ASHLAND, Ky.--(BUSINESS WIRE)--For the three months ended March 31, 2012, ALJ posted net income of $3,106,977 as compared to net income of $2,289,928 for the three months ended March 31, 2011. For the six months ended March 31, 2012, ALJ posted net income of $4,830,743 as compared to net income of $2,952,438 for the six months ended March 31, 2011. ALJ is the parent company of KES Acquisition Company dba Kentucky Electric Steel, the owner and operator of a steel mini-mill near Ashland, Kentucky producing both merchant bar quality flats (MBQ Bar Flats), and special bar quality steel flats (SBQ Bar Flats).
|ALJ Regional Holdings, Inc.|
|(in thousands except per share)|
|3 months Ended March 31|
|6 months Ended March 31|
According to John Scheel, ALJ’s Chief Executive Officer, “Thus far, fiscal 2012 has been a solid year with a strong second quarter built upon a solid first. Quarterly results show revenue, operating income, and net income up 10%, 17%, and 36%, respectively, over the same quarter last year. The first half was even better compared to last year’s first half with results up 14%, 32% and 64%, respectively. The gains made last quarter were mostly due to volume. The first quarter of this fiscal year had pricing gains as well, which is why the half was up so strongly.”
Jess Ravich, Chairman of the Board commented “John and his team have continued their excellent job at the Company. KES remained profitable through the recession and is now capitalizing on the recovery. As we have done in the past, we intend to continue to deleverage our balance sheet as the opportunity arises for the benefit of our Common Shareholders.”
ALJ Regional Holdings, Inc. has received a request from a shareholder that it re-list its common stock onto a national securities exchange, and ALJ intends to include such proposal, including a related proposal to effect a reverse stock split, in its proxy statement for the 2012 Annual Meeting of Shareholders expected to be made available to its shareholders by late June. Assuming its shareholders approve these proposals, ALJ intends to seek a listing of its common stock on a national securities exchange by the end of Calendar 2012.
This press release contains forward-looking statements. Such statements include information regarding ALJ’s expectations, goals or intentions regarding the future, including but not limited to statements regarding KES capitalizing on the recovery, deleveraging ALJ’s balance sheet, a listing of ALJ’s common stock on a national securities exchange. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statements. Among the factors that could cause actual results to differ materially is ALJ’s ability to meet the qualifications for listing on a national securities exchange. Additional factors that could cause actual results to differ are discussed in ALJ’s Annual Report for the fiscal year ended September 30, 2011 and in its other periodic reports issued through the Pink Sheets News Service and available at www.pinksheets.com. All forward-looking statements in this release are made as of the date hereof and ALJ assumes no obligation to update any forward-looking statement.
Full financial reports are available at www.pinksheets.com