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Press Release: Olympic Steel Reports Improved -2-

2 Mar 2018 11:05 am

In addition to financial information prepared in accordance with GAAP, this document also contains adjusted earnings per diluted share, which is a non-GAAP financial measure. Management's view of the Company's performance includes adjusted earnings per share, and management uses this non-GAAP financial measure internally for planning and forecasting purposes and to measure the performance of the Company. We believe this non-GAAP financial measure provides useful and meaningful information to us and investors because it enhances investors' understanding of the continuing operating performance of our business and facilitates the comparison of performance between past and future periods. This non-GAAP financial measure should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. A reconciliation of this non-GAAP measure to the most directly comparable GAAP financial measure is provided above.

About Olympic Steel

Founded in 1954, Olympic Steel is a leading U.S. metals service center focused on the direct sale and distribution of large volumes of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel and aluminum products. The Company's CTI subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricates pressure parts for the electric utility industry. Headquartered in Cleveland, Ohio, Olympic Steel operates from 30 facilities in North America.

For additional information, please visit the Company's website at www.olysteel.com or http://ir.olysteel.com/Contact_Us?BzID=2195

-Financial Tables Follow-
 
 
                           Olympic Steel, Inc. 
                  Consolidated Statements of Operations 
                  (in thousands, except per-share data) 
 
                      Three Months Ended Dec.   Twelve Months Ended Dec. 
                                31,                       31, 
                      -----------------------  -------------------------- 
                          2017        2015        2017          2016 
                      ------------  ---------  -----------  ------------- 
                            (unaudited)                (audited) 
Net sales             $308,166      $254,904   $1,330,696   $1,055,116 
 
Costs and expenses 
   Cost of materials 
    sold (excludes 
    items shown 
    separately 
    below)             248,366       203,494    1,055,212      820,040 
   Warehouse and 
    processing          21,555        17,960       87,425       79,521 
   Administrative 
    and general         16,960        15,001       69,659       63,054 
   Distribution         10,282         8,728       41,789       36,490 
   Selling               6,481         5,699       26,285       23,060 
   Occupancy             2,211         2,088        8,862        8,718 
   Depreciation          4,073         4,365       16,589       17,596 
   Amortization            222           222          889          889 
                       -------       -------    ---------    --------- 
 
      Total costs 
       and expenses    310,150       257,557    1,306,710    1,049,368 
                       -------       -------    ---------    --------- 
 
   Operating income 
    (loss)              (1,984)       (2,653)      23,986        5,748 
 
Other income (loss), 
 net                       (42)          (13)        (118)         (55) 
                       -------       -------    ---------    --------- 
 
   Income (loss) 
    before interest 
    and income 
    taxes               (2,026)       (2,666)      23,868        5,693 
Interest and other 
 expense on debt         2,138         1,378        7,518        5,273 
                       -------       -------    ---------    --------- 
   Income (loss) 
    before income 
    taxes               (4,164)       (4,044)      16,350          420 
Income tax provision 
 (benefit)              (8,351)       (1,940)      (2,613)       1,498 
                       -------       -------    ---------    --------- 
 
Net income (loss)     $  4,187      $ (2,104)  $   18,963   $   (1,078) 
                       =======       =======    =========    ========= 
 
Earnings per share: 
 
Net income (loss) 
 per share - basic    $   0.37      $  (0.19)  $     1.67   $    (0.10) 
                       =======       =======    =========    ========= 
 
Weighted average 
 shares outstanding 
 - basic                11,389        11,221       11,381       11,210 
                       =======       =======    =========    ========= 
 
Net income (loss) 
 per share - 
 diluted              $   0.37      $  (0.19)  $     1.67   $    (0.10) 
                       =======       =======    =========    ========= 
 
Weighted average 
 shares outstanding 
 - diluted              11,391        11,221       11,381       11,210 
                       =======       =======    =========    ========= 
 
 
 
 
                       Olympic Steel, Inc. 
                   Consolidated Balance Sheets 
                          (in thousands) 
 
                                                At Dec. 31, 
                                          ------------------------ 
                                             2017         2016 
                                          ----------  ------------ 
                                                 (audited) 
                 Assets 
 
Cash and cash equivalents                 $   3,009   $   2,315 
Accounts receivable, net                    132,737     101,902 
Inventories, net (includes LIFO debit of 
 $5,337 and $8,045 as of Dec. 31, 2017, 
 and 2016, respectively)                    275,307     254,526 
Prepaid expenses and other                    8,333       6,197 
Assets held for sale                            750           - 
                                           --------    -------- 
     Total current assets                   420,136     364,940 
                                           --------    -------- 
 
Property and equipment, at cost             376,710     374,242 
Accumulated depreciation                   (229,062)   (218,476) 
                                           --------    -------- 
     Net property and equipment             147,648     155,766 
                                           --------    -------- 
 
Intangible assets, net                       22,980      23,869 
Other long-term assets                       13,394      11,493 
                                           --------    -------- 
     Total assets                         $ 604,158   $ 556,068 
                                           ========    ======== 
 
              Liabilities 
 
Current portion of long-term debt         $     930   $   1,825 
Accounts payable                             84,034      79,458 
Accrued payroll                              11,999       8,445 
Other accrued liabilities                    14,184      15,170 
                                           --------    -------- 
     Total current liabilities              111,147     104,898 
                                           --------    -------- 
Credit facility revolver                    196,235     164,599 
Other long-term liabilities                  12,048      10,062 
Deferred income taxes                        12,145      23,119 
                                           --------    -------- 
     Total liabilities                      331,575     302,678 
                                           --------    -------- 
 
          Shareholders' Equity 
 
Preferred stock                                   -           - 
Common stock                                129,453     128,619 
Treasury stock                                 (337)       (609) 
Retained earnings                           143,467     125,380 
                                           --------    -------- 
     Total shareholders' equity             272,583     253,390 
                                           --------    -------- 
     Total liabilities and shareholders' 
      equity                              $ 604,158   $ 556,068 
                                           ========    ======== 
 
 
 
 
                                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) 
                ------------------------  --------------------  ------------------- 
                   2017         2016        2017       2016       2017       2016 
                -----------  -----------  --------  ----------  ---------  -------- 
Tons sold(1)       258,074      244,938     21,175      19,012        NA         NA 
                 ---------    ---------    -------   ---------  --------   -------- 
 
Net sales       $  199,811   $  167,055   $ 53,411  $   45,032  $ 54,944   $ 42,817 
Average 
 selling price 
 per ton               774          682      2,522       2,369        NA         NA 
Cost of 
 materials 
 sold(2)           161,359      136,979     45,786      37,452    41,221     29,063 
                 ---------    ---------    -------   ---------   -------    ------- 
Gross 
 profit(3)          38,452       30,076      7,625       7,580    13,723     13,754 
Operating 
 expenses(4)        38,878       34,327      5,303       5,065    15,594     13,189 
                 ---------    ---------    -------   ---------   -------    ------- 
Operating 
 income 
 (loss)         $     (426)  $   (4,251)  $  2,322  $    2,515  $ (1,871)  $    565 

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March 02, 2018 06:05 ET (11:05 GMT)
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