Metal Management, Inc. reported net sales for the first quarter of $367.2 million with net income of $12.5 million. The sales were a 61 percent increase from sales for the first quarter last year.
Daniel Dienst, chairman and CEO, said, "In the first quarter of Fiscal 2005, Metal Management experienced improved flows of scrap metals into our yards and strong demand from our consumers. Our ferrous and non-ferrous yard volumes increased by approximately 10 percent and 23 percent, respectively, compared to the three months ended June 30, 2003. Perhaps most importantly in the first quarter, we demonstrated that even during periods of rapidly falling scrap metal prices as was the case for most of the first quarter, we generated significant earnings for our stockholders.”
Dienst concluded, "As we have started our second fiscal quarter, pricing for scrap metals has firmed again and we are experiencing strong prices for many grades of ferrous and non-ferrous scrap in many of our markets. We look forward with optimism toward the prospects for growth and profitability in our business as we enter the second fiscal quarter of Fiscal 2005."