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Metalico Reports Record Year
Thursday March 13, 7:35 am ET
Gains in Revenue, Operating Income, Net Income, EBITDA, Earnings per Share
CRANFORD, NJ--(MARKET WIRE)--Mar 13, 2008 -- Metalico, Inc. (AMEX:MEA - News) today reported its best year ever, with increases in revenues, operating income and net income for 2007 compared to 2006.
HIGHLIGHTS FROM 2007 RECORD FINANCIAL RESULTS
-- Revenues of $334.2 million exceeded 2006 by 61%.
-- Operating income of $29.4 million, a 48% increase over 2006.
-- Net income of $14.8 million compared to net income of $10.3 million in
2006, an increase of 44%.
-- Earnings per share of $.50 versus $.40 per share, an increase of 25%.
-- EBITDA of $37.2 million compared to $24.3 million in 2006, an increase
of 53%.
Net income for the year ended December 31, 2007 was $14.8 million or $.50 per share (on a diluted basis) on sales of $334.2 million, compared to net income of $10.3 million or $.40 per share (on a diluted basis) on sales of $207.7 million for the year ended December 31, 2006. These results represent an increase in sales of $126.5 million or 61% over the 2006 results. Operating income for 2007 increased $9.5 million or 48% to $29.4 million, compared to $19.9 million for 2006.
Metalico's Scrap Metal segment obtained year-over-year unit volume increases of approximately 44% for ferrous and 19% for non-ferrous. The Lead Fabrication segment experienced approximately 22% lower year-over-year unit volume. Non-ferrous metal prices saw an increase of 58% year over year, while prices for ferrous and fabricated lead products also rose year over year by 20% and 53%, respectively although lead as quoted on the LME declined in price by approximately 27%.
Excluding Corporate overhead charges, the Company's Scrap segment experienced a 39% increase in operating income while the Lead Fabrication segment increased operating income by 51%. Net income for 2007 was impacted by a higher effective tax rate of 36% (versus 35% for 2006) due to higher state income taxes.
Fourth Quarter Highlights
-- Fourth-quarter sales increased by 138% to $113.7 million in 2007,
compared to $47.8 million in the prior year's fourth quarter.
-- Operating income for the quarter ended December 31, 2007 was $7.5
million, compared to operating income of $2.7 million for the quarter ended
December 31, 2006, an increase of 178%.
-- Income from continuing operations increased for the quarter ended
December 31, 2007 67% to $3.5 million from $2.1 million in the prior year.
-- EBITDA (as defined below) of $10.0 million for 2007, an increase for
the quarter ended December 31, 2007 of 150% over $4.0 million in 2006.
-- Income from continuing operations of $.11 per diluted share was an
increase for the quarter ended of 38% over $.08 per share last year.
Fourth-quarter 2007 results were negatively impacted by declining lead product selling prices and product unit volumes as compared to the third quarter of 2007, as well as these additional factors:
-- Continued implementation of Sarbanes-Oxley compliance requirements and
absorption of losses from development stage companies totaling $637,000 on
a pre-tax basis.
-- Higher interest expense related to debt incurred in connection with
acquisitions closed in 2007.
-- Higher effective federal and state income tax rates compared to 2006.
-- Discontinued operations charge net of taxes totaling $915,000 in the
quarter.
Metalico operates in a highly cyclical and volatile commodity metals universe made ever more difficult by the current unpredictable economic and capital markets. The Company's strategy focuses on broad diversification among various commodity metal groups, through internal growth and acquisitions, and taking a long-term view to achieve growth and above-average financial results.
"Our record financial performance in 2007 resulted from a successful acquisition program, strong pricing across most commodity products sold and dedicated execution by our employees and managers," said Carlos E. Agüero, Metalico's President and Chief Executive Officer. "Despite the challenging environment," Agüero added, "we expect that 2008 will be another year of strong growth for Metalico."
