ASHLAND, Ky.--(BUSINESS WIRE)--ALJ Regional Holdings, Inc. (Pink Sheets: ALJJ) today announced that for the fiscal year ended September 30, 2012, it posted net income of $13,275,916 as compared to net income of $11,417,131 for the fiscal year ended September 30, 2011. ALJ is the parent of Kentucky Electric Steel (“KES”), a steel mini-mill near Ashland, Kentucky. KES produces steel bar as both merchant bar quality flats (MBQ Bar Flats) and special bar quality flats (SBQ Bar Flats).
For the 4th quarter ending September 30, 2012, ALJ’s net income was $5.926 million as compared to a net income of $5.919 million for the 4th quarter ending September 30, 2011.
|ALJ Regional Holdings, Inc.|
(in thousands except per share )
|Year ended Sept. 30||2012||2011|
|4th qtr ended Sept. 30||2012||2011|
According to John Scheel, ALJ’s Chief Executive Officer, “Fiscal 2012 had three distinct segments. It started with a mediocre quarter related to the warm winter of 2011-12 and the resulting low sales of snow removal-related steel and the normal seasonal weakness. The second segment was a six-month stretch of economic strength, particularly in the cold drawn bar, energy, and agricultural sectors. The fourth quarter saw raw material pricing, which had expanded disproportionately with market demand, come back to earth bringing steel prices along. Combined with the economic uncertainties that continue to persist, this produced a drag on Q4 sales and margins. The quarterly and annual results do not reflect this as starkly as they might due to an extraordinary gain of $2.69 million taken related to the write-off of discontinued liabilities.”
This press release contains forward-looking statements. Such statements include information regarding the Company’s expectations, goals or intentions regarding the future, including but not limited to statements regarding our future outlook and our ability to continue our efforts to retire corporate debt. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statements. Among the factors that could cause actual results to differ materially are changes in the Company’s stock price, liquidity needs or market fluctuations. Additional factors that could cause actual results to differ are discussed in the Company’s Annual Report for the fiscal year ended September 30, 2012 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.