Financial Performance - Net income for Q1 2025 was $2.5 million, or $0.21 per diluted share, down from $8.7 million, or $0.75 per diluted share in Q1 2024[3] - Sales for Q1 2025 totaled $493 million, compared to $527 million in Q1 2024, representing a decrease of approximately 6.4%[4] - EBITDA for Q1 2025 was $16.1 million, down from $23.3 million in Q1 2024[3] - Adjusted net income per diluted share for Q1 2025 was $0.21, unchanged from the GAAP measure, while adjusted EBITDA was $16.1 million compared to $23.7 million in Q1 2024[8][10] Operational Highlights - Flat-rolled shipping levels increased by 24% sequentially from Q4 2024 and 6% year-over-year from Q1 2024, marking the highest levels since Q3 2021[5] - Olympic Steel's latest acquisition, MetalWorks, is performing well and has been immediately accretive to earnings[5] - Capital investments remain on track to enhance throughput, safety, and productivity in upcoming quarters[5] Balance Sheet and Cash Flow - The company reduced its debt by $37 million from year-end levels, supported by strong operating cash flow[5] - Net cash from operating activities was $49,418 thousand in Q1 2025, a significant recovery from a cash used of $(2,608) thousand in Q1 2024[26] - Total assets increased to $1,064,722 thousand as of March 31, 2025, from $1,044,496 thousand as of December 31, 2024, representing a growth of 1.9%[21] - Cash and cash equivalents rose to $13,262 thousand as of March 31, 2025, up from $11,912 thousand as of December 31, 2024, an increase of 11.3%[21] Segment Performance - Net sales for the Specialty Metals Flat Products segment rose to $300,975 thousand in Q1 2025, up from $286,240 thousand in Q1 2024, an increase of 5.9%[23] - Average selling price per ton for Carbon Flat Products increased to $1,370 in Q1 2025, compared to $1,229 in Q1 2024, reflecting a rise of 11.5%[23] - Operating income for the Tubular and Pipe Products segment improved to $7,627 thousand in Q1 2025, up from $4,145 thousand in Q1 2024, marking an increase of 83.5%[23] - Gross profit for the Carbon Flat Products segment was $21,944 thousand in Q1 2025, compared to $20,738 thousand in Q1 2024, reflecting a growth of 5.8%[23] Shareholder Information - A regular quarterly cash dividend of $0.16 per share was approved, payable on June 16, 2025[7] - Shareholders' equity per share decreased slightly to $51.44 as of March 31, 2025, from $51.54 as of December 31, 2024[26] - The debt to equity ratio improved to 0.41 to 1 as of March 31, 2025, down from 0.47 to 1 as of December 31, 2024, indicating a stronger equity position[26] Current Liabilities - Total current liabilities increased to $188,485 thousand as of March 31, 2025, from $132,638 thousand as of December 31, 2024, an increase of 42.1%[21]

Financial Performance - Net sales decreased by $216.5 million, or 10.0%, to $1.9 billion in 2024 from $2.2 billion in 2023[203] - Net income decreased to $23.0 million, or $1.97 per share, in 2024 from $44.5 million, or $3.85 per share, in 2023[209] - Operating income fell to $47,859 in 2024, down 38.3% from $77,671 in 2023[303] - Net income decreased to $22,980 in 2024, representing a decline of 48.7% compared to $44,529 in 2023[303] - Cash generated from operations in 2024 was $33.7 million, down from $175.2 million in 2023[237] Sales and Revenue Breakdown - Specialty metals flat products net sales decreased by $70.9 million, or 12.5%, to $496.9 million in 2024, accounting for 25.6% of total net sales[203] - Carbon flat products net sales decreased by $112.0 million, or 9.2%, to $1.1 billion in 2024, representing 57.1% of total net sales[203] - Tubular and pipe products net sales decreased by $33.6 million, or 9.1%, to $335.7 million in 2024, making up 17.3% of total net sales[203] - Net sales in the specialty metals flat products segment decreased by $70.9 million, or 12.5%, to $496.9 million in 2024 from $567.7 million in 2023[213] - Net sales for 2024 were $1,941,672, a decrease of 10.0% from $2,158,163 in 2023[303] Cost and Profitability - Average selling prices decreased by 9.2% in 2024, with an average of $1,837 per ton compared to $2,023 per ton in 2023[203] - Cost of materials sold decreased by $194.2 million, or 11.5%, to $1.5 billion in 