Pittsburgh-based TMS International Corp., the parent company of Tube City IMS Corp., has announced its financial results for the first quarter of 2011.
In its SEC (Securities and Exchange Commission) filing, TMS reports that its total revenue for the quarter was $664 million, a 41.1 percent increase compared with the first quarter of the prior year.
The company also reports that revenue after raw material costs reached $135.2 million, a 26.7 percent increase from the same time last year.
Joseph Curtin, TMS president and CEO, says, "We are pleased with our strong financial results for the first quarter, which is also our first quarter reported as a public company. We capitalized on a strengthening operating environment and reported significant improvements in revenue after raw material costs and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization).”
Curtin adds, “We continued to focus on expanding our operations globally and we are pleased with our recent successes across Europe, Latin America and North America. We are excited about these new opportunities as they reflect the continued recognition by our customers of our leading global service capabilities and the hard work and dedication put forth by our entire team. We are also very pleased to have added $86 million of cash to our balance sheet for investment in future opportunities.”