Steel Technologies Discusses Outlook for the Second Fiscal Quarter Ended March 31, 2006
Posted on: Wednesday, 29 March 2006, 09:01 CST
Steel Technologies Inc. (NASDAQ/NM: STTX) today announced that the Company expects to report sales of approximately $250 million and earnings of approximately $0.21 per diluted share for the second quarter of fiscal 2006, which ends on March 31, 2006. The Company expects shipments for the quarter to be approximately 320,000 tons - in line with projections stated during its January conference call. The Company plans to release final second quarter results on April 25, 2006.
The Company's expectations include the operations of its Custom Steel, Inc. subsidiary. As announced earlier this week, Steel Technologies has signed a definitive agreement to sell this subsidiary to American Railcar Industries, Inc. (NASDAQ: ARII). The transaction is expected to close on or about April 1, 2006. Steel Technologies anticipates that Custom Steel will be presented as a discontinued operation in its interim financial statements for the quarter ending March 31, 2006.
Steel Technologies processes flat-rolled steel to specific thickness, width, temper, finish and shape requirements for automotive, appliance, lawn and garden, office furniture, agriculture, railcar, construction, hardware, and consumer goods. The Company has 20 facilities, including its joint-venture operations, located throughout the United States and Mexico. More information about the Company may be found on the World Wide Web at www.steeltechnologies.com.
Statements contained in this release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties (including statements regarding the completion of our sale of Custom Steel and others contained in the Company's SEC filings), which could cause actual results to differ materially from those projected. SEC filings may be obtained from the SEC or by contacting the Company.
Source: Business Wire
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