2024 from $1.7 billion in 2023[204] - Gross profit as a percentage of net sales increased to 23.2% in 2024 from 21.9% in 2023[205] - Operating income for the carbon flat products segment decreased to $16.4 million, or 1.5% of net sales, in 2024 from $34.6 million, or 2.8% of net sales, in 2023[225] Expenses and Liabilities - Operating expenses increased by $7.5 million, or 1.9%, to $403.3 million in 2024 from $395.8 million in 2023, representing 20.7% of net sales compared to 18.3% in 2023[206] - Total liabilities rose to $470,572 in 2024, an increase of 9.6% from $429,357 in 2023[305] - Interest paid increased to $15,273 in 2024, compared to $14,965 in 2023[311] Acquisitions and Investments - The acquisition of Central Tube and Bar, Inc. on October 2, 2023, expanded the tubular and pipe products segment's geographic footprint and manufacturing capabilities[194] - The company acquired Metal Works for a cash purchase price of $80.0 million on November 11, 2024, incurring $0.2 million in direct acquisition-related costs[351] - The acquisition of CTB on October 2, 2023, involved a total cash consideration of $40.3 million, with a base purchase price of $37.8 million and a working capital adjustment of $2.5 million, alongside $0.9 million in acquisition-related costs[352] - The Company acquired Metal-Fab for $131.2 million on January 3, 2023, which included a base purchase price of $131.0 million and $2.6 million in acquisition-related costs[353] Cash Flow and Liquidity - Total average borrowings decreased by $21.0 million, or 8.8%, to $218.4 million in 2024 from $239.4 million in 2023[207] - Cash generated from financing activities in 2024 was $74.4 million, compared to $16.7 million in 2023, primarily due to $82.3 million of net borrowings under the ABL Credit Facility[240] - The company anticipates sufficient liquidity from its ABL Credit Facility and operations to meet capital requirements over the next 12 months[236] - As of December 31, 2024, the company had $192.8 million of availability under the ABL Credit Facility, with compliance to all covenants[246] Inventory and Assets - As of December 31, 2024, total inventories amounted to $390.6 million, a slight increase from $386.5 million in 2023, with unprocessed inventories at $273.7 million and processed and finished inventories at $117.0 million[371] - The company recorded LIFO income of $5.7 million in 2024 due to decreased metals pricing, compared to $8.3 million in 2023, which positively impacted inventory balance and reduced cost of materials sold[372] - Net property and equipment increased to $203.8 million in 2024 from $186.1 million in 2023, with significant investments in machinery and equipment totaling $275.0 million[376] - Goodwill increased to $83.8 million as of December 31, 2024, from $52.1 million in 2023, primarily due to acquisitions including Metal Works[380] Regulatory and Accounting Changes - The FASB issued ASU No. 2023-09 to improve income tax disclosures, effective for annual periods beginning after December 15, 2024[265] - The FASB issued ASU No. 2023-07 to enhance segment reporting disclosures, effective for annual periods beginning after December 15, 2023[266] Market Conditions and Risks - Inflation has not materially affected financial results in the past three years, but may have a significant impact in future years[254] - The company is exposed to fluctuating metals prices and interest rate changes, impacting net sales and profitability[274] - Rising metals prices result in higher working capital requirements, and some customers may lack sufficient credit lines to absorb significant price increases[271]

