Cleveland, Ohio-based Olympic Steel, Inc. announced third quarter net sales of $304.0 million, 11.3 percent lower than the $342.6 million reported in last year's comparable quarter. For the cumulative nine months, net sales were $972.9 million, compared with $1.1 billion in the 2012 nine-month period--a decline of 10.9 percent.
Net income for the quarter was $1.3 million, or $0.12 per diluted share, compared with $1.6 million, or $0.15 per diluted share, in the third quarter of 2012. For the nine-month period, net income was $9.0 million, or $0.82 per diluted share, compared with $12.4 million, or $1.13 per diluted share, last year. LIFO income had a $0.14 per share positive impact on current year-to-date reported earnings.
"We continue to generate strong free cash flow and transition the business to higher-value products. During the quarter, we strengthened our balance sheet by further reducing outstanding debt using both cash generated from operations and enhanced working-capital management, which benefited from improved inventory turnover. In addition, gross margins expanded reflecting consistent profit on a per ton basis, despite market driven lower steel prices and shipments," said Chairman and Chief Executive Officer Michael D. Siegal.