Discontinued Operations
In May 2006, the Company sold substantially all of the lead smelting assets of its Gulf Coast Recycling, Inc. subsidiary, exiting the lead smelting business. As part of the sale, Metalico retained environmental remediation responsibility for a battery waste disposal site and recognized a discontinued operations charge (net of tax) totaling $1.3 million during the third quarter of 2006. Site remediation began in January 2008 and, based upon updated field projections remediation, costs are expected to exceed the Company's initial estimates. Work is expected to be completed in the second quarter of 2008. Metalico has therefore recorded an additional charge in the fourth quarter of approximately $907,000, net of applicable tax benefits. Metalico currently has legal claims pending with other potentially responsible parties for clean-up contributions exceeding its anticipated liability. However, although Metalico is vigorously pursing reimbursement from other potentially responsible parties, there can be no assurance that the Company will prevail in its legal claims and obtain any contributions from third parties.
Shareholders Debt and Equity
Metalico's outstanding debt increased to a total of $95.1 million as of December 31, 2007 from $18.5 million at December, 31, 2006, a difference of $76.6 million, resulting mostly from financing approximately $75.8 million in acquisitions and capital expenditures. Shareholders' equity increased by 68% or $50.3 million to $124.0 million as of December 31, 2007, from $73.3 million as of December 31, 2006. The Company's results also reflect the consolidation of its investment in Beacon Energy Corp., a biodiesel development stage company formerly known as AgriFuel Co.
As of December 31, 2007, Metalico had 31,738,108 common shares issued and outstanding. The Company has no outstanding preferred shares.
OUTLOOK AND UPDATE
The Company said it believes its results for the first quarter of 2008 may be influenced by the following factors:
-- Scrap metal and precious metal prices appear to be strengthening. Non-
ferrous prices, particularly for copper, aluminum and nickel, are expected
to increase above levels experienced in the fourth quarter of 2007.
Shipments from Metalico's new aluminum deox plant in Syracuse, New York are
increasing as production ramps up towards design capacity.
-- Platinum group metal ("PGM") prices have increased during the quarter
and appear to be remaining high by historical standards. As a result, the
Company anticipates higher average PGM selling prices than in the fourth
quarter of 2007, coupled with higher unit volume shipments. The Company
should also see increased PGM volumes from its recently acquired and
rapidly growing catalytic converter recycling facilities in Texas and
Mississippi.
-- Ferrous scrap prices appear to be trending higher and demand for scrap
products from steel mills has been reported as strong. However, the
Company does not anticipate significant change in ferrous shipments over
the fourth quarter of 2007.
-- The lead fabrication segment is expected to experience compressed
margins during the quarter while the Company works through high cost
inventory, lower product selling prices, and lower unit volumes.
The Company expects to accept delivery and to begin commissioning a new high-speed lead rolling mill at its Birmingham, Alabama lead fabricating facility in the second quarter. The new mill is expected to significantly increase the plant's rolled product capacity. Metalico anticipates that the new mill will also enable the Company to expand its product mix and capabilities while reducing operating costs.
Metalico, Inc. is a rapidly growing holding company with operations in two principal business segments: ferrous and non-ferrous scrap metal recycling, and fabrication of lead-based products. With its recent acquisitions, the Company operates fourteen recycling facilities in New York, Pennsylvania, Ohio, New Jersey, Texas, and Mississippi and five lead fabrication plants in Alabama, Illinois, Nevada, and California. Metalico's common stock is traded on the American Stock Exchange under the symbol MEA.
http://biz.yahoo.com/iw/080313/0374265.html
LOL, This is my get rich slow play.
Love it? Well, let's just say I have a deep and lasting respect for this rusty li'l issue...gl2y...
ALCO...+10%....the grass is greening up again... gotta love divergence on a low floating cyclical
TTM...Tata's looking ripe for a little pinching here, imo...
(.41 x .65)...another 100 share trade at the bid today...
