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Universal Stainless Reports First Quarter 2013 Results In Line With Company Guidance

Stocks in this article: USAP

- Sales are $49.1 Million; EPS is $0.01

- Quarter-end Backlog is $46.6 Million

BRIDGEVILLE, Pa., May 1, 2013 (GLOBE NEWSWIRE) -- Universal Stainless & Alloy Products, Inc. (Nasdaq:USAP) today reported first quarter 2013 results in line with its recent guidance. Sales for the first quarter of 2013 were $49.1 million compared with $74.6 million in the first quarter of 2012.

Operating income for the first quarter of 2013 was $0.2 million compared with $9.7 million in the first quarter of 2012. Net income for the first quarter of 2013 was $0.04 million, or $0.01 per diluted share, compared with net income of $6.3 million, or $0.86 per diluted share, in the first quarter of 2012.

On April 25, 2013, the Company reported that it expected first quarter 2013 revenues to approximate $49 million and operating income and net income to be at break-even levels.

The Company had positive cash flow from operations of $4.4 million for the first quarter of 2013, compared with a use of cash of $3.8 million in the first quarter of 2012. Capital expenditures in the first quarter of 2013 were $3.6 million. At March 31, 2013, the Company had total debt of $104.7 million, or 34.5% of total capitalization, compared with $106.7 million, or 35.0% of total capitalization, at year-end 2012.

Shipment volume for the first quarter of 2013 decreased 31% from the first quarter of 2012 but increased 8% from the 2012 fourth quarter. The sequential improvement reflected increased tons shipped to most major end markets, with shipments to aerospace up 5%, power generation up 17%, heavy equipment up 27%, and general industrial market up 124%, offset by 23% lower shipments to the oil and gas market, all in comparison to the fourth quarter of 2012.

Chairman, President and CEO Dennis Oates commented: "Our sales, shipment volume and order entry demonstrated sequential improvement in the first quarter of 2013, but they were well below their record levels in the first quarter last year. Demand recovery in most of our end markets is proceeding slowly. Customers within the supply channel continued to closely manage their inventory levels, and inventory correction by customers also continued in the quarter. Lower value shipment mix in a competitive marketplace further affected our performance.

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