Shipments of 573,000 tons were the second best quarter in the company's history. Shipments increased 43 percent compared to the third quarter of fiscal 2005 and were up almost 5 percent from the second quarter of this fiscal year. Average selling prices of $600 per ton increased $4 from the third quarter of fiscal 2005 and almost $20 from the second quarter of this fiscal year. Average metal margins of $423 per ton were 2 percent higher than the third quarter of fiscal 2005 and over 3 percent greater than the second quarter of this year. Energy expense was down 20 percent from the second quarter as a result of a dramatic decrease in natural gas prices in January and February.
For the first nine months of the fiscal year Chaparral had record net income of $101.0 million, compared to net income of $63.4 million for the first nine months of fiscal 2005. While average selling prices were down less than 2 percent, total shipments of 1.72 million tons increased over 34 percent.
The company added that it expects the fourth to be show similarly strong results.
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