-----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, HTt3ioL3chpj163ehVEkqj9MsbGLAAAUzCYsKWINuLR/EsJ2cJxeBeNJ9ZV2T5hz P/HqS7TldzOg/SF6si/oHw== 0000084278-04-000013.txt : 20040830 0000084278-04-000013.hdr.sgml : 20040830 20040830143830 ACCESSION NUMBER: 0000084278-04-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040826 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20040830 DATE AS OF CHANGE: 20040830 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: 041005057 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 resc8-k3q04.htm RESC 8-K 08-30-2004 UNITED STATES

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): August 26, 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 or organization)

  

(Commission File Number)

  

(I.R.S. Employer
Identification Number)
     

102 Westside Boulevard, NW
Roanoke, Virginia

  

24017

(Address of principal executive offices)

  

(Zip Code)

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


 

Item 2.02.     Results of Operations and Financial Condition

     On August 26, 2004, Roanoke Electric Steel Corporation issued a news release reporting its financial results for the quarter ended July 31, 2004. A copy of the news release is furnished and attached to this report as Exhibit 99.1.

 

Item 9.01.     Financial Statements and Exhibits

                  (c) Exhibits

     The following are furnished as Exhibits to this Report.

     

Exhibit No.

  

Description of Exhibit
     

99.1

  

News release issued August 26, 2004 (FILED HEREWITH)

 

 

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report 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: August 30, 2004


EXHIBIT INDEX

     

Exhibit No.

  

Description of Exhibit
     

99.1

  

News release issued August 26, 2004 (FILED HEREWITH)
EX-99 2 newsrel3q04.htm RESC 3RD QUARTER NEWS RELEASE
NEWS RELEASE   FOR IMMEDIATE RELEASE
    CONTACT: Mark G. Meikle  
      William M. Watson, Jr.  
      (540) 342-1831  

 

ROANOKE ELECTRIC STEEL CORPORATION
REPORTS RECORD SALES AND THIRD QUARTER RESULTS

          ROANOKE, Virginia, August 26, 2004 -- Roanoke Electric Steel Corporation (Nasdaq: RESC) today reported net earnings for the third quarter ended July 31, 2004, of $7,757,545, compared to a net loss of $319,569 in the third quarter last year. Basic earnings per share for the quarter were $.71 ($.70 diluted), compared to basic loss per share of $.03 ($.03 diluted) in the 2003 third quarter. Sales for the quarter were a record $129,443,989, up 57% from sales of $82,285,245 for the same period last year.

          For the nine months ended July 31, 2004, the Company reported net earnings of $14,513,277, compared to a net loss of $3,925,688 for the same period last year. Basic earnings per share were $1.33 ($1.32 diluted), compared to basic loss per share of $.36 ($.36 diluted) last year. Sales for the nine months of 2004 were $335,649,021, a 52% increase from sales of $220,490,923 for the same period last year.

          Donald G. Smith, Chairman and CEO, and T. Joe Crawford, President and COO, stated:

            "We are very pleased to report that for the sixth consecutive quarter our per share results have improved. Revenues for the quarter were the highest of any quarter in the history of our Company. The increase in revenues was attributable to improved selling prices and shipments of most products as demand continued to be strong. The increase in revenues and rising capacity utilization has helped the Company achieve the highest quarterly earnings per share since the fourth quarter of 1997. We have managed well in a rapidly rising cost and price environment, enabling us to maintain our profit margins while continuing to offer competitive prices on our products.  
            "The quarter's results reflect the volatile nature of today's domestic steel industry as the Company and the steel industry continue to attempt to cope with the unpredictable prices of scrap, the Company's principal raw material. Our mills and melt shops continue to be busy and we are working near capacity. The second furnace and caster, which was restarted in early June at our Roanoke facility, has helped us increase our steel output in order to meet the increased demand we are experiencing."  

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NEWS RELEASE (con'd.)
Pg. #2 of 3
8-26-04

Consolidated Statements of Earnings (Loss)

(Unaudited)     (Unaudited)
Three Months Ended   Nine Months Ended
July 31,
    July 31,
2004
    2003
    2004
    2003
Sales $ 129,443,989   $ 82,285,245   $ 335,649,021 $ 220,490,923
Cost of sales   103,505,946
    76,028,790
    281,490,908
    206,884,930
Gross earnings   25,938,043     6,256,455     54,158,113     13,605,993
Other operating expenses   13,012,073
    6,792,753
    29,982,337
    19,780,691
Earnings (loss) before income taxes              
     and cumulative effect of change
     in accounting principle 12,925,970 (536,298) 24,175,776 (6,174,698)
Income tax expense (benefit)   5,168,425
    (216,729)
    9,662,499
    (2,477,420)
Earnings (loss) before cumulative              
     effect of change in
     accounting principle 7,757,545 (319,569) 14,513,277 (3,697,278)
Cumulative effect of change
     in accounting principle - - -
- - -
- - -
(228,410)
Net earnings (loss) $ 7,757,545
  $ (319,569)
  $ 14,513,277
  $ (3,925,688)
Earnings (loss) per share of
     common stock:
     Earnings (loss) before cumulative
        effect of change in accounting
        principle:
          Basic $ 0.71   $ (0.03)   $ 1.33   $ (0.34)
          Diluted $ 0.70   $ (0.03)   $ 1.32   $ (0.34)
                     
     Cumulative effect of change in
        accounting principle:
          Basic   - - -     - - -     - - -     (0.02)
          Diluted   - - -
    - - -
    - - -
    (0.02)
     Net earnings (loss) per share of                      
        common stock:
          Basic $ 0.71   $ (0.03)   $ 1.33   $ (0.36)
          Diluted $ 0.70
  $ (0.03)
  $ 1.32
  $ (0.36)
Cash dividends per share of
     common stock $ 0.10
  $ 0.05
  $ 0.25
  $ 0.15
Weighted average number of
     common shares outstanding:
          Basic   10,958,009
    10,937,683
    10,943,266
    10,941,084
          Diluted 11,045,557
    10,937,683
    11,014,517
    10,945,119

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NEWS RELEASE (con'd)
Pg. #3 of 3
8-26-04

          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 statements, the Company notes that a variety of factors, including economic and industry conditions, availability and prices of utilities, supplies and raw materials, prices of steel products, foreign and domestic competition, trade policies affecting imports and exports, governmental regulations, interest rates, inflation, labor relations, environmental concerns and compliance issues and other matters, could cause actual results and experience to differ materially from those expressed in the forward-looking statements.

           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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