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Press Release: Olympic Steel Reports 2016 -2-

2 Mar 2017 10:45 am
    - basic            $  (0.19)  $  (0.45)  $    (0.10)  $    (2.39) 
                        =======    =======    =========    ========= 
 
   Weighted average 
    shares 
    outstanding - 
    basic                11,221     11,173       11,210       11,192 
                        =======    =======    =========    ========= 
 
   Net loss per share 
    - diluted          $  (0.19)  $  (0.45)  $    (0.10)  $    (2.39) 
                        =======    =======    =========    ========= 
 
   Weighted average 
    shares 
    outstanding - 
    diluted              11,221     11,173       11,210       11,192 
                        =======    =======    =========    ========= 
 
 
 
                      Olympic Steel, Inc. 
                  Consolidated Balance Sheets 
                         (in thousands) 
 
                                              At Dec. 31, 
                                        ------------------------ 
                                           2016         2015 
                                        ----------  ------------ 
                                               (audited) 
                Assets 
 
Cash and cash equivalents               $   2,315   $   1,604 
Accounts receivable, net                  101,902      92,877 
Inventories, net (includes LIFO debit 
 of $8,045 and $6,555 as of Dec. 31, 
 2016, and 2015, respectively)            254,526     206,645 
Prepaid expenses and other                  6,197       7,820 
                                         --------    -------- 
     Total current assets                 364,940     308,946 
                                         --------    -------- 
 
Property and equipment, at cost           374,242     372,129 
Accumulated depreciation                 (218,476)   (205,591) 
                                         --------    -------- 
     Net property and equipment           155,766     166,538 
                                         --------    -------- 
 
Intangible assets, net                     23,869      24,757 
Other long-term assets                     11,493      11,639 
                                         --------    -------- 
     Total assets                       $ 556,068   $ 511,880 
                                         ========    ======== 
 
             Liabilities 
 
Current portion of long-term debt       $   1,825   $   2,690 
Accounts payable                           79,458      55,685 
Accrued payroll                             8,445       6,884 
Other accrued liabilities                  15,170      11,801 
                                         --------    -------- 
     Total current liabilities            104,898      77,060 
                                         --------    -------- 
Credit facility revolver                  164,599     145,800 
Other long-term liabilities                10,062       9,829 
Deferred income taxes                      23,119      24,496 
                                         --------    -------- 
     Total liabilities                    302,678     257,185 
                                         --------    -------- 
 
         Shareholders' Equity 
 
Preferred stock                                 -           - 
Common stock                              128,619     128,129 
Treasury stock                               (609)       (699) 
Accumulated other comprehensive loss            -         (70) 
Retained earnings                         125,380     127,335 
                                         --------    -------- 
     Total shareholders' equity           253,390     254,695 
                                         --------    -------- 
     Total liabilities and 
      shareholders' equity              $ 556,068   $ 511,880 
                                         ========    ======== 
 
 
 
                                  Olympic Steel, Inc. 
                             Segment Financial Information 
 (In thousands, except tonnage and per-ton data. Figures may not foot to consolidated 
                          totals due to Corporate expenses.) 
 
                                       Three Months Ended Dec. 31: 
                                               (unaudited) 
                  --------------------------------------------------------------------- 
                                              Specialty Metals 
                         Carbon Flat                Flat            Tubular and Pipe 
                          Products                Products             Products(1) 
                  -------------------------  -------------------  --------------------- 
                      2016         2015        2016      2015       2016       2015 
                  ------------  -----------  --------  --------   --------  ----------- 
Tons Sold(1)          244,938      229,530     19,012    16,520         NA           NA 
                  -----------    ---------    -------   -------   --------  ----------- 
 
