This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Olympic Steel Reports 2013 Second-Quarter And First-Half Financial Results

Stocks in this article: ZEUS

Strong Cash Flow Reduces Outstanding Debt

Board Declares Regular Quarterly Cash Dividend

CLEVELAND, Aug. 9, 2013 (GLOBE NEWSWIRE) -- Olympic Steel, Inc.,(Nasdaq:ZEUS), a national metals service center, today announced financial results for the second quarter and six months ended June 30, 2013.

Net sales for the 2013 second quarter totaled $330.8 million, a 10.0% decrease from the $367.4 million reported in last year's comparable period. For the six months, net sales declined 10.7% to $668.9 million, compared with $749.4 million in the first half of 2012.

For the second quarter, net income totaled $2.5 million, or $0.23 per diluted share, versus net income of $4.5 million, or $0.41 per diluted share, in 2012's comparable quarter. Net income was $7.7 million, or $0.69 per diluted share, for the first half of this year, compared with $10.8 million, or $0.98 per diluted share, in last year's first half. For the first half of 2013, LIFO income increased earnings by $0.13 per basic and diluted share.

Chairman and Chief Executive Officer Michael D. Siegal commented, "The first half of 2013 was characterized by lower sales volume and average selling prices compared with last year. However, despite the external headwinds, Olympic Steel successfully improved consolidated gross margin, lowered inventory levels and generated strong free cash flow. A portion of the excess cash has been used to reduce debt by more than $34 million since the beginning of this year.

"In addition," he continued, "our capital expenditures were only 38% of our first-half budget, coming in at $3.8 million, which reinforces our commitment to spending less than our annual depreciation. Operating expenses were flat, albeit up as a percentage of sales, compared with last year's first half. We reduced variable expenses, offsetting higher fixed depreciation and occupancy costs related to our growth initiatives.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,888.10 +83.30 0.47%
S&P 500 2,070.45 -0.20 -0.01%
NASDAQ 4,768.4630 +3.0830 0.06%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs