTIONS: U.S. Domestic: Rig Count 1,119 1,164 1,229 1,249 1,190 Import Market Share 30.41% 36.03% 36.44% 36.40% 34.98% Inventory Change 57,066 73,335 (1,852) (6,444) 122,105 Energy Net Selling Price $ 758.65 $ 1,030.11 $ 1,133.60 $ 1,239.77 $ 1,028.71 Total Cost/Ton $ 615.18 $ 715.85 $ 811.23 $ 1,081.83 $ 797.74
Canadian: Rig Count 528 202 326 420 369 Total OCTG Shipments 305,558 116,706 188,466 242,864 853,594 OCTG Import Market Share 30.32% 39.34% 35.72% 42.63% 36.47% OCTG Inventory Change 20,858 14,871 33,934 67,093 136,756 Energy Net Selling Price $ 840.99 $ 957.24 $ 1,154.29 $ 1,373.57 $ 1,081.39 Total Cost/Ton $ 620.81 $ 626.97 $ 693.03 $ 985.76 $ 741.96 Coiled Tubing: Coiled Tubing Net Selling Price $ 2,828.39 $ 2,795.89 $ 2,978.55 $ 4,529.54 $ 3,137.16 Total Cost/Ton $ 1,956.44 $ 1,852.09 $ 2,385.53 $ 2,590.68 $ 2,143.91 U.S. Domestic Shipments 159,184 127,204 142,149 132,208 560,745 Revenues $ 120,764 $ 131,035 $ 161,141 $ 163,907 $ 576,846 Costs 97,927 91,059 115,316 143,026 447,328 ------------------------------------------------------------------------- Gross Profit $ 22,837 $ 39,976 $ 45,825 $ 20,880 $ 129,519 Gross Profit Margin 18.91% 30.51% 28.44% 12.74% 22.45% Canadian Shipments 88,670 39,533 60,080 74,764 263,047 Revenues $ 74,571 $ 37,842 $ 69,350 $ 102,694 $ 284,456 Costs 55,047 24,786 41,637 73,700 195,170 ------------------------------------------------------------------------- Gross Profit $ 19,523 $ 13,056 $ 27,713 $ 28,994 $ 89,286 Gross Profit Margin 26.18% 34.50% 39.96% 28.23% 31.39% Coiled Tubing Shipments 4,660 4,778 4,386 2,704 16,528 Revenues $ 13,181 $ 13,358 $ 13,064 $ 12,248 $ 51,850 Costs 9,117 8,848 10,463 7,005 35,434 ------------------------------------------------------------------------- Gross Profit Margin 4,063 4,509 2,601 5,243 16,416 Gross Profit Margin Percentage 30.83% 33.76% 19.91% 42.80% 31.66% Couplings: Revenues $ -- $ 9,197 $ 12,262 $ 15,950 $ 37,408 Costs -- 9,265 11,143 14,090 34,498 ------------------------------------------------------------------------- Gross Profit Margin -- (69) 1,119 1,860 2,910 Gross Profit Margin Percentage 0.00% -0.75% 9.13% 11.66% 7.78% Tolling Selling Volume 7,928 4,225 3,020 5,991 21,164 Tolling Net Selling Price $ 185.09 $ 176.44 $ 196.21 $ 178.17 $ 182.99 Tolling Other Cost/Ton $ 156.12 $ 155.05 $ 155.08 $ 141.44 $ 151.65 Revenues $ 1,467 $ 745 $ 593 $ 1,067 $ 3,873 Costs 1,238 655 468 847 3,210 ------------------------------------------------------------------------- Gross Profit $ 230 $ 90 $ 124 $ 220 $ 663
Gross Profit Margin 15.65% 12.12% 20.96% 20.62% 17.13% Total Energy Volume 260,443 175,739 209,635 215,667 861,484 Total Energy Revenues $ 209,983 $ 192,176 $ 256,410 $ 295,865 $ 954,434 Total Energy Costs 163,329 134,613 179,027 238,669 715,639 ------------------------------------------------------------------------- Total Gross Profit $ 46,654 $ 57,563 $ 77,383 $ 57,197 $ 238,795 Total Gross Profit Margin 22.22% 29.95% 30.18% 19.33% 25.02%
