Business & Finance
Business and Finance
Business and Finance
Tue, August 16, 2011
Mon, August 15, 2011 
ASHLAND, Ky.--([ BUSINESS WIRE ])--ALJ Regional Holdings, Inc. (Pink Sheets: ALJJ) announced results for the third quarter ended June 30, 2011. ALJ Regional Holdings, Inc. (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.
For the third quarter of fiscal 2011, revenue was $43.2 million, compared to $31.0 million for the same period last year. Net income was $2.5 million, compared to $4.5 million for the third quarter of fiscal 2010. Included in net income for the third quarter of fiscal 2010 was an approximately $4.0 million one-time gain related to the discounted repurchase of debt associated with the refinancing of the companya™s working capital line of credit in May, 2010. For the nine months ending June 30, 2011, revenue was $116.1 million, compared to $80.5 million for the same period last year. Net income for the first nine months of 2011 was $5.5 million, compared to $5.2 million for the same period last year.
According to John Scheel, ALJa™s Chief Executive Officer, aA year ago, we expected that 2011 would be a recovery year after two tough, but profitable, recession years. The latest results once again confirm our expectations. We performed according to plan during the third quarter, increasing shipments by 23% over last yeara™s third quarter. Near-record operating profit of $10.3 million boosted net income, which grew five-fold over last year, after adjusting for the one-time gain of approximately $4.0 million we recorded last year. Overall, we had an excellent quarter.a
| ALJ Regional Holdings, Inc. | ||||||
| ( in thousands except per share ) | ||||||
| 2011 | 2010 | |||||
| 3 months Ended June 30 | ||||||
| Net Sales | $ | 43,163 | $ | 30,969 | ||
| Net Income | 2,546 | 4,490 | ||||
| Per Share | 0.05 | 0.09 | ||||
| 9 months Ended June 30 | ||||||
| Net Sales | $ | 116,130 | $ | 80,454 | ||
| Net Income | 5,499 | 5,216 | ||||
| Per share | 0.10 | 0.10 | ||||
Full financial reports are available at [ www.pinksheets.com ]
About ALJ Regional Holdings
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).
This press release contains forward-looking statements.Such statements include information regarding the Companya™s expectations, goals or intentions regarding the future, including but not limited to statements including the words "will" and "expect" and similar expressions.Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement.Factors that could cause actual results to differ materially are discussed in the Companya™s Annual Report for the fiscal year ended September 30, 2010 and in its other periodic reports issued through the Pink Sheets News Service and available at [ www.pinksheets.com ].All forward-looking statements in this release are made as of the date hereof and the Company assumes no obligation to update any forward-looking statement.
