Olympic Steel Inc. (ZEUS, Financial) filed Quarterly Report for the period ended 2010-09-30.
Olympic Steel Inc. has a market cap of $241.9 million; its shares were traded at around $22.44 with a P/E ratio of 79.4 and P/S ratio of 0.5. The dividend yield of Olympic Steel Inc. stocks is 0.4%.ZEUS is in the portfolios of Chuck Royce of Royce& Associates, Kenneth Fisher of Fisher Asset Management, LLC, Jim Simons of Renaissance Technologies LLC.
approximately $373 thousand in the third quarter of 2010 and $623 thousand for the first nine months of 2010. Operating expenses for the third quarter of 2010 include a one-time charge of $2.1 million of bad debt expense related to a customer that unexpectedly ceased operations in the third quarter. This charge was included in the caption Selling on the accompanying Consolidated Statement of Operations. For the first nine months of 2010, bad debt expense totaled $2.8 million, compared to $425 thousand for the first nine months of 2009. For the first nine months of 2010, $130 thousand related to unamortized bank fees under the Companys former revolving credit facility (the former Credit Facility) was expensed and included in the caption Administrative and general on the accompanying Consolidated Statement of Operations. Increased depreciation expense is associated with the capitalization of our new business system and other capital projects completed in 2009.
Interest and other expense on debt totaled $602 thousand for the third quarter of 2010 compared to $567 thousand for the third quarter of 2009. Interest and other expense on debt totaled $1.6 million for the first nine months of 2010 compared to $1.9 million for the first nine months of 2009. Our effective borrowing rate, exclusive of deferred financing fees and commitment fees, was 4.6% for the first nine months of 2010 compared to 3.7% for the first nine months of 2009. The decrease in interest and other expense on debt in 2010 was primarily attributable to lower amounts of borrowings.
For the third quarter of 2010, loss before income taxes totaled $1.9 million compared to income of $1.3 million in the third quarter of 2009. For the first nine months of 2010, income before income taxes totaled $6.0 million, compared to a loss before income taxes of $95.2 million in the first nine months of 2009. An income tax provision of 37.9% was recorded for the first nine months of 2010, compared to an income tax benefit of 38.5% for the first nine months of 2009. The majority of the tax benefit from 2009 represents the tax effect of operating losses that were carried back to prior years, resulting in a cash refund of $38.2 million received in April 2010. Income taxes refunded, net of income taxes paid, during the first nine months of 2010 and 2009, respectively, totaled $36.4 million and $2.0 million.
Net loss for the third quarter of 2010 totaled $1.2 million or $0.11 per basic and diluted share, compared to net income of $671 thousand or $0.06 per basic and diluted share for the third quarter of 2009. Net income for the first nine months of 2010 totaled $3.7 million or $0.34 per
Working capital at September 30, 2010 totaled $194.8 million, a $46.3 million increase from December 31, 2009. The increase was primarily attributable to a $44.9 million increase in accounts receivable and a $69.7 million increase in inventories (both resulting from higher sales volumes and higher prices for metals), partially offset by a $38.2 million decrease in income taxes receivable and deferred (related to the receipt of a $38.2 million income tax refund in April 2010), a $24.1 million increase in accounts payable (associated with higher inventory levels) and a $3.4 million increase in accrued expenses.
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Olympic Steel Inc. has a market cap of $241.9 million; its shares were traded at around $22.44 with a P/E ratio of 79.4 and P/S ratio of 0.5. The dividend yield of Olympic Steel Inc. stocks is 0.4%.ZEUS is in the portfolios of Chuck Royce of Royce& Associates, Kenneth Fisher of Fisher Asset Management, LLC, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Net sales increased 72.0% to $209.2 million in the third quarter of 2010 from $121.6 million in the third quarter of 2009. Net sales increased 53.2% to $589.8 million in the first nine months of 2010 from $384.9 million in the first nine months of 2009. Average selling prices in the third quarter of 2010 were $870 per ton, compared with $670 per ton in the third quarter of 2009, and $843 per ton in the second quarter of 2010. The increase in sales was due to increased shipments and higher selling prices in 2010 than 2009. We expect normal seasonal patterns to negatively impact our tons sold and net sales at the end of the fourth quarter of 2010.approximately $373 thousand in the third quarter of 2010 and $623 thousand for the first nine months of 2010. Operating expenses for the third quarter of 2010 include a one-time charge of $2.1 million of bad debt expense related to a customer that unexpectedly ceased operations in the third quarter. This charge was included in the caption Selling on the accompanying Consolidated Statement of Operations. For the first nine months of 2010, bad debt expense totaled $2.8 million, compared to $425 thousand for the first nine months of 2009. For the first nine months of 2010, $130 thousand related to unamortized bank fees under the Companys former revolving credit facility (the former Credit Facility) was expensed and included in the caption Administrative and general on the accompanying Consolidated Statement of Operations. Increased depreciation expense is associated with the capitalization of our new business system and other capital projects completed in 2009.
Interest and other expense on debt totaled $602 thousand for the third quarter of 2010 compared to $567 thousand for the third quarter of 2009. Interest and other expense on debt totaled $1.6 million for the first nine months of 2010 compared to $1.9 million for the first nine months of 2009. Our effective borrowing rate, exclusive of deferred financing fees and commitment fees, was 4.6% for the first nine months of 2010 compared to 3.7% for the first nine months of 2009. The decrease in interest and other expense on debt in 2010 was primarily attributable to lower amounts of borrowings.
For the third quarter of 2010, loss before income taxes totaled $1.9 million compared to income of $1.3 million in the third quarter of 2009. For the first nine months of 2010, income before income taxes totaled $6.0 million, compared to a loss before income taxes of $95.2 million in the first nine months of 2009. An income tax provision of 37.9% was recorded for the first nine months of 2010, compared to an income tax benefit of 38.5% for the first nine months of 2009. The majority of the tax benefit from 2009 represents the tax effect of operating losses that were carried back to prior years, resulting in a cash refund of $38.2 million received in April 2010. Income taxes refunded, net of income taxes paid, during the first nine months of 2010 and 2009, respectively, totaled $36.4 million and $2.0 million.
Net loss for the third quarter of 2010 totaled $1.2 million or $0.11 per basic and diluted share, compared to net income of $671 thousand or $0.06 per basic and diluted share for the third quarter of 2009. Net income for the first nine months of 2010 totaled $3.7 million or $0.34 per
Working capital at September 30, 2010 totaled $194.8 million, a $46.3 million increase from December 31, 2009. The increase was primarily attributable to a $44.9 million increase in accounts receivable and a $69.7 million increase in inventories (both resulting from higher sales volumes and higher prices for metals), partially offset by a $38.2 million decrease in income taxes receivable and deferred (related to the receipt of a $38.2 million income tax refund in April 2010), a $24.1 million increase in accounts payable (associated with higher inventory levels) and a $3.4 million increase in accrued expenses.
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