-----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, Gqyy+L/qK7z/q5chyvuIEq7lvbLxMdiNCUBN1berOxPxFfXPhhcF8njUC28Xba04 nefcp627SzE4B0xtki7M+w== 0000898431-03-000047.txt : 20030319 0000898431-03-000047.hdr.sgml : 20030319 20030319162927 ACCESSION NUMBER: 0000898431-03-000047 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030319 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030319 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNIVERSAL STAINLESS & ALLOY PRODUCTS INC CENTRAL INDEX KEY: 0000931584 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 251724540 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25032 FILM NUMBER: 03609351 BUSINESS ADDRESS: STREET 1: 600 MAYER ST CITY: BRIDGEVILLE STATE: PA ZIP: 15017 BUSINESS PHONE: 4122577600 MAIL ADDRESS: STREET 1: 600 MAYER ST CITY: BRIDGEVILLE STATE: PA ZIP: 15017 8-K 1 form_8k.txt FORM 8-K 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 19, 2003 Universal Stainless & Alloy Products, Inc. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 000-25032 25-1724540 ---------------------------- -------------- ------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 600 Mayer Street, Bridgeville, Pennsylvania 15017 --------------------------------------------------------- ------------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (412) 257-7600 Item 5. Other Events. On March 19, 2003, Universal Stainless & Alloy Products, Inc. (the "Company"), announced that it was revising its earnings estimate for the first quarter ending March 31, 2003. The Company also held a conference call on March 19, 2003 to discuss the revisions to its estimate. During the conference call, management was asked to comment on the estimated level of sales necessary to achieve break-even operating income levels based on the current mix of shipments and sales prices. The Company believes quarterly sales approximating $20 million are required for the Company to break-even based on the assumptions described above. The press release, dated March 19, 2003, issued by the Company with respect to this matter is attached hereto as Exhibit 99.1 and is hereby incorporated herein by reference in its entirety. Item 7. Financial Statements and Exhibits. (a) Not applicable (b) Not applicable (c) Exhibits Exhibit 99.1 Press Release dated March 19, 2003. Page 2 of 4 pages. SIGNATURE 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. UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC. By: /s/ Richard M. Ubinger ------------------------------------- Vice President of Finance, Chief Financial Officer and Treasurer Dated: March 19, 2003 Page 3 of 4 pages. EXHIBIT INDEX ------------- Exhibit 99.1 Press Release dated March 19, 2003. Page 4 of 4 pages. EX-99 3 exhibit99_1.txt EXHIBIT 99.1 Exhibit 99.1 [GRAPHIC OMITTED][GRAPHIC OMITTED] Universal Stainless & Alloy Products, Inc. 600 Mayer Street o Bridgeville, Pennsylvania 15017 CONTACTS: Richard M. Ubinger Vice President of Finance, Chief Financial Officer and Treasurer (412) 257-7606 FOR IMMEDIATE RELEASE Comm-Partners LLC June Filingeri (203) 972-0186 UNIVERSAL STAINLESS REVISES FIRST QUARTER ESTIMATE BRIDGEVILLE, PA, March 19, 2003 - Universal Stainless & Alloy Products, Inc. (Nasdaq:USAP) today announced that it expects first quarter 2003 sales to approximate $14 million and the diluted loss per share to range from $0.16 to $0.18. Although sales are on target with the Company's initial projection of $11 to $15 million, the diluted loss per share is greater than the $0.05 to $0.10 projected on January 22. In the prior year first quarter, the Company reported sales of $17.6 million and diluted earnings per share of $0.20. The Company expects to report final first quarter results on April 23. The Company noted that the reduction in its first quarter outlook reflects continuing weakness in demand, especially within the aerospace and power generation markets, as well as higher energy and raw material costs. As a result, the Universal Stainless & Alloy Products segment, composed of the Bridgeville and Titusville facilities, will record a loss for the quarter rather than the profit anticipated. On a more positive note, sales of bar, rod and wire products from its Dunkirk Specialty Steel segment are expected to exceed the Company's initial estimate of $4 million. However, Dunkirk's loss is expected to be in line with its initial forecast as a result of higher energy and material costs. Mac McAninch, President and Chief Executive Officer, commented: "The continuing slump in the economy and the difficulties challenging our major markets have resulted in a slower recovery than we expected. Despite a promising increase in service center orders in the first quarter, demand is not yet picking up in our higher-value product categories. We are seeing continued strength in tool steel sales and some signs of life in power generation demand, but the extent and pace of improvement have not been sufficient to enable us to meet our first quarter estimate. We are continuing to diligently control our costs, expand our sales efforts and return to profitable growth." UNIVERSAL STAINLESS REVISES FIRST QUARTER ESTIMATE Page 2 Webcast - ------- A conference call discussing the Company's revised first quarter outlook is scheduled at 9:00 a.m. (EST) today, Wednesday, March 19. It will be webcast simultaneously on the Company's web site for all interested parties at WWW.UNIVSTAINLESS.COM, and thereafter archived on the web site. A telephone replay of the conference call will be available beginning at approximately 11:00 a.m. (EST) today, continuing through March 26. It can be accessed by dialing 706-645-9291, passcode 9290896. This is a toll call. About Universal Stainless & Alloy Products, Inc. - ------------------------------------------------ Universal Stainless & Alloy Products, Inc., headquartered in Bridgeville, Pa., manufactures and markets a broad line of semi-finished and finished specialty steels, including stainless steel, tool steel and certain other alloyed steels. The Company's products are sold to original equipment manufacturers, service centers, forgers, rerollers and wire redrawers. Forward-Looking Information Safe Harbor - --------------------------------------- Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks include, among others, risks associated with the limited operating history of Dunkirk Specialty Steel LLC, risks associated with the Company's ability to meet its current loan covenants, risks associated with the receipt, pricing and timing of future customer orders, risks related to the financial viability of customers, risks associated with the manufacturing process and production yields, and risks related to property, plant and equipment. Certain of these risks and other risks are described in the Company's filings with the Securities and Exchange Commission (SEC) over the last 12 months, copies of which are available from the SEC or may be obtained upon request from the Company. # # # -----END PRIVACY-ENHANCED MESSAGE-----