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CLEVELAND, Feb. 27, 2014 (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, 2013.
Fourth-quarter 2013 net sales were $290.5 million, down less than 1% from the $291.7 million reported for the same quarter last year. Full-year net sales declined 8.7% to $1.3 billion in 2013, down from Olympic Steel's all-time record high of $1.4 billion in 2012.
The Company reported a fourth-quarter net loss of $1.4 million, or $0.12 per diluted share, compared with a net loss of $10.1 million, or $0.92 per diluted share in the fourth quarter of 2012. Results in the prior year fourth quarter were negatively impacted by a $6.6 million goodwill impairment charge in the flat products segment.
For the full year, net income increased to $7.6 million, or $0.69 per diluted share in 2013, compared with $2.3 million, or $0.21 per diluted share last year. Results reported for 2013 included $3.6 million of LIFO income associated with the tubular and pipe products segment. This was comprised of the previously disclosed $1.9 million out-of-period adjustment recorded in the first quarter of 2013 to recognize 2012 inventory valuation changes, and an additional $1.7 million related to valuation changes in 2013.
"As expected, cashflow from operating activities rose sharply—nearly doubling to $55 million in 2013," said Chairman and Chief Executive Officer Michael D. Siegal. "This reflects inventory and other working capital improvements and allowed us to strengthen our balance sheet by further reducing debt. We also lowered costs during the year, while aligning our management and operating teams to support strategic growth.
"The next phase of our mission has already begun. Olympic Steel's geographic reach and processing and distribution capabilities are better than ever. We are now focused on execution, enhancing operational excellence and increasing sales volumes to drive more profit to the bottom line."