OUCH......ALJ Announces 1st Quarter Earnings
Monday February 16, 2009, 3:48 pm EST
ALJ Regional Holdings, Inc.
ASHLAND, Ky.--(BUSINESS WIRE)--For the three months ended December 31, 2008, ALJ (Pink Sheets: ALJJ - News) posted a net loss of $198,431 as compared to net income of $4,965,246 for the three months ended December 31, 2007. ALJ is the parent company of KES Acquisition Company dba Kentucky Electric Steel, the owner and operator of a steel mini-mill near Ashland, Kentucky producing both merchant bar quality flats (MBQ Bar Flats), and special bar quality steel flats (SBQ Bar Flats). ALJ Regional Holdings, Inc.
(in thousands except per share)
2008
2007
3 months Ended Dec. 31
Net Sales $ 39,963 $ 37,432
Net Income (198 ) 4,965
Per share (0.00 ) 0.12
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Symbol Price Change
ALJJ.PK 0.23 0.00
{"s" : "aljj.pk","k" : "c10,l10,p20,t10","o" : "","j" : ""} According to John Scheel, ALJ’s Chief Executive Officer, “The first quarter of fiscal 2009 was a tough one with the normal seasonal decline in shipments exacerbated by the continuing poor economic conditions seen industry-wide. We believe that the comparison with 2008 is not necessarily indicative of ALJ’s performance because the first quarter of fiscal 2008 included other income of $3.7 million related to the write-off of discontinued assets. That having been said, the first quarter of 2009 was a break-even quarter. We generated an operating profit and, although it was much less than that generated last year, we were able to achieve profitability on an operating basis despite significantly lower volume. In fact, we have made significant progress lowering our break-even point as evidenced by the fact that we achieved operating profitability at volumes approaching 50% of capacity.”
Full financial reports are available at www.pinksheets.com.
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