Time & Sales
Price Size Exch Time
0.41 100 OBB 14:03:07
0.41 100 OBB 02/29
0.40 1752 OBB 11/27
0.52 300 OBB 09/25
0.45 300 OBB 09/24
0.45 5000 OBB 09/21
0.45 5000 OBB 09/21
March 2, 1987 Henry J. Kaiser Convention Center
Soundboard> Cassette Master
Set 1:Funiculi Funicula, Jack Straw, Althea, C C Rider, Bird Song, Beat It On Down The Line, Ramble On Rose, Feel Like A Stranger
Set 2: China Cat Sunflower > I Know You Rider > Man Smart (Woman Smarter), Ship Of Fools, Estimated Prophet > Eyes Of The World > Drums > Space > Truckin', Morning Dew
Encore: Johnny B. Goode
[click below to play show)
Would you trust these people with YOUR children?
BSOI... .41x.79...no trade since 11/27...time to start bidwhacking,lol
gl2a
February 19, 1971 Capitol Theater, Port Chester, N.Y. (Fri)
Betty Cantor-Jackson's 7inch two track Soundboard Master Reel > PCM
Set1: Truckin', Loser, Cumberland Blues, It Hurts Me Too, Bertha, Playing In The Band, Dark Hollow, Smokestack Lightnin', China Cat Sunflower > I Know You Rider
Set 2: Greatest Story Ever Told > Johnny B. Goode, Bird Song*, Easy Wind, Deal*, Cryptical Envelopment > Drums > The Other One > Wharf Rat, Good Lovin', Casey Jones
first "Bird Song" - first "Deal"
>
(click above to play show)
Easy Wind...ok, nuff said
SEB...Seaboard...
Seaboard Corporation operates in the food processing and ocean transportation industries in the United States and internationally. It primarily engages in the production and sale of fresh, frozen, and processed pork products...
Additionally, Seaboard Corporation operates as an independent power producer in the Dominican Republic.
http://www.seaboardcorp.com/
No, the last time I did that he ended up living and I barely broke even.
We're investing in change now, which appears imminent and for the better.
lol
Speculation on the future of trade resrictions with Cuba...from another article...
Cuba's Loss Is Fund's Gain
Ruthie Ackerman, 02.19.08, 2:45 PM ET
In 1994, it seemd as if Fidel Castro would rule Cuba forever. But that didn’t stop Thomas J. Herzfeld from starting his
Herzfeld Caribbean Basin Fund (nasdaq: CUBA - news - people ), a closed-end mutual fund that invests in U.S. companies that stand to benefit from the end of the United States embargo on Cuba, which began when Castro came to power on New Year's Day in 1959.
On Tuesday, Herzfeld’s move finally seemed to make sense after Fidel Castro resigned as Cuba's president and commander-in-chief, sending the fund soaring 19.4%, or $1.44, to $8.88. (See " Farewell Fidel") The fund came public at $5.20 a share, so investors have had to wait a long time for the thesis to play out.
This was not the first time the fund, which trades like a stock, skyrocketed as a result of the 81-year old leader’s failing health. On Jan. 16, 2007, it surged 20.0% after it was reported that Castro was in serious condition following three surgeries on his large intestine. A few days later, it topped out at more than $16 a share, but has seen its price erode since then.
http://www.forbes.com/2008/02/19/herzfeld-cuba-castro-markets-equity-cx_ra_0219markets20.html?partner=yahootix
MEA shining again today...go metal!!!
MEA...on the chain again with volume...
CUBA...with nowhere else to go, they came to CUBA,lol
one to watch...as time goes by...
CUBA board:
http://investorshub.advfn.com/boards/board.asp?board_id=3298
CUBA...Excellente...muy grande!
IBD:What's Bad For Castro Is Good For Cuba Fund...
...The Cuban president's resignation "puts us a step closer toward resuming trade with Cuba," investor Thomas J. Herzfeld told IBD on Tuesday. Herzfeld, who created the Miami-based fund in 1994, is chairman and president of Thomas J. Herzfeld Advisors.
The fund has always been highly responsive to news of Castro's eventual death or resignation. In August 2006, it leapt 36% after reports about the Cuban leader's condition following three surgeries on his large intestine. And it skyrocketed in 2006 and early 2007 when Castro's brother, Raul, appeared to take over the reins and many thought Fidel was dead.
