FORM 8-K
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Date of Report:
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May 6, 2011
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(Date of earliest event reported)
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A. M. CASTLE & CO.
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(Exact name of registrant as specified in its charter)
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Maryland
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1-5415
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36-0879160
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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3400 North Wolf Road
Franklin Park, Illinois 60131
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(Address of principal executive offices)
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Registrant's telephone number including area code: (847) 455-7111
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Not Applicable
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(Former name or former address if changed since last report.)
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Exhibit
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Number
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Description
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99.1
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A. M. Castle & Co. Press Release, dated May 6, 2011
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A. M. CASTLE & CO.
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May 6, 2011
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By:
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/s/ Robert J. Perna
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Robert J. Perna
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Vice President, General Counsel & Secretary
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Exhibit No.
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Description
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Page Number | |
A. M. Castle & Co. Press Release, dated May 6, 2011
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EX-1 |
A. M. CASTLE & CO. |
3400 North Wolf Road
Franklin Park, Illinois 60131
(847) 455-7111
(847) 455-6930 (Fax)
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For Further Information: | ||
----------AT THE COMPANY---------- | ----------AT ASHTON PARTNERS---------- | |
Scott F. Stephens | Analyst Contact: | |
Vice President - Finance & CFO | Katie Pyra | |
(847) 349-2577 | (312) 553-6717 | |
E-mail: sstephens@amcastle.com | E-mail: katie.pyra@fd.com | |
Traded: NYSE:CAS | ||
Member: S&P SmallCap 600 Index |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||
(Dollars in thousands, except per share data)
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For the Three Months Ended
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Unaudited
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March 31,
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|||||||
2011
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2010
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Net sales
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$ | 272,788 | $ | 222,996 | ||||
Costs and expenses:
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Cost of materials (exclusive of depreciation and amortization)
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201,428 | 169,043 | ||||||
Warehouse, processing and delivery expense
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33,142 | 28,904 | ||||||
Sales, general, and administrative expense
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31,121 | 26,942 | ||||||
Depreciation and amortization expense
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4,999 | 5,150 | ||||||
Operating income (loss)
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2,098 | (7,043) | ||||||
Interest expense, net
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(986) | (1,293) | ||||||
Income (loss) before income taxes and equity in earnings of joint venture
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1,112 | (8,336) | ||||||
Income taxes
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(1,268) | 2,848 | ||||||
Loss before equity in earnings of joint venture
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(156) | (5,488) | ||||||
Equity in earnings of joint venture
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2,859 | 866 | ||||||
Net income (loss)
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$ | 2,703 | $ | (4,622) | ||||
Basic income (loss) per share
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$ | 0.12 | $ | (0.20) | ||||
Diluted income (loss) per share
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$ | 0.12 | $ | (0.20) | ||||
EBITDA *
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$ | 9,956 | $ | (1,027) | ||||
*Earnings before interest, taxes, and depreciation and amortization
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For the Three Months Ended
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March 31,
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||||||||
2011 | 2010 | |||||||
Reconciliation of EBITDA to net income:
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Net income (loss)
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$ | 2,703 | $ | (4,622) | ||||
Depreciation and amortization expense
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4,999 | 5,150 | ||||||
Interest expense, net
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986 | 1,293 | ||||||
Income taxes
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1,268 | (2,848) | ||||||
EBITDA
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$ | 9,956 | $ | (1,027) |
CONDENSED CONSOLIDATED BALANCE SHEETS
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||||||||
(Dollars in thousands, except par value data)
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As of
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|||||||
Unaudited
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March 31,
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December 31,
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||||||
2011
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2010
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ASSETS
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Current assets
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Cash and cash equivalents
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$ | 43,829 | $ | 36,716 | ||||
Accounts receivable, less allowances of $3,675 and $3,848
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158,269 | 128,365 | ||||||
Inventories, principally on last-in, first-out basis (replacement cost
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143,670 | 130,917 | ||||||
higher by $125,472 and $122,340)
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||||||||
Prepaid expenses and other current assets
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8,253 | 6,832 | ||||||
Income tax receivable
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1,847 | 8,192 | ||||||
Total current assets
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355,868 | 311,022 | ||||||
Investment in joint venture
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30,330 | 27,879 | ||||||
Goodwill
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50,130 | 50,110 | ||||||
Intangible assets
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39,797 | 41,427 | ||||||
Prepaid pension cost
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19,172 | 18,580 | ||||||
Other assets
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3,736 | 3,619 | ||||||
Property, plant and equipment
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Land
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5,197 | 5,195 | ||||||
Building
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52,412 | 52,277 | ||||||
Machinery and equipment
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173,728 | 182,178 | ||||||
Property, plant and equipment, at cost
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231,337 | 239,650 | ||||||
Less - accumulated depreciation
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(155,699) | (162,935) | ||||||
Property, plant and equipment, net
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75,638 | 76,715 | ||||||
Total assets
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$ | 574,671 | $ | 529,352 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities
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Accounts payable
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$ | 116,457 | $ | 71,764 | ||||
Accrued liabilities
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25,333 | 31,320 | ||||||
Income taxes payable
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4,232 | 2,357 | ||||||
Deferred income taxes
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2,216 | 2,461 | ||||||
Current portion of long-term debt
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7,993 | 8,012 | ||||||
Total current liabilities
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156,231 | 115,914 | ||||||
Long-term debt, less current portion
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61,860 | 61,127 | ||||||
Deferred income taxes
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26,114 | 26,754 | ||||||
Other non-current liabilities
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3,348 | 3,390 | ||||||
Pension and post retirement benefit obligations
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8,820 | 8,708 | ||||||
Commitments and contingencies
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Stockholders' equity
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Preferred stock, $0.01 par value - 10,000 shares authorized; no shares
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issued and outstanding at March 31, 2011 and December 31, 2010
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- | - | ||||||
Common stock, $0.01 par value - 30,000 shares authorized;
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23,149 shares issued and 22,980 outstanding at March 31, 2011 and 23,149 shares
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issued and 22,986 outstanding at December 31, 2010
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231 | 231 | ||||||
Additional paid-in capital
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181,427 | 180,519 | ||||||
Retained earnings
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153,450 | 150,747 | ||||||
Accumulated other comprehensive loss
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(14,483) | (15,812) | ||||||
Treasury stock, at cost - 169 shares at March 31, 2011 and 163 shares at
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||||||||
December 31, 2010
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(2,327) | (2,226) | ||||||
Total stockholders' equity
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318,298 | 313,459 | ||||||
Total liabilities and stockholders' equity
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$ | 574,671 | $ | 529,352 |
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