This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Olympic Steel Reports 2012 Fourth-Quarter And Full-Year Financial Results

CLEVELAND, Feb. 21, 2013 (GLOBE NEWSWIRE) -- Olympic Steel, Inc. (Nasdaq:ZEUS), a national metals service center, today announced financial results for the fourth quarter and full year ended Dec. 31, 2012.

Net sales for the 2012 fourth quarter totaled $291.7 million, an 8.8% decrease from the fourth-quarter record of $319.9 million reported in last year's comparable period. For the full year, net sales reached a record $1.4 billion, a 9.7% increase from the Company's previous record of $1.3 billion achieved in 2011.

As a result of its goodwill impairment test conducted in the fourth quarter of 2012, the Company has determined that approximately $6.6 million of goodwill related to its flat products Southern region was impaired. The goodwill impairment charge has been recorded as a non-cash expense for periods ended Dec. 31, 2012. Inclusive of the charge, the Company reported a fourth quarter net loss of $10.1 million, or $0.92 per diluted share, compared with net income of $0.6 million, or $0.05 per diluted share, in the fourth quarter of 2011.

For the full year, including the aforementioned non-cash goodwill charge, net income totaled $2.3 million, or $0.21 per diluted share, compared with net income of $25.0 million, or $2.28 per diluted share, in 2011.

Chairman and Chief Executive Officer Michael D. Siegal commented, "During 2012, we made significant progress on a variety of growth and development initiatives. We successfully ramped up several new facilities and completed major capital projects to enhance future profitability. However, the year ended with a disappointing quarter as steel demand and pricing declined in tandem with mounting political and fiscal uncertainty—masking much of our operational headway.

"Entering 2013, we are encouraged by recovering demand for steel products," Siegal continued. "Now, the vast majority of cash outlays associated with the multi-year capital expansion projects are behind us and our focus is on harnessing their potential to increase earnings and cash flow."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs