Metal Management Announces Numbers

Metal Management, Inc. announced results for the fiscal year and fourth quarter period ended March 31.

For the fiscal year, consolidated net sales totaled $1.1 billion with net income of $51.4 million,

For the fourth quarter, net sales increased by more than 72 percent to $368.7 million and net income grew by more than 243 percent to $24.3 million.

For the year, consolidated net sales increased by 41 percent to $1.1 billion from figures the same time last year.

Net income for the year reached $51.4 million, compared to net income of $20.5 million for the same time last year.

Daniel Dienst, chairman and CEO, said, "The company has made substantial progress integrating its regional groups of assets and with the underpinnings of strong metal markets generated outstanding results in Fiscal 2004. Our operating results in Fiscal 2004 far exceeded our expectations and our employees should be proud of their accomplishment. We are also grateful for the support from our consumers, customers, and trading partners and we look forward to cultivating these relationships into growing partnerships."

Dienst continued, "In Fiscal 2004 our results exceeded our own expectations. We processed or brokered nearly 5 million tons of scrap metals. This positions Metal Management among the largest scrap processors in the world. During Fiscal 2004, our ferrous yard business grew by almost 7% in unit shipments to approximately 4.4 million tons and unit growth, coupled with higher average selling prices, increased our net sales by approximately 41 percent. "