-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, D/r9IMYzE3+cIf/cmfSo3nIB/MF2LL0kFdlFKD+jM8LL1oBb4Teyl0/W9wprUD2w AG0nvtIc5dU5z2Ou6AynEw== 0000084278-04-000002.txt : 20040315 0000084278-04-000002.hdr.sgml : 20040315 20040315154457 ACCESSION NUMBER: 0000084278-04-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040309 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040315 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROANOKE ELECTRIC STEEL CORP CENTRAL INDEX KEY: 0000084278 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 540585263 STATE OF INCORPORATION: VA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-02389 FILM NUMBER: 04669467 BUSINESS ADDRESS: STREET 1: 102 WESTSIDE BLVD N W STREET 2: P O BOX 13948 CITY: ROANOKE STATE: VA ZIP: 24038-3948 BUSINESS PHONE: 5403421831 MAIL ADDRESS: STREET 1: P.O. BOX 13948 CITY: ROANOKE STATE: VA ZIP: 24038-3948 8-K 1 resc8k030904.htm RESC 8-K FOR 03-09-2004 Body

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): March 9 , 2004

ROANOKE ELECTRIC STEEL CORPORATION
(Exact name of Registrant as specified in its charter)

                            Virginia                                             0-2389                                    54-0585263                     

(State or other jurisdiction
of incorporation)

(Commission
  File Number)

 (I.R.S. Employer
   Identification No.)
 
     102 Westside Blvd., N.W., Roanoke, Virginia                    24017     
           (Address of principal executive offices)                       (Zip Code)   

Registrant's telephone number, including area code: (540) 342-1831

 

 
Item 7. Financial Statements and Exhibits    
  (c) Exhibits    
         
    Exhibit No. Description  
         99.1 News Release of Roanoke Electric Steel Corporation, issued March 9, 2004

Item 12.     Results of Operations and Financial Condition

          On March 9, 2004, Roanoke Electric Steel Corporation issued a news release reporting its financial results for the fiscal quarter ended January 31, 2004. A copy of the news release is furnished and attached as Exhibit 99.1 to this report.

 

 

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this current report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

  Roanoke Electric Steel Corporation
   
  By: /s/ Donald G. Smith
         Donald G. Smith
         Chairman and Chief Executive Officer

Dated: March 15, 2004

 

 

INDEX TO EXHIBITS

Exhibit No.
 Description
99.1
News Release of Roanoke Electric Steel Corporation, issued March 9, 2003
   

EX-99 3 newsrelease1stqtr04.htm NEWS RELEASE FOR 1ST QUARTER 2004 RESC Body
NEWS RELEASE FOR IMMEDIATE RELEASE
  CONTACT: T. Joe Crawford
    (540) 342-1831

 

ROANOKE ELECTRIC STEEL CORPORATION
REPORTS FIRST QUARTER RESULTS

 

          ROANOKE, Virginia, March 9, 2004 -- Roanoke Electric Steel Corporation (Nasdaq: RESC) reported a profit of $1,533,676 for the first quarter ended January 31, 2004, compared to a loss of $2,129,872 for the same period last year. Basic and diluted earnings per share were $.14, compared to basic and diluted loss per share of $.19 in the first quarter of 2003. Sales for the quarter were $87,255,510, a 42.73% increase from sales of $61,129,954 reported for the 2003 first quarter. Included in the quarterly results was a payment received of $3,061,820, or $1,410,887 additional earnings ($.13 per share), from graphite electrode plaintiffs in conjunction with a class action suit for antitrust violations.

               Donald G. Smith, Chairman and Chief Executive Officer, stated:

          "We are very pleased to report that for the fourth consecutive quarter our earnings per share have improved. The quarter was positively affected by an increase in selling prices for the majority of our products, as well as an increase in tonnage shipped across most of our product lines. The increased costs of scrap, our principal raw material, and alloys had a negative impact on the results for the quarter. Our fabricating subsidiaries are still hampered by reduced margins for fabricated products, due to weak nonresidential construction activity. However, overall gross profit percentages improved for most of our subsidiaries in the first quarter of 2004, compared to the first quarter of 2003. Also affecting the results of the quarter were increased administrative costs in association with ongoing compliance efforts regarding the Sarbanes-Oxley Act."
          "We continue our efforts to pass price increases along to our customers, due to the increase in raw material costs. Three price increases for merchant and structural products, which have already been announced, will take effect during the second quarter and will hopefully help maintain profit margins. We expect our fabricating facilities to continue to struggle, but our rolling mills and melt shops continue to be busy and, in some instances, are adding additional shifts to keep pace with rising demand for our products. Business conditions appear to be improving in certain markets, and we hope the momentum we have achieved over the last four quarters can continue."

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        Consolidated Statements of Earnings

            (Unaudited)
            Three Months Ended
            January 31,
            2004
        		    2003
                   
        SALES $ 87,255,510 $ 61,129,954
        COST OF SALES 78,403,653
        		58,056,795
        GROSS EARNINGS 8,851,857
        		3,073,159
        OTHER OPERATING EXPENSES (INCOME)
             Administrative 7,359,859 5,225,018
             Interest, net 1,047,682 1,462,984
             Profit sharing 956,488 80,400
             Antitrust litigation settlement (3,061,820)
        		(520,960)
                Total 6,302,209
        		6,247,442
        EARNINGS (LOSS) BEFORE INCOME TAXES AND
             CUMULATIVE EFFECT OF CHANGE
             IN ACCOUNTING PRINCIPLE 2,549,648 (3,174,283)
        INCOME TAX EXPENSE (BENEFIT) 1,015,972
        		(1,272,821)
        EARNINGS (LOSS) BEFORE CUMULATIVE EFFECT
             OF CHANGE IN ACCOUNTING PRINCIPLE 1,533,676 (1,901,462)
        CUMULATIVE EFFECT OF CHANGE
             IN ACCOUNTING PRINCIPLE ---
        		(228,410)
        NET EARNINGS (LOSS) $ 1,533,676
        		$ (2,129,872)
        Earnings (loss) per share (basic and diluted) of common stock:
        Earnings (loss) before cumulative effect of change
             in accounting principle $ 0.14 $ (0.17)
        Cumulative effect of change in
             accounting principle ---
        		(0.02)
        Net earnings (loss) per share of common stock $ 0.14
        		$ (0.19)
        Cash dividends per share of common stock $ 0.05
        		$ 0.05
        Weighted average number of common
              shares outstanding :
                  Basic 10,932,813
        		10,942,813
                  Diluted 10,970,133
        		10,958,945

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                  This release contains various forward-looking statements which represent the Company's expectations or beliefs concerning future events. In accordance with the safe harbor provisions of the securities laws regarding such forward-looking statements, the Company notes that a variety of factors could cause actual results and experience to differ materially from those expressed in the forward-looking statements. The risks and uncertainties that may affect the operations, performance, development and results of the Company's business include economic and industry conditions, timing of the recovery within our steel markets, availability and prices of utilities, supplies and raw materials, prices of steel products, foreign and domestic competition, foreign trade polices affecting imports and exports, governmental regulations, interest rates, inflation, labor relations, environmental concerns and compliance issues and others.

                  Roanoke Electric Steel Corporation has steel manufacturing facilities in Roanoke, Virginia and Huntington, West Virginia, producing angles, rounds, flats, channels, beams, special sections and billets, which are sold to steel service centers, fabricators, original equipment manufacturers and other steel producers. Five subsidiaries are involved in various steel-related activities, consisting of scrap processing and bar joist, reinforcing bar and truck trailer beam fabrication.

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