Financial Data and Key Metrics Changes - Total sales for 2024 were $1.9 billion, with net income at $23 million and adjusted EBITDA of $72.5 million, reflecting the company's ability to deliver profitable results despite a challenging environment [11][12][13] - For Q4 2024, net income totaled $3.9 million compared to $7.4 million in Q4 2023, with adjusted EBITDA at $14.5 million, down from $16.7 million year-over-year but up from $13 million in Q3 2024 [32][33] Business Segment Data and Key Metrics Changes - The carbon segment maintained shipping volumes despite lower OEM demand, achieving $7.2 million in EBITDA for Q4 2024, supported by a 17% growth in galvanized participation [25] - The pipe and tube segment delivered adjusted EBITDA of $7.2 million, focusing on fabricated product growth [26] - The Specialty Metals segment contributed $4 million of EBITDA, with strong market share gains in stainless and aluminum [27] Market Data and Key Metrics Changes - The company successfully navigated a difficult year for the metals industry, maintaining shipping volumes within 1% of 2023 levels, outperforming industry shipment levels [10] - The Purchasing Managers' Index for manufacturing was below 50 for eleven of the twelve months in 2024, indicating a challenging demand environment [10] Company Strategy and Development Direction - The company is focused on diversification and growth through strategic investments in automation and capacity expansion, with significant projects expected to become operational in 2025 or early 2026 [14][29] - The acquisition of Metalworks is part of the company's strategy to enhance its position in manufactured metal products and is expected to be accretive [15][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook for the metals industry, emphasizing the importance of remaining nimble and adaptive to market dynamics [21][22] - The company plans to continue investing in automation, product diversity, and quality solutions for customers [22] Other Important Information - The board approved a 7% increase in the quarterly dividend, raising it from $0.15 to $0.16 per share, marking the fourth dividend increase since 2022 [20][37] - The company ended Q4 2024 with total debt of approximately $272 million, an increase due to the Metalworks acquisition [35] Q&A Session Summary Question: What drove the increase in gross profit per ton in the carbon flat segment? - Management attributed the increase to the expansion of end-use metal products and a concerted effort in growing the fabrication business, which contributed positively to margins [44][47][48] Question: What are the expectations for the pipe and tube segment moving into Q1? - Management indicated that the first quarter is expected to be traditional, with opportunities for recovery due to new customers acquired at the end of 2024 [50] Question: How will the tariffs affect profitability and M&A valuations? - Management noted that the tariffs could impact profitability in Q1 and that they anticipate more activity in the M&A market as conditions improve in the back half of 2025 [84][86] Question: What is the outlook for capital expenditures and margins? - Management expects capital expenditures to increase in 2025, with a positive impact on margins anticipated in 2026 as new projects come online [90] Question: What contributed to the decrease in selling and general expenses? - The decrease was primarily due to $1.8 million less in variable incentive expenses tied to profitability, reflecting the lower performance in Q4 2024 compared to the previous year [92]

Financial Data and Key Metrics Changes - Total sales for 2024 were $1.9 billion, with net income at $23 million and adjusted EBITDA of $72.5 million, reflecting the company's ability to deliver profitable results despite market challenges [11][12][13] - For Q4 2024, net income was $3.9 million compared to $7.4 million in Q4 2023, with adjusted EBITDA at $14.5 million, down from $16.7 million year-over-year but up from $13 million in Q3 2024 [32][33] Business Segment Data and Key Metrics Changes - The carbon segment maintained shipping volumes despite lower OEM demand, achieving $7.2 million in EBITDA for Q4 2024, supported by growth in galvanized products [25] - The pipe and tube segment delivered adjusted EBITDA of $7.2 million, focusing on fabricated product growth [26] - The Specialty Metals segment contributed $4 million of EBITDA, with strong performance in both stainless and aluminum markets [27] Market Data and Key Metrics Changes - The company successfully navigated a challenging metals environment, maintaining shipping volumes within 1% of 2023 levels, outperforming industry shipment levels [10] - The acquisition of Metalworks positively impacted results, enhancing the company's position in manufactured metal products [15][18] Company Strategy and Development Direction - The company is focused on diversification and growth through strategic investments in automation and capacity expansion, with significant projects expected to operationalize in 2025 or early 2026 [14][29] - The board approved a 7% increase in the quarterly dividend, reflecting a commitment to returning capital to shareholders [20][37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook for the metals industry, emphasizing the importance of remaining nimble and adaptive to market dynamics [21][22] - The company is closely monitoring macroeconomic factors, including tariffs on steel and aluminum, which could impact profitability [21][82] Other Important Information - The company ended Q4 2024 with total debt of approximately $272 million, an increase due to the Metalworks acquisition [35] - Capital expenditures for 2024 totaled $29.5 million, with an expected increase to $35 million in 2025 [36] Q&A Session Summary Question: What drove the impressive gross profit per ton in the carbon flat segment? - Management attributed the increase in gross profit to the expansion of end-use metal products and growth in the fabrication business, which contributed positively to margins [44][47][48] Question: What are the expectations for the pipe and tube segment moving into Q1? - Management indicated that the first quarter is expected to follow traditional patterns, with opportunities for recovery due to new customer acquisitions [49][50] Question: How will the increase in Midwest transaction prices impact the specialty metals segment? - Management noted that most business remains contractual, but the overall growth in the aluminum business is expected to continue [52][54] Question: What synergies are anticipated from the Metalworks acquisition? - Management highlighted integration into the Olympic Steel supply chain and first-stage processing capabilities as key synergies [62][64] Question: How are tariffs expected to affect profitability and M&A valuations? - Management is monitoring the impact of tariffs closely, with expectations for increased transactional pricing and potential M&A activity in the latter half of 2025 [80][84] Question: Will there be an improvement in margins due to increased CapEx? - Management expects that the cumulative spend on new projects will positively impact margins, particularly in 2026 [90]

Financial Performance - Fourth quarter 2024 net income was $3.9 million, or $0.33 per diluted share, down from $7.4 million, or $0.64 per diluted share in Q4 2023[2] - Adjusted EBITDA for Q4 2024 was $14.5 million, sequentially higher than Q3 2024, compared to $16.7 million in Q4 2023[2] - Total sales for Q4 2024 were $419 million, a decrease from $489 million in Q4 2023[2] - Full-year 2024 net income totaled $23.0 million, or $1.97 per diluted share, compared to $44.5 million, or $3.85 per diluted share in 2023[3] - Full-year 2024 adjusted EBITDA was $72.5 million, down from $97.6 million in 2023[3] - Total sales for 2024 were $1.9 billion, compared to $2.2 billion in 2023[3] - Net income for the twelve months ended December 31, 2024, was $22.980 million, down 48.7% from $44.529 million in 2023[16] - The company reported a decrease in operating income for the three months ended December 31, 2024, to $9.002 million, a decline of 32.4% from $13.291 million in 2023[16] Acquisitions and Growth Strategy - The company completed its eighth acquisition in seven years, acquiring Metal Works, a leading metal canopy manufacturer[4] - The company plans to continue investing in organic growth opportunities and additional acquisitions to enhance higher-value product offerings[5] - Each segment achieved positive EBITDA in every quarter of 2024, demonstrating the success of the company's diversification strategy[4] Dividends and Shareholder Returns - The Board of Directors approved a quarterly dividend increase of 7% from $0.15 to $0.16 per share, marking the fourth increase since 2022[5] - Cash dividends per share increased to $0.60 for the twelve months ended December 31, 2024, up from $0.50 in 2023[23] Asset and Liability Management - Total assets increased to $1,044.496 million as of December 31, 2024, compared to $984.835 million as of December 31, 2023[18] - The debt to equity ratio rose to 0.47 to 1 as of December 31, 2024, compared to 0.34 to 1 in 2023[23] - The company’s total current liabilities decreased to $132.638 million as of December 31, 2024, from $180.237 million in 2023[18] - Goodwill increased to $83.818 million as of December 31, 2024, compared to $52.091 million in 2023, indicating potential acquisitions or investments[18] Product Performance - The average selling price per ton for Carbon Flat Products decreased to $1,261 in Q4 2024 from $1,384 in Q4 2023, a decline of 8.9%[20] - Gross profit for Carbon Flat Products in Q4 2024 was $58.635 million, down 3.2% from $60.542 million in Q4 2023[20]

Group 1 - Zeus North America Mining Corp. has announced the approval of a plan of arrangement to spin out its Chlore Property to its wholly owned subsidiary Kelso Mining Inc. [1][4] - The share distribution record date is set for January 29, 2025, where shareholders will receive one share of Kelso for every 150 shares of Zeus owned [2][5] - The completion of the arrangement and distribution of Kelso shares is planned for February 5, 2025 [2][5] Group 2 - Holders of Zeus options and warrants who exercise them before the share distribution record date will also receive one share of Kelso for every 150 shares of Zeus [3][6] - The Chlore Property will be transferred to Kelso as part of the arrangement [3][6]

Financial Data and Key Metrics - Net income for Q3 2024 was $2.7 million, compared to $12.2 million in Q3 2023 [22] - EBITDA for Q3 2024 was $15 million, down from $27.1 million in the prior year period [22] - Consolidated operating expenses for Q3 2024 totaled $99 million, up from $91 million in Q3 2023 [23] - Total debt decreased by $12 million to $197 million in Q3 2024 [24] - Capital expenditures for the first three quarters of 2024 totaled $22.3 million, with full-year 2024 estimates at $30 million [25] - Effective income tax rate for Q3 2024 was 30%, compared to 27.7% in Q3 2023 [25] Business Segment Performance Carbon Segment - Volumes fell more than the normal seasonal decline due to lower demand from OEM customers, especially in the heavy equipment sector [14] - Generated $4.5 million in EBITDA in Q3 2024 [14] - Strength in countercyclical end products, such as HVAC and industrial hoppers [14] - Investments in automation expected to improve throughput by up to 30% [16] Pipe and Tube Segment - Adjusted EBITDA of $6.7 million in Q3 2024 [16] - Gross margins remained strong due to value-added processing and the acquisition of Central Tube & Bar [16] - Value-added processing accounts for over 40% of the segment's business [41] Specialty Metals Segment - Contributed $5.9 million of EBITDA in Q3 2024 despite stainless surcharges falling to a 3.5-year low [17] - Gained market share in stainless and aluminum [17] - Installed new automated packaging line to improve throughput and efficiency [17] Market and Strategic Direction - Macroeconomic headwinds, including reduced OEM demand and pricing pressures, impacted all segments [7][9] - Strategy focuses on diversification into countercyclical steel-intensive end products and higher-margin opportunities [8][10] - Investments in automation, fabrication, and processing capabilities to drive future growth [9][18] - Active pursuit of acquisitions that meet criteria for countercyclical end markets, higher-margin fabrication, and service centers [32][34] Management Commentary on Operating Environment and Outlook - Macroeconomic uncertainty, including the presidential election and Fed interest rate decisions, is expected to continue into Q4 2024 [11] - Optimistic about the long-term outlook for the company and industry, driven by strategic investments and financial flexibility [11] - Focus on managing costs, aligning labor costs with demand, and investing in higher-return opportunities [10][27] Other Important Information - Quarterly dividend of $0.15 per share paid in Q3 2024, with another dividend of $0.15 per share approved for December 2024 [26] - Company has paid regular quarterly dividends since 2006, with increases in each of the last three years [26] Q&A Session Summary Question: Lead time and implementation of new machinery - Training