Roanoke Electric Steel Corporation Reports Record Sales and Third
Quarter Results ROANOKE, Va., Aug. 26 /PRNewswire-FirstCall/ --
Roanoke Electric Steel Corporation (NASDAQ:RESC) today reported net
earnings for the third quarter ended July 31, 2004, of $7,757,545,
compared to a net loss of $319,569 in the third quarter last year.
Basic earnings per share for the quarter were $.71 ($.70 diluted),
compared to basic loss per share of $.03 ($.03 diluted) in the 2003
third quarter. Sales for the quarter were a record $129,443,989, up
57% from sales of $82,285,245 for the same period last year. For
the nine months ended July 31, 2004, the Company reported net
earnings of $14,513,277, compared to a net loss of $3,925,688 for
the same period last year. Basic earnings per share were $1.33
($1.32 diluted), compared to basic loss per share of $.36 ($.36
diluted) last year. Sales for the nine months of 2004 were
$335,649,021, a 52% increase from sales of $220,490,923 for the
same period last year. Donald G. Smith, Chairman and CEO, and T.
Joe Crawford, President and COO, stated: "We are very pleased to
report that for the sixth consecutive quarter our per share results
have improved. Revenues for the quarter were the highest of any
quarter in the history of our Company. The increase in revenues was
attributable to improved selling prices and shipments of most
products as demand continued to be strong. The increase in revenues
and rising capacity utilization has helped the Company achieve the
highest quarterly earnings per share since the fourth quarter of
1997. We have managed well in a rapidly rising cost and price
environment, enabling us to maintain our profit margins while
continuing to offer competitive prices on our products. "The
quarter's results reflect the volatile nature of today's domestic
steel industry as the Company and the steel industry continue to
attempt to cope with the unpredictable prices of scrap, the
Company's principal raw material. Our mills and melt shops continue
to be busy and we are working near capacity. The second furnace and
caster, which was restarted in early June at our Roanoke facility,
has helped us increase our steel output in order to meet the
increased demand we are experiencing." Consolidated Statements of
Earnings (Loss) (Unaudited) (Unaudited) Three Months Ended Nine
Months Ended July 31, July 31, 2004 2003 2004 2003 Sales
$129,443,989 $82,285,245 $335,649,021 $220,490,923 Cost of sales
103,505,946 76,028,790 281,490,908 206,884,930 Gross earnings
25,938,043 6,256,455 54,158,113 13,605,993 Other operating expenses
13,012,073 6,792,753 29,982,337 19,780,691 Earnings (loss) before
income taxes and cumulative effect of change in accounting
principle 12,925,970 (536,298) 24,175,776 (6,174,698) Income tax
expense (benefit) 5,168,425 (216,729) 9,662,499 (2,477,420)
Earnings (loss) before cumulative effect of change in accounting
principle 7,757,545 (319,569) 14,513,277 (3,697,278) Cumulative
effect of change in accounting principle --- --- --- (228,410) Net
earnings (loss) $ 7,757,545 $ (319,569) $ 14,513,277 $ (3,925,688)
Earnings (loss) per share of common stock: Earnings (loss) before
cumulative effect of change in accounting principle: Basic $ 0.71 $
(0.03) $ 1.33 $ (0.34) Diluted $ 0.70 $ (0.03) $ 1.32 $ (0.34)
Cumulative effect of change in accounting principle: Basic --- ---
--- (0.02) Diluted --- --- --- (0.02) Net earnings (loss) per share
of common stock: Basic $ 0.71 $ (0.03) $ 1.33 $ (0.36) Diluted $
0.70 $ (0.03) $ 1.32 $ (0.36) Cash dividends per share of common
stock $ 0.10 $ 0.05 $ 0.25 $ 0.15 Weighted average number of common
shares outstanding: Basic 10,958,009 10,937,683 10,943,266
10,941,084 Diluted 11,045,557 10,937,683 11,014,517 10,945,119 This
release contains various forward-looking statements which represent
the Company's expectations or beliefs concerning future events. In
accordance with the safe harbor provisions of the securities laws
regarding such statements, the Company notes that a variety of
factors, including economic and industry conditions, availability
and prices of utilities, supplies and raw materials, prices of
steel products, foreign and domestic competition, trade policies
affecting imports and exports, governmental regulations, interest
rates, inflation, labor relations, environmental concerns and
compliance issues and other matters, could cause actual results and
experience to differ materially from those expressed in the
forward-looking statements. Roanoke Electric Steel Corporation has
steel manufacturing facilities in Roanoke, Virginia and Huntington,
West Virginia, producing angles, rounds, flats, channels, beams,
special sections and billets, which are sold to steel service
centers, fabricators, original equipment manufacturers and other
steel producers. Five subsidiaries are involved in various
steel-related activities, consisting of scrap processing and bar
joist, reinforcing bar and truck trailer beam fabrication.
DATASOURCE: Roanoke Electric Steel Corporation CONTACT: Mark G.
Meikle or William M. Watson, Jr. of Roanoke Electric Steel
Corporation, +1-540-342-1831 Web site: http://www.roanokesteel.com/
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