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Press Release: Olympic Steel Reports Improved -3-

2 Mar 2018 11:05 am
                 =========    =========    =======   =========   =======    ======= 
 
Depreciation 
 and 
 Amortization        2,619        2,953        202         211     1,448      1,398 
 
 
                                   Twelve Months Ended Dec. 31: 
                                             (audited) 
                ------------------------------------------------------------------- 
                                            Specialty Metals 
                      Carbon Flat                 Flat           Tubular and Pipe 
                        Products                Products            Products(1) 
                ------------------------  --------------------  ------------------- 
                   2017         2016        2017       2016       2017       2016 
                -----------  -----------  --------  ----------  ---------  -------- 
Tons sold(1)     1,147,750    1,026,768     90,160      82,285        NA         NA 
                 ---------    ---------    -------   ---------  --------   -------- 
 
Net sales       $  869,628   $  670,983   $227,200  $  189,930  $233,868   $194,203 
Average 
 selling price 
 per ton               758          653      2,520       2,308        NA         NA 
Cost of 
 materials 
 sold(2)           693,742      529,021    194,199     160,185   167,271    130,834 
                 ---------    ---------    -------   ---------   -------    ------- 
Gross 
 profit(3)         175,886      141,962     33,001      29,745    66,597     63,369 
Operating 
 expenses(4)       158,000      146,333     21,761      19,904    62,029     55,656 
                 ---------    ---------    -------   ---------   -------    ------- 
Operating 
 income 
 (loss)         $   17,886   $   (4,371)  $ 11,240  $    9,841  $  4,568   $  7,713 
                 =========    =========    =======   =========   =======    ======= 
 
Depreciation 
 and 
 amortization       10,906       11,690        811         797     5,659      5,897 
 
 
 
(1)    Tonnage is less meaningful for the Tubular and Pipe Products segment 
       and therefore, is not reported. 
(2)    Includes $1.2 million, and $2.7 million, of LIFO expense for the      . 
       three and twelve months ended Dec. 31, 2017, respectively; and $0.8 
       million, and $1.5 million, of LIFO income for the three and twelve 
       months ended Dec. 31, 2016, 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. 
 
 
 
 
                         Olympic Steel, Inc. 
                 Segment Financial Information Cont. 
           (audited, in thousands, except per-share data) 
 
                                                   At Dec. 31, 
                                            ------------------------- 
                                                2017         2016 
                                            ------------  ----------- 
Assets 
   Flat products                             $  409,116   $363,626 
   Tubular and pipe products                    194,787    192,088 
   Corporate                                        255        354 
                                                -------    ------- 
Total assets                                 $  604,158   $556,068 
                                                =======    ======= 
 
 
  Other Information: 
------------------------------------------ 
                                                   At Dec. 31, 
                                            ------------------------- 
                                                2017         2016 
                                            ------------  ----------- 
 
Shareholders' equity per share               $    24.80   $  23.11 
 
Debt-to-equity ratio                           0.72 to 1    0.66 to 1 
 
 
                                               Twelve Months Ended 
                                                    Dec. 31, 
                                            ------------------------- 
                                                2017         2016 
                                            ------------  ----------- 
 
 
Net cash (used for) operating activities     $  (19,041)  $ (9,813) 
 
Cash dividends per share                     $     0.08   $   0.08 
 
 

View source version on businesswire.com: http://www.businesswire.com/news/home/20180302005043/en/
 
    CONTACT:    IR Contact: 

Olympic Steel Investor Relations

Matthew J. Dennis, CFA, 216-672-0522
 
 

(END) Dow Jones Newswires

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