-----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, QhNCtTf9ClVufEbC3iq0ctiYFHniKdozpbJgwOd+LOF2kHREk8grHEIBBvK2HN49 yriMIm4sYu+b2OA5E8R6gA== 0000918160-99-000022.txt : 19990721 0000918160-99-000022.hdr.sgml : 19990721 ACCESSION NUMBER: 0000918160-99-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990715 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990720 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AK STEEL HOLDING CORP CENTRAL INDEX KEY: 0000918160 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 311401455 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-13696 FILM NUMBER: 99667195 BUSINESS ADDRESS: STREET 1: 703 CURTIS ST CITY: MIDDLETOWN STATE: OH ZIP: 45043 BUSINESS PHONE: 5134255000 MAIL ADDRESS: STREET 1: 703 CURTIS ST CITY: MIDDLETOWN STATE: OH ZIP: 45043 8-K 1 NONE SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report(Date of earliest event reported) July 15, 1999 ------------- AK STEEL HOLDING CORPORATION - --------------------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE File No. 1-13696 31-1401455 - --------------- ----------------------- ------------- (State or other (Commission file number) (IRS employer jurisdiction of identification incorporation) number) 703 Curtis Street, Middletown, Ohio 45043 - ---------------------------------------- --------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (513) 425-5000 ------------- Not Applicable - ------------------------------------------------------------------ (Former name or former address, if changed since last report) Item 5. Other Events. ------------ Filed herewith is a copy of a Press Release, dated July 15, 1999, issued by AK Steel Holding Corporation (the "Company")to announce its earnings for the three months ended June 30, 1999. Included in the Press Release are statements of income and earnings per share data for the three months ended June 30, 1999 and June 30, 1998 and the six months ended June 30, 1999 and June 30, 1998. All normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results of operations for the periods presented have been included. The nature of the Company's business is such that the results for any interim period are not necessarily indicative of the results for a full year. Also included in the Press Release is the Company's announcement that its Board of Directors authorized a dividend of $0.125 per share of Common Stock payable on August 25, 1999, to shareholders of record on July 26, 1999. Item 7. Exhibit. --------- (a) Financial Statements of business acquired: Not applicable. (b) Pro Forma financial information: Not applicable. (c) Exhibit: (1) Press Release, dated July 15, 1999 2 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 thereunto duly authorized. AK STEEL HOLDING CORPORATION /s/ Brenda S. Harmon -------------------------------------- Secretary Dated: July 15, 1999 3 AK STEEL HOLDING CORPORATION FORM 8-K CURRENT REPORT Exhibit Index ------------- Exhibit No. Description Page - ---------- ----------- ---- 1 Press Release, dated July 15, 1999 5 4 EX-1 2 EX-1 EXHIBIT 1 NEWS RELEASE AK STEEL REPORTS EARNINGS FOR SECOND QUARTER OF 1999 MIDDLETOWN, OH, July 15, 1999 -- AK Steel (NYSE: AKS) reported earnings of $7.9 million, or $0.13 per diluted share of common stock, for the second quarter of 1999. The results include an extraordinary charge of $12.0 million, net of tax, or $0.20 per diluted share, related to the refinancing of the company's $325 million 10-3/4% Senior Notes Due 2004. Excluding the extraordinary item, earnings were $19.9 million, or $0.33 per diluted share in the 1999 second quarter. Operating profit was $53.6 million, or $40 per ton for the quarter. Revenues for the 1999 second quarter were a record $682.6 million on record shipments of 1,345,000 tons. Shipments of value-added cold-rolled and coated products reached a record quarterly mark of 1,021,000 tons, or 76% of total shipments. Rockport Works Construction Completed "The continued ramp-up of Rockport Works is quickly helping AK Steel to enrich its product mix with additional value-added products," said Richard M. Wardrop, Jr., chairman and chief executive officer. "The very significant news from AK Steel's second quarter is that it marks the completion of construction with the early start-up of the continuous carbon pickling line in late June." Ground was broken for AK Steel's Rockport Works in February of 1997 and the first line began operating in June of 1998, three months ahead of schedule. Each major operating unit has begun operations about three months ahead of schedule. For the first six months of 1999, AK Steel earned $35.5 million, or $0.59 per diluted share of common stock after the extraordinary charge of $0.20 per share. First half revenues were $1.3 billion on shipments of 2.6 million tons. Operating profit was $101 million for the first half, or $39 per ton. Dividend Declared The company also said its board of directors declared a quarterly common stock dividend of $0.125 per share, payable on August 25, 1999, to shareholders of record on July 26, 1999. AK Steel produces flat-rolled steel for automotive, appliance, construction and manufacturing industries and employs about 5,800 people. Note to Editors: Previous earnings and other information about AK Steel company is available on the company's web site at www.aksteel.com. AK Steel Statement of Income & Earnings Per Share Data ($ Millions except per share data)
Three Months Ended Six Months Ended June 30, June 30, 1999 1998 1999 1998 ------------------ ---------------- Shipments (000 tons) 1,345 1,172 2,619 2,260 Net Sales $682.6 $612.0 $1,314.8 $1,200.2 Cost of Products Sold 562.5 503.0 1,084.0 986.6 Selling and Administrative 32.6 29.5 62.8 58.7 Expense Depreciation 33.9 21.2 67.1 42.4 ------ ------ -------- -------- Total Operating Costs 629.0 553.7 1,213.9 1,087.7 ------ ------ -------- -------- Operating Profit 53.6 58.3 100.9 112.5 Interest Expense 24.0 11.6 48.7 27.3 Other Income 2.4 6.0 5.6 12.9 ------ ------ -------- -------- Income Before Income Taxes 32.0 52.7 57.8 98.1 Income Tax Provision 12.1 19.3 10.3 36.3 ------ ------ -------- -------- Income Before Extraordinary 19.9 33.4 47.5 61.8 Item Extraordinary Item (12.0) -- (12.0) -- ------ ------ -------- -------- Net Income $ 7.9 $ 33.4 $ 35.5 $ 61.8 ------ ------ -------- -------- ------ ------ -------- -------- Earnings Per Share Data (Shares in 000's) - ----------------------- Basic Earnings Per Share: Income Before Extraordinary $ 0.33 $ 0.56 $ 0.80 $ 1.04 Item Extraordinary Item (0.20) -- (0.20) -- Net Income 0.13 0.56 0.60 1.04 Weighted Average Shares 59,476 59,246 59,325 59,585 Outstanding Diluted Earnings Per Share: Income Before Extraordinary $ 0.33 $ 0.56 $ 0.79 $ 1.03 Item Extraordinary Item (0.20) -- (0.20) -- Net Income 0.13 0.56 0.59 1.03 Weighted Average Shares 60,154 59,584 59,930 59,893 Outstanding 5
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