"Raul is more conciliatory than Fidel," Herzfeld said, "and I think he's a very practical man."
No Quick Action
But don't expect major changes under Raul anytime soon. While property rights and some freedoms might be reintroduced after he meets with Cuba's parliament this Sunday, keep in mind that Raul ran the regime's political prisons. "He's still Fidel's brother," Herzfeld said.
If and when Raul restores property, voting and human rights, Congress would consider lifting the embargo, he noted.
The fund is positioned to ride that lift. Its only Cuba holdings are zero-value Cuban Electric stock and Republic of Cuba Sovereign Debt bonds.
Other holdings saw a slight uptick Tuesday in anticipation of trade resumption. Analysts expect pork producer Seaboard (AMEX:SEB - News), the fund's top holding, to soar if trade with Cuba opened up.
For now, it's watch and wait. An embargo end would be the real signal to start mixing the mojitos, Herzfeld said.
"Any boom in Cuba will proliferate throughout the region, and investors will reap the benefit," he said.
http://biz.yahoo.com/ibd/080219/etf.html?.v=1&printer=1
February 18, 1971 St. Paul Auditorium, St. Paul, Mn. (Sat)
Soundboard Master Reel
(Click above to play show)
Set 1: Bertha*, Truckin', It Hurts Me Too, Loser*, Greatest Story Ever Told* > Johnny B. Goode*, Mama Tried, Hard To Handle, Dark Star > Wharf Rat* > Dark Star > Me & My Uncle
Set 2: Casey Jones, Playin' In The Band, Me And Bobby McGee, Candyman, Big Boss Man, Sugar Magnolia, Saint Stephen > Not Fade Away > Goin' Down The Road Feelin' Bad > Not Fade Away > Uncle John's Band
first "Bertha" - first "Greatest" - first "Loser" - first "Playin" - first "Wharf Rat" - Mickey's last show until 10-20-74-this run was recorded for "Skull Fuck"; none of it was used
Cool,cool...and Grateful thanks to
http://archive.org for the awesome well of kindness
http://psilo.com for most of the tickets and passes and http://deadbase.com for being the ticket stub of record
but most of all, Grateful thanks goes to the Dead, for keeping the wheels on the bus all those years...
February 14, 1986 Henry J. Kaiser Convention Center, Oakland, Ca. (Fri)
PCM Soundboard
Set 1:Feel Like A Stranger-> Cold Rain & Snow, Mama Tried-> Big River, West L.A. Fadeaway, Looks Like Rain-> Brown Eyed Women, Let It Grow
Set 2: Keep On Growing-> Lost Sailor-> Saint Of Circumstance-> Terrapin Station-> Drums-> Wharf Rat-> Throwing Stones-> Turn On Your Love Light
Encore: Brokedown Palace
ALCO...digging that sod here...
(42.55)
MEA... starting to shine again...on volume...
NGA...+14% today...glowing like the metal on the edge of a knife
(6.31)
JVA...that's a perky brew...blub,blub,blub...
February 11, 1986 Henry J. Kaiser Convention Center, Oakland, Ca. (Tue)
Soundboard Master PCM
Set 1:China Cat Sunflower-> I Know You Rider, Minglewood Blues, Dupree's Diamond Blues, Me & My Uncle-> Mexicali Blues, Bird Song-> The Music Never Stopped-> Might As Well
Set 2: Drums*-> Iko Iko*-> Eyes Of The World*-> Drums*-> Truckin'-> Stella Blue-> Not Fade Away-> E: Not Fade Away*-> Hey Bo Diddley*-> Goin' Down The Road Feelin' Bad*
*with members of The Neville Brothers Encore without Phil, Weir on tamborine - Mardi Gras - last "Drums": 10-02-80 [379] - final/last "Hey Bo Diddley": [849] - The Neville Brothers opened
Or Diana Ross! And she had 18 #1 Hits!
