Metal Management reports second quarter
results
Metal Management, Inc. announced results for the
second quarter ended September 30, 2006.
The company generated consolidated net sales of
$585 million in the second quarter of fiscal 2007 and net income
of $29.1 million. EBITDA was $56.4 million, and earnings per share
were $1.09 per diluted common share.
Consolidated net sales of $585 million for the
quarter ended September 30, 2006, an increase of 55% as compared
to consolidated net sales of $378 million for the quarter ended
September 30, 2005.
Net income was $29.1 million or $1.09 per diluted
common share, compared to net income of $16.9 million or $0.66 per
diluted common share in the same period last year.
Approximately 1.4 million tons of metal were processed
and sold or brokered, including ferrous yard shipments of approximately
1.3 million tons and non-ferrous shipments of approximately 140
million pounds.
The company turned ferrous inventories approximately
11 times and non-ferrous inventories (excluding stainless and alloy)
approximately 13 times. Metal Management also repurchased approximately
$14 million of Metal Management's common stock.
A dividend of $.075 per share was paid to all
shareholders of record.
During the quarter Metal Management announced
that its Board of Directors authorized the repurchase of up to 2.7
million shares of the company's common stock, or approximately 10%
of the outstanding shares. Through September 30, 2006, the company
had used cash on hand to purchase approximately 531,300 shares at
an average price of $26.21 per share.
Also announced this quarter, Metal Management
began trading on the New York Stock Exchange with the new ticker
"MM" after transferring from NASDAQ on October 5, 2006. |