for new equipment will occur before and immediately after installation, with operations expected to begin shortly after [30] Question: M&A targets and strategy - Actively pursuing acquisitions, averaging one per year over the last five years, focusing on countercyclical end markets and higher-margin fabrication [32][34] Question: Pent-up demand post-election - Potential for pent-up demand in spot markets, but industrial OEM demand likely to remain stable [36][37] Question: Pipe and tube segment performance - Gross margin of 35% in Q3 2024, with Central Tube & Bar contributing higher margins [39][42] Question: Impact of Nippon's potential acquisition of U.S. Steel - No significant changes expected for Olympic Steel, with continued strong relationships regardless of ownership [43] Question: Carbon flat operating expenses - Operating expenses increased due to one-time items, with adjustments for employee retention credit and CTB expenses [45][46] Question: Internal investment goals - Investments aimed at increasing profitability, enhancing quality, safety, productivity, and capacity [48]

Financial Performance - Net income for Q3 2024 was $2.7 million, or $0.23 per diluted share, down from $12.2 million, or $1.06 per diluted share in Q3 2023[2] - Sales totaled $470 million in Q3 2024, compared to $526 million in Q3 2023, primarily due to declines in metal pricing[3] - EBITDA for Q3 2024 was $15.0 million, a decrease from $27.1 million in Q3 2023[2] - Adjusted net income per diluted share for Q3 2024 was $0.11, down from $0.68 in Q3 2023[6] - Adjusted EBITDA for Q3 2024 was $13.0 million, compared to $21.1 million in Q3 2023[7] - Operating income for the nine months ended September 30, 2024, was $38,857,000, down 39.8% from $64,380,000 in the prior year[13] - Net income for the three months ended September 30, 2024, was $2,734,000, a decline of 77.7% compared to $12,230,000 for the same period in 2023[13] - Gross profit for the nine months ended September 30, 2024, was $185,875,000, down 5.6% from $196,885,000 in the same period of 2023[16] - Net cash from operating activities for the nine months ended September 30, 2024, was $19,114 thousand, a significant decrease from $120,999 thousand for the same period in 2023[20] Debt and Equity - The company reduced its debt by approximately $12 million to $197 million and had about $304 million of credit availability entering Q4 2024[4] - Shareholders' equity per share increased to $51.26 as of September 30, 2024, from $49.90 as of December 31, 2023[18] - The total liabilities increased to $441,401,000 as of September 30, 2024, from $429,357,000 as of December 31, 2023[14] - Debt to equity ratio improved slightly from 0.34 to 0.35[19] Dividends - The Board of Directors approved a quarterly cash dividend of $0.15 per share, payable on December 16, 2024[4] - Cash dividends per share increased to $0.45 from $0.38 year-over-year[20] Market and Operational Insights - The company remains optimistic about long-term growth despite near-term market challenges[4] - Olympic Steel's diversification strategy has allowed all business segments to remain EBITDA-positive despite pricing pressures[4] - The company continues to invest in equipment automation and processing to enhance efficiency and productivity[4] - Operating expenses for the three months ended September 30, 2024, were $56,322,000, an increase of 8.5% compared to $51,997,000 in 2023[15] - The average selling price per ton for Carbon Flat Products decreased to $1,297 in 2024 from $1,470 in 2023, reflecting a 11.7% decline[15] Asset Management - Total assets increased to $1,012,011,000 as of September 30, 2024, from $984,835,000 as of December 31, 2023[14] - The company reported a total current asset increase to $622,408,000 as of September 30, 2024, compared to $603,169,000 at the end of 2023[14]

Core Insights - iRhythm Technologies, Inc. has received FDA clearance for modifications to its Zio AT device, affirming its commitment to quality and compliance [1][2] - The Zio AT device is a mobile cardiac telemetry system designed for long-term monitoring of cardiac events, with a focus on patient safety and physician trust [2][5] Company Overview - iRhythm is a digital health care company