-----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, GvEElX4LqswAouMF8YVZCVIU5za/y9l9wiHLDx6btmUKG+xuXX9Fc2qpNw367XcN x9SThfkAGTqSlMyDKLzF+g== 0000950152-05-003669.txt : 20050428 0000950152-05-003669.hdr.sgml : 20050428 20050428161256 ACCESSION NUMBER: 0000950152-05-003669 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050428 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050428 DATE AS OF CHANGE: 20050428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OLYMPIC STEEL INC CENTRAL INDEX KEY: 0000917470 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-METALS SERVICE CENTERS & OFFICES [5051] IRS NUMBER: 341245650 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23320 FILM NUMBER: 05780809 BUSINESS ADDRESS: STREET 1: 5080 RICHMOND RD CITY: BEDFORD HEIGHTS STATE: OH ZIP: 44146 BUSINESS PHONE: 2162923800 MAIL ADDRESS: STREET 1: 5096 RICHMOND RD CITY: BEDFORD HEIGHTS STATE: OH ZIP: 44146 8-K 1 l13609ae8vk.txt OLYMPIC STEEL, INC. FORM 8-K =============================================================================== 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) - April 28, 2005 -------------- Commission File Number 0-23320 OLYMPIC STEEL, INC. (Exact name of registrant as specified in its charter) Ohio 34-1245650 ------------------------------- ---------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 5096 Richmond Road, Bedford Heights, Ohio 44146 ----------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (216) 292-3800 -------------- Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under and of the following provisions: [ ] 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 under the Exchange Act (17 CFR 240.13e-4(c)) =============================================================================== ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On April 28, 2005, Olympic Steel, Inc. reported its operating results for the fiscal quarter ended March 31, 2005. The Press Release is attached hereto as Exhibit 99.1. The information, including EXHIBIT 99.1 is furnished pursuant to Item 2.02, is not to be considered "filed" under the Securities Exchange Act of 1934, as amended ("Exchange Act"), and shall not be incorporated by reference into any of Olympic Steel, Inc.'s previous or future filings under the Securities Act of 1933, as amended, or the Exchange Act except as otherwise expressly stated in such filing. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits. EXHIBIT NO. ----------- 99.1 Press release of the Company dated April 28, 2005. 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. OLYMPIC STEEL, INC. Date: April 28, 2005 By: /s/ RICHARD T. MARABITO ------------------------ Richard T. Marabito Chief Financial Officer (Principal Accounting Officer) 2 EXHIBIT INDEX 99.1 Press Release dated April 28, 2005. 3 EX-99.1 2 l13609aexv99w1.txt EX-99.1 PRESS RELEASE Exhibit 99.1 NEWS CONTACT: RICHARD T. MARABITO RELEASE CHIEF FINANCIAL OFFICER TELEPHONE: (216) 292-3800 FAX: (216) 292-3974 OLYMPIC STEEL REPORTS RECORD REVENUES FOR FIRST QUARTER OF 2005 Cleveland, Ohio -- (April 28, 2005) Olympic Steel, Inc., (Nasdaq: ZEUS), a national steel service center, today announced record sales revenue for the first quarter ended March 31, 2005. Net sales for the first quarter of 2005 increased 52.1% to a record $284.6 million from $187.0 million for the first quarter a year ago. Tons sold decreased 6.6% to 360 thousand from 385 thousand in the first quarter of 2004. First quarter 2005 net income totaled $9.6 million, or $0.92 per diluted share, compared to net income of $10.8 million, or $1.09 per diluted share for last year's first quarter. "We are pleased to announce that during the first quarter of 2005, our sales revenue was the highest for any quarter in our history. This reflects high average selling prices and good volume," stated Michael D. Siegal, Chairman and Chief Executive Officer. "Inventories remain higher than expected, particularly at other service centers. Demand remains good in most markets, with the exception of the domestic automotive sector and service centers. We believe these factors will make spot market pricing more competitive, decreasing gross margins in the near term. Olympic will remain focused on our receivable and inventory turnover and expense controls to mitigate some of these industry dynamics. Additionally, we continue investing in high value-added services by adding two new laser-cutting machines in the first quarter and plan to add others this year to service our customers' growing outsourcing requirements," concluded Mr. Siegal. Founded in 1954, Olympic Steel is a leading U.S. steel service center focused on the direct sale and distribution of large volumes of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel products. Headquartered in Cleveland, Ohio, the Company operates 12 facilities and participates in two joint ventures. For further information, visit the Company's web site at http://www.olysteel.com. It is the Company's policy not to make quarterly or annual sales or earnings projections for external use and not to endorse any analyst's sales or earnings estimates. Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. PAGE 1 OF 4 Such risks and uncertainties include, but are not limited to: general and global business, economic and political conditions; competitive factors such as the availability and pricing of steel, industry inventory levels, and rapid fluctuations in customer demand and pricing; the cyclicality and volatility within the steel industry; the ability of customers (especially in the automotive industry) to maintain their credit availability; layoffs or work stoppages by the Company's suppliers' or customers' personnel; equipment installation delays or malfunctions; the successes of the Company's efforts and initiatives to increase sales volumes, improve cash flows and reduce debt, maintain or improve inventory turns, and reduce costs; the successes of the Company's joint ventures; the adequacy of our information technology and business system software; and customer, supplier, and competitor consolidation or insolvency. Please refer to the Company's Securities and Exchange Commission filings for further information. PAGE 2 OF 4 OLYMPICSTEEL SELECTED FINANCIAL INFORMATION (in thousands, except per share data and ratios)
THREE MONTHS ENDED MARCH 31, ------------------------- 2005 2004 --------- -------- SUMMARY RESULTS OF OPERATIONS: (unaudited) - ------------------------------ Net sales $ 284,558 $ 187,033 Operating income 16,833 18,835 Income before income taxes 15,768 17,495 --------- -------- Net income $ 9,619 $ 10,847 ========= ========= Earnings per share: Net income per share - basic $ 0.95 $ 1.12 Net income per share - diluted $ 0.92 $ 1.09
MARCH 31, ------------------------ DECEMBER 31, 2005 2004 2004 --------- -------- ------------ SUMMARY BALANCE SHEET DATA: (unaudited) - --------------------------- Accounts receivable, net $ 127,511 $ 82,319 $ 93,336 Inventories 181,159 94,739 186,124 Net property and equipment 81,970 87,787 83,571 Total assets 403,985 278,056 374,146 Current liabilities 90,587 51,562 95,688 Total debt 119,921 100,006 96,022 Shareholders' equity 187,743 123,266 176,525 Shareholders' equity per share 18.51 12.77 17.58 Debt-to-equity ratio .64 to 1 .81 to 1 .54 to 1
THREE MONTHS ENDED MARCH 31, ------------------------ 2005 2004 --------- -------- OTHER DATA: (unaudited) - ----------- Capital expenditures $ 417 $ 107 EBITDA (a) 18,851 21,206
(a) Defined as operating income plus depreciation plus, in 2004, an asset impairment charge. IT IS THE COMPANY'S POLICY NOT TO MAKE QUARTERLY OR ANNUAL SALES OR EARNINGS PROJECTIONS FOR EXTERNAL USE AND NOT TO ENDORSE ANY ANALYST'S SALES OR EARNINGS ESTIMATES. PAGE 3 OF 4 OLYMPICSTEEL RESULTS OF OPERATIONS (in thousands, except per share and tonnage data)
THREE MONTHS ENDED MARCH 31, -------------------------------------------- 2005 2004 ---------------- ----------------- (unaudited) Tons sold Direct 313,888 330,095 Toll 45,965 55,049 -------- -------- 359,853 385,144 % change (6.6%) 43.2% Net sales $284,558 $187,033 % change 52.1% 62.8% Cost of materials sold 235,135 133,546 -------- -------- Gross profit 49,423 17.4% 53,487 28.6% Operating expenses Warehouse and processing 10,628 3.7% 10,884 5.8% Administrative and general 9,273 3.3% 9,677 5.2% Distribution 5,135 1.8% 5,071 2.7% Selling 4,037 1.4% 5,316 2.8% Occupancy 1,499 0.5% 1,333 0.7% Depreciation 2,018 0.7% 2,071 1.1% Asset impairment charge - 0.0% 300 0.2% -------- -------- Total operating expenses 32,590 11.5% 34,652 18.5% -------- -------- Operating income 16,833 5.9% 18,835 10.1% Income from joint ventures 243 78 -------- -------- Income before financing costs and income taxes 17,076 18,913 Interest and other expense on debt 1,308 0.5% 1,418 0.8% -------- -------- Income before income taxes 15,768 5.5% 17,495 9.4% Income tax provision 6,149 39.0% 6,648 38.0% -------- -------- Net income $ 9,619 $ 10,847 ======== ======== Earnings per share: Net income per share - basic $ 0.95 $ 1.12 ======== ======== Weighted average shares outstanding - basic 10,080 9,675 ======== ======== Net income per share - diluted $ 0.92 $ 1.09 ======== ======== Weighted average shares outstanding - diluted 10,455 9,959 ======== ========
IT IS THE COMPANY'S POLICY NOT TO MAKE QUARTERLY OR ANNUAL SALES OR EARNINGS PROJECTIONS FOR EXTERNAL USE AND NOT TO ENDORSE ANY ANALYST'S SALES OR EARNINGS ESTIMATES. PAGE 4 OF 4 -----END PRIVACY-ENHANCED MESSAGE-----