Metal Management Inc., Chicago, has announced profitable results for its fiscal year and fourth quarter period that ended March 31, 2003.
For its 2003 fiscal year, the scrap recycling firm has reported consolidated net sales totaling $770.0 million with net income of $20.5 million, or $1.98 per common diluted share for the year.
For its most recent quarter, net sales increased by more than 28 percent to $214.2 million while net income grew by more than 200% to $7.1 million compared to the quarter that ended one year previously, on March 31, 2002.
The company also says its debt was reduced by $44 million in the recently concluded fiscal year.
“The company is very pleased with our results in the fourth quarter and for the full fiscal year,” says Albert A. Cozzi, vice chairman and CEO of the firm. “Metal Management's employees are to be commended for their accomplishments over the course of this past year and their continued efforts in managing operating expenses, growing unit volumes and maximizing utilization of our facilities.”
According to Cozzi, “The company’s total processed ferrous metal shipments were slightly more than 4.1 million tons for the year, an increase of about 200,000 tons from the year-ago period. Conversely, our nonferrous business continues to be negatively affected by the generally weak domestic manufacturing sector, particularly the commercial aerospace and stainless steel markets. Nonetheless, since Metal Management's ferrous business represents 71 percent of total net sales, our overall results remained solid and we are well positioned for a recovery in the non-ferrous markets.”
Cozzi also reports that the company’s “cash flow and liquidity are also improved. Also noteworthy is the support of our asset-based lenders who have supported the Company for over five years. We recently agreed with our bank group to extend the maturity date of our credit agreement to June 7, 2004, as we explore long-term financing opportunities for the company.”
Cozzi adds, “In March 2003, the company's common stock was readmitted to Nasdaq and listed on the Nasdaq SmallCap Market, a move that should continue to enhance the efficiency and liquidity in the trading of our stock for our shareholders. We are grateful for the confidence and support of our stockholders.”