Net Sales           $ 167,055   $  150,992   $ 45,032  $ 40,700   $ 42,817  $ 45,813 
Average selling 
 price per ton            682          658      2,369     2,464         NA           NA 
Cost of 
 materials 
 sold(2)              136,979      120,822     37,452    37,376     29,063    30,067 
                  -----------    ---------    -------   -------    -------   ------- 
Gross profit(3)        30,076       30,170      7,580     3,324     13,754    15,746 
Operating 
 expenses(4)           34,327       36,458      5,065     4,058     13,190    13,606 
Goodwill and 
 intangible 
 asset 
 impairment(5)              -            -          -       500          -         - 
                  -----------    ---------    -------   -------    -------   ------- 
Operating 
 income (loss)       $ (4,251)  $   (6,288)  $  2,515  $ (1,234)  $    564  $  2,140 
                  ===========    =========    =======   =======    =======   ======= 
 
Depreciation 
 and 
 Amortization           2,953        2,987        211       173      1,398     1,556 
 
                                      Twelve Months Ended Dec. 31: 
                                                (audited) 
                  --------------------------------------------------------------------- 
                                              Specialty Metals 
                         Carbon Flat                Flat            Tubular and Pipe 
                          Products                Products             Products(1) 
                  -------------------------  -------------------  --------------------- 
                     2016          2015        2016      2015       2016       2015 
                  -----------   -----------  --------  ---------  --------  ----------- 
Tons Sold(1)       1,026,768     1,037,525     82,285    72,077         NA           NA 
                   ---------     ---------    -------   -------   --------  ----------- 
 
Net Sales         $  670,983    $  765,400   $189,930  $192,516   $194,203  $217,627 
Average selling 
 price per ton           653           738      2,308     2,671         NA           NA 
Cost of 
 materials 
 sold(2)             529,021       618,674    160,185   176,686    130,834   146,854 
                   ---------     ---------    -------   -------    -------   ------- 
Gross profit(3)      141,962       146,726     29,745    15,830     63,369    70,773 
Operating 
 expenses(4)         146,333       153,943     19,904    16,904     55,656    58,190 
Goodwill and 
 intangible 
 asset 
 impairment(5)             -             -          -       500          -    24,451 
                   ---------     ---------    -------   -------    -------   ------- 
Operating 
 income (loss)    $   (4,371)   $   (7,217)  $  9,841  $ (1,574)  $  7,713  $(11,868) 
                   =========     =========    =======   =======    =======   ======= 
 
Depreciation 
 and 
 Amortization         11,690        12,200        797       698      5,896     6,036 
 
 
 
(1)    Tonnage is less meaningful for the Tubular and Pipe Products segment 
       and therefore, is not reported. 
(2)    Includes $0.8 million, and $1.5 million, of LIFO income for the three 
       and twelve months ended Dec. 31, 2016, respectively; and $1.6 million, 
       and $3.3 million, of LIFO income for the three and twelve months ended 
       Dec. 31, 2015, respectively. 
(3)    Gross profit is calculated as net sales less the cost of materials 
       sold. 
(4)    Operating expenses are calculated as total costs and expenses less the 
       cost of materials sold. 
(5)    Goodwill and intangible asset non-cash impairment charges are 
       separately displayed for comparability purposes. 
 
 
 
                        Olympic Steel, Inc. 
                Segment Financial Information Cont. 
                      (audited, in thousands) 
 
                                                 At Dec. 31, 
                                          -------------------------- 
                                              2016          2015 
                                          -------------  ----------- 
Assets 
   Flat products                           $   363,626    $  328,295 
   Tubular and pipe products                   192,088       183,129 
   Corporate                                       354           456 
                                              --------       ------- 
Total assets                               $   556,068    $  511,880 
                                              ========       ======= 
 
Other Information: 
---------------------------------------- 
(audited, in thousands, except 
per-share data)                                  At Dec. 31, 
                                          -------------------------- 
                                              2016          2015 
                                          -------------  ----------- 
 
Shareholders' equity per share             $     23.11    $    23.25 
 
Debt-to-equity ratio                        0.66 to 1     0.58 to 1 
 
 

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