Cleveland, Ohio -- (August 5, 2010) Olympic Steel, Inc., (Nasdaq: ZEUS), a national steel service center, today announced its financial results for the second quarter and first half ended June 30, 2010.
Net sales for the second quarter of 2010 totaled $212.8 million, a 73.8% increase from the $122.4 million for the second quarter of 2009. Tons sold in the second quarter of 2010 increased 45.2% to 252 thousand from 174 thousand in the second quarter of 2009. Second quarter 2010 net income totaled $3.3 million, or $0.30 per diluted share, compared to a net loss of $33.8 million, or $3.11 per diluted share for last year’s second quarter. Last year’s second quarter results included a $50.5 million lower of cost or market pretax charge to write down the value of inventory as of June 30, 2009.
Net sales for the first half of 2010 totaled $380.7 million, a 44.6% increase from the $263.3 million for the first half of 2009. Tons sold in the first half of 2010 increased 37.2% to 474 thousand from 345 thousand in the first half of 2009. First half 2010 net income totaled $5.0 million, or $0.45 per diluted share, compared to a net loss of $59.3 million, or $5.45 per diluted share for last year’s first half. The 2009 results included $81.1 million of lower of cost or market pretax charges to write down the value of inventory as of March 31 and June 30, 2009.
OLYMPIC STEEL PARTICIPATES IN NASDAQ CLOSING CEREMONY
OLYMPIC STEEL ANNOUNCES MANAGEMENT CHANGES
Cleveland, Ohio --- (March 29, 2010) Olympic Steel, Inc. (Nasdaq: ZEUS)
announced the following management changes.
Richard A. Manson has been promoted to the newly formed position of Vice
President of Human Resources and Administration. Mr. Manson has been
employed with Olympic Steel since 1996, serving as the Company’s Director of
Taxes and Risk Management, and most recently as Treasurer and Corporate
Controller, positions he has held since 2003.
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