Metal Management, Inc. announced net sales of $230 of $18.3 million, and net income of $7.5 million for its fiscal second quarter.
The company also reported that consolidated net sales increased 19.3 percent to $230.0 million for the quarter, compared to $192.8 million for the same time last year.
Gross profit increased to $31.5 million (13.7 percent of sales) for the quarter ended September 30, 2003, up almost 27 percent from $24.8 million the same time last year.
Albert Cozzi, vice chairman and CEO, said, "Ferrous scrap demand relative to supply, both domestically and internationally, remains strong. The average selling price for our processed ferrous metal products was approximately $147 per gross ton in the three months ended September 30, 2003, compared to $120 per gross ton in the three months ended September 30, 2002. The Company's processed ferrous metal shipments surpassed 1.1 million tons for the quarter, about a 9% jump from the second quarter of fiscal 2003. Our strategic access to waterways throughout the U.S. provides us the opportunity to benefit from the relative attractiveness of U.S. scrap in the world marketplace. In the second quarter of this fiscal year, the Company exported almost 304,000 tons of ferrous material through vessel shipments, an increase of 74% from the 175,000 tons exported in the second quarter of fiscal 2003. We are also committed to support our domestic consumers to whom we ship the majority of our scrap metal units."
Cozzi added, "The company's strong cash flow generated in the quarter allowed us to reduce our debt by over $22 million, to approximately $80.6 million as of September 30, 2003.