FORM 8-K
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Date of Report:
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August 2, 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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1420 Kensington Road, Suite 220
Oak Brook, IL 60523
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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 August 2, 2011
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A. M. CASTLE & CO.
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August 2, 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 August 2, 2011
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EX-1 |
A. M. CASTLE & CO.
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1420 Kensington Road
Suite 220
Oak Brook, IL 60523
(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 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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June 30,
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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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$ | 32,066 | $ | 36,716 | ||||
Accounts receivable, less allowances of $3,278 and $3,848
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163,753 | 128,365 | ||||||
Inventories, principally on last-in, first-out basis (replacement cost higher by $129,776 and $122,340)
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174,884 | 130,917 | ||||||
Prepaid expenses and other current assets
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8,069 | 6,832 | ||||||
Income tax receivable
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2,247 | 8,192 | ||||||
Total current assets
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381,019 | 311,022 | ||||||
Investment in joint venture
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32,384 | 27,879 | ||||||
Goodwill
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50,134 | 50,110 | ||||||
Intangible assets
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38,143 | 41,427 | ||||||
Prepaid pension cost
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19,765 | 18,580 | ||||||
Other assets
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3,270 | 3,619 | ||||||
Property, plant and equipment
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||||||||
Land
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5,197 | 5,195 | ||||||
Building
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52,282 | 52,277 | ||||||
Machinery and equipment
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168,434 | 182,178 | ||||||
Property, plant and equipment, at cost
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225,913 | 239,650 | ||||||
Less - accumulated depreciation
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(150,534) | (162,935) | ||||||
Property, plant and equipment, net
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75,379 | 76,715 | ||||||
Total assets
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$ | 600,094 | $ | 529,352 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities
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Accounts payable
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$ | 120,702 | $ | 71,764 | ||||
Accrued liabilities
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26,012 | 31,320 | ||||||
Income taxes payable
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2,341 | 2,357 | ||||||
Deferred income taxes
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2,358 | 2,461 | ||||||
Current portion of long-term debt
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7,945 | 8,012 | ||||||
Short-term debt
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15,200 | - | ||||||
Total current liabilities
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174,558 | 115,914 | ||||||
Long-term debt, less current portion
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63,538 | 61,127 | ||||||
Deferred income taxes
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25,479 | 26,754 | ||||||
Other non-current liabilities
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3,247 | 3,390 | ||||||
Pension and post retirement benefit obligations
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8,932 | 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 June 30, 2011 and December 31, 2010
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- | - | ||||||
Common stock, $0.01 par value - 30,000 shares authorized;
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23,159 shares issued and 23,039 outstanding at June 30, 2011 and 23,149 shares
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issued and 22,986 outstanding at December 31, 2010
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232 | 231 | ||||||
Additional paid-in capital
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182,101 | 180,519 | ||||||
Retained earnings
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157,147 | 150,747 | ||||||
Accumulated other comprehensive loss
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(13,615) | (15,812) | ||||||
Treasury stock, at cost - 120 shares at June 30, 2011 and 163 shares at
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December 31, 2010
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(1,525) | (2,226) | ||||||
Total stockholders' equity
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324,340 | 313,459 | ||||||
Total liabilities and stockholders' equity
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$ | 600,094 | $ | 529,352 |
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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For the Six Months Ended
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Unaudited
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June 30,
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June 30,
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||||||||||||||
2011
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2010
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2011
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2010
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Net sales
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$ | 282,568 | $ | 240,132 | $ | 555,356 | $ | 463,128 | ||||||||
Costs and expenses:
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Cost of materials (exclusive of depreciation and amortization)
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208,470 | 178,515 | 409,898 | 347,558 | ||||||||||||
Warehouse, processing and delivery expense
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33,874 | 30,176 | 67,016 | 59,080 | ||||||||||||
Sales, general, and administrative expense
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30,864 | 25,808 | 61,985 | 52,750 | ||||||||||||
Depreciation and amortization expense
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5,059 | 5,351 | 10,058 | 10,501 | ||||||||||||
Operating income (loss)
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4,301 | 282 | 6,399 | (6,761) | ||||||||||||
Interest expense, net
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(1,120) | (1,252) | (2,106) | (2,545) | ||||||||||||
Income (loss) before income taxes and equity in earnings of joint venture
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3,181 | (970) | 4,293 | (9,306) | ||||||||||||
Income taxes
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(2,466) | (70) | (3,734) | 2,778 | ||||||||||||
Income (loss) before equity in earnings of joint venture
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715 | (1,040) | 559 | (6,528) | ||||||||||||
Equity in earnings of joint venture
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2,982 | 1,448 | 5,841 | 2,314 | ||||||||||||
Net income (loss)
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$ | 3,697 | $ | 408 | $ | 6,400 | $ | (4,214) | ||||||||
Basic income (loss) per share
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$ | 0.16 | $ | 0.02 | $ | 0.28 | $ | (0.18) | ||||||||
Diluted income (loss) per share
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$ | 0.16 | $ | 0.02 | $ | 0.28 | $ | (0.18) | ||||||||
EBITDA *
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$ | 12,342 | $ | 7,081 | $ | 22,298 | $ | 6,054 | ||||||||
*Earnings before interest, taxes, and depreciation and amortization
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For the Three Months Ended
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For the Six Months Ended
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June 30,
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June 30,
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|||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Reconciliation of EBITDA to net income:
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Net income (loss)
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$ | 3,697 | $ | 408 | $ | 6,400 | $ | (4,214) | ||||||||
Depreciation and amortization expense
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5,059 | 5,351 | 10,058 | 10,501 | ||||||||||||
Interest expense, net
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1,120 | 1,252 | 2,106 | 2,545 | ||||||||||||
Income taxes
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2,466 | 70 | 3,734 | (2,778) | ||||||||||||
EBITDA
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$ | 12,342 | $ | 7,081 | $ | 22,298 | $ | 6,054 |
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