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Universal Stainless Reports Second Quarter 2013 Results

Stocks in this article: USAP

BRIDGEVILLE, Pa., July 31, 2013 (GLOBE NEWSWIRE) -- Universal Stainless & Alloy Products, Inc. (Nasdaq:USAP) today reported that net sales for the second quarter of 2013 were $42.9 million compared with $67.9 million in the second quarter of 2012 and $49.1 million in the first quarter of 2013, primarily due to lower shipment volumes.

Compared with the first quarter of 2013, tons shipped to the aerospace market remained level, while tons shipped to the power generation, oil and gas, and heavy equipment markets were lower by 8%, 19%, and 5%, respectively, reflecting weaker demand in those end markets.

Operating income for the second quarter of 2013 was $0.4 million compared with $7.3 million in the second quarter of 2012 and $0.2 million in the first quarter of 2013. The Company's second quarter 2013 operating income was negatively impacted by a severance charge of $0.4 million related to the departure of a senior executive.

Net income for the second quarter of 2013 was $0.5 million, or $0.06 per diluted share, compared with $4.5 million, or $0.62 per diluted share, in the second quarter of 2012, and $0.04 million, or $0.01 per diluted share, in the first quarter of 2013. The Company's first and second quarter 2013 results were favorably impacted by tax benefits of $0.6 million and $0.8 million, respectively, as a result of favorable state tax apportionment factors as well as research and development tax credits. The tax benefit in the second quarter of 2013 represented approximately $0.11 per diluted share, which favorably impacted the Company's second quarter net income.

For the first six months of 2013, net sales were $92.0 million and net income was $0.5 million, or $0.06 per diluted share. That compares with net sales of $142.5 million and net income of $10.8 million, or $1.48 per diluted share, in the first six months of 2012. Shipment volume for the first six months of 2013 decreased 33% from the first six months of 2012.

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