Alloy Steel Inc. (fka AYSI)

[Swick984]

Sales were at the low-end of the range we're used to seeing, but as I mentioned, there was a cyclone that hit Western Australia in January that likely impacted results. What's encouraging is that even with the lower sales, EBITDA and profitability remained on par with prior quarters. Their business is lumpy, and it's hard to put too much stock in any single quarter (either up or down). I continue to see this as a business that can generate $0.15 - $0.20 in EPS a year in these lower demand cycle years, with the potential to earn more when the industry improves. I'm buying that business now for essentially the cash it has. When I get to realize a profit is the real question, and I've been patient and will continue to be patient until I realize that profit.