That's like 18 more than the Dead...and her hair was fabulous too.
I feel a Mardis Gras coming on,lol...
February 9, 1973 Roscoe Maples Pavilion, Stanford U., Palo Alto, Ca. (Fri)
Soundboard Master Reel
1: Promised Land, Row Jimmy, Black Throated Wind, Deal, Me & My Uncle, Sugaree, Looks Like Rain, Loose Lucy, Mexicali Blues, Brown Eyed Women, El Paso, Here Comes Sunshine, Playin in the Band
2: China Cat Sunflower> I Know You Rider, Jack Straw, They Love Each Other, Truckin> Eyes of the World> China Doll, Big River, Ramble On Rose, Box Of Rain, Wave That Flag, Sugar Magnolia, Uncle John's Band, Around and Round E: Casey Jones
"Beer Barrel Polka" tuning before "Mexicali" - first "China Doll" - first "Eyes" - first "H. C. Sunshine" - first "Loose Lucy" - first "TLEO" - first "Row Jimmy" - first "Wave That Flag"
(click to open show)
MEA...whizzz, bang....POW!!!
imo
glta
02-05-69 The Music Box, Omaha, Nebraska. (Wed)
First Generation Cassette Soundboard
(note: Deadbase lists this as 2/5/69, apparently a wrinkle in time and space)
Good Morning Little Schoolgirl, Morning Dew, Dark Star > St. Stephen > The Eleven > Death Don't Have No Mercy, Cryptical Envelopment > drums > The Other One > Alligator > drums > Caution (Do Not Stop On Tracks) > Feedback > And We Bid You Good Night
(click on, tune in, drop out)
JVA...Ok, but just half a cup...
(4.12)
Tata's perking up...
testing that $20 resistance...strong moves there,imo.
Looking not touching.
NGA...North American Galvinizing...because rust never sleeps
(5.10)
yes sir yes sir 3 bags full
CUBA...could get muy grande,imo
$11 by Cinco de Mayo,lol
(7.50)
MEH...flaps down, wheels up!
weeee!
February 1, 1978 Uptown Theatre, Chicago, Il. (Wed)
Soundboard Master Reel > Cassette
(click above to play show)
1: Jack Straw, Friend of the Devil, Mama Tried> Me & My Uncle, Ramble On, Cassidy, Sunrise, Sugaree
2: Samson and Delilah, Must Have Been the Roses, Estimated Prophet> He's Gone> Drums> Other One> Wharf Rat> Sugar Magnolia E: Around and Round
AP: CHARLESTON, S.C. - Sen. John McCain visited a plant that makes armored vehicles for Iraq and Afghanistan, dropped by a polling place and then decided to relax at the movies with his wife, Cindy, on a rainy South Carolina Republican primary day.
...Earlier, McCain toured Force Protection Industries, which makes an assortment of heavily armored equipment for the Defense Department.
Speaking to employees through a megaphone, McCain told them the vehicles they manufacture make U.S. troops "much more capable of defeating an implacable enemy. ... You're the best of America, thank you."
http://news.yahoo.com/s/ap/20080119/ap_on_el_pr/mccain
MEH...Midwest Airline
...Wheel to the storm and fly.
Yep,he had to use sign language...Jerry had to shut up and play his guitar the next night too. Another high flyin' Bobbyfest,lol...
January 8, 1978 Golden Hall, Community Concourse, San Diego, Ca. (Sun)
Soundboard Master Reel > Reel > PCM
1: Jack Straw, Mama Tried> Big River, Sunrise, All Over Now, Looks Like Rain, Lazy Lightning> Supplication
2: Samson and Delilah, Good Lovin', Estimated Prophet> Drums> Other One> Truckin'> Sugar Magnolia E: Johnny B. Goode
no Garcia vocals due to extreme laryngitis
>
CUBA...Herzfeld Carribean Fund...ready to load the raft,lol...
NGA...North American Galvaninzing...5.61... having a fire sale today...seems unfounded,imo...
Keeping an eye on Sally here. She's looking leggy, imo.