INDUSTRIAL PRODUCTS: 03/31/04 06/30/04 09/30/04 12/31/04 Total ---------------------------------------------------------------------- ASSUMPTIONS: U.S. Domestic: Industrial Products Net Selling Price $ 953.40 $ 1,525.48 $ 1,859.73 $ 1,925.70 $ 1,482.49 Total Cost/Ton $ 678.65 $ 796.12 $ 916.34 $ 1,067.86 $ 828.00 Canadian: Industrial Products Net Selling Price $ -- $ 1,057.04 $ 730.15 -- $ 1,114.59 Total Cost/Ton $ -- $ 606.39 $ 468.40 -- $ 656.52 U.S. Domestic Shipments 70,894 66,844 52,029 33,865 223,632 Revenues $ 67,590 $ 101,968 $ 96,760 $ 65,214 $ 331,533 Costs 48,112 53,216 47,676 36,163 185,167 ---------------------------------------------------------------------- Gross Profit $ 19,478 $ 48,753 $ 49,084 $ 29,051 $ 146,366 Gross Profit Margin 28.82% 47.81% 50.73% 44.55% 44.15% PCD: Revenues $ -- $ 4,442 $ 5,705 $ 6,021 $ 16,168 Costs -- 3,678 5,100 5,218 13,996 ---------------------------------------------------------------------- Gross Profit Margin $ -- $ 764 $ 604 $ 803 $ 2,171 Gross Profit Margin Percentage 0.00% 17.19% 10.59% 13.34% 13.43% Canadian Shipments -- 685 753 -- 1,438 Revenues $ 140 $ 724 $ 550 $ 189 $ 1,602 Costs 59 415 353 117 944 ---------------------------------------------------------------------- Gross Profit $ 81 $ 309 $ 197 $ 72 $ 659 Gross Profit Margin 57.99% 42.63% 35.85% 37.99% 41.10% Colombia Shipments -- -- -- -- -- Revenues $ -- $ -- $ -- $ -- $ -- Costs -- -- -- -- -- ---------------------------------------------------------------------- Gross Profit $ -- $ -- $ -- $ -- $ -- Gross Profit Margin 0.00% 0.00% 0.00% 0.00% 0.00% Total Industrial Products Volume 70,894 67,528 52,782 33,865 225,070 Total Industrial Revenues $ 67,730 $ 107,134 $ 103,015 $ 71,424 $ 349,303 Total Industrial Costs 48,171 57,309 53,130 41,498 200,107 ----------------------------------------------------------------------
Total Industrial Gross Profit $ 19,559 $ 49,825 $ 49,885 $ 29,926 $ 149,195 Total Industrial Gross Profit Margin 28.88% 46.51% 48.43% 41.90% 42.71%
03/31/04 06/30/04 09/30/04 12/31/04 Total ------------------------------------------------------------------------------ Consolidated Volume 331,337 243,267 262,418 249,532 1,086,554 Consolidated Net Sales $ 277,714 $ 299,310 $ 359,424 $ 367,289 $ 1,303,742 Consolidated Gross Profit 66,213 107,386 127,266 87,122 387,994 Consolidated Gross Profit Margin 23.8% 35.9% 35.4% 23.7% 29.8% Start-Up -- -- -- -- -- Depreciation - COGS 4,935 5,405 5,338 5,748 21,426 Depreciation - SG&A 1,342 1,428 1,533 1,649 5,952 Selling, General & Administrative 17,314 20,309 19,555 21,195 78,375 Partial Trade Case Relief -- -- (740) (2,893) (3,633) Interest Expense (Net) 2,618 2,677 2,076 3,003 10,374 Income (Loss) Before Income Taxes 40,004 77,566 98,763 55,526 271,867 Taxes 14,794 29,702 37,861 21,312 103,669 Tax Effected Discontinued HSS Operations 5,114 10,130 6,888 1,417 23,549 Tax Effected Cumulative Effect of application of FIN 46 (1,584) -- -- -- (1,584) ------------------------------------------------------------------------------ Net Income $ 28,740 $ 57,994 $ 68,531 $ 38,525 $ 193,796 ============================================================================== EPS $ 0.68 $ 1.36 $ 1.60 $ 0.90 $ 4.53 ============================================================================== Fully Diluted Shares Outstanding 42,413,198 42,734,149 42,872,304 42,994,072 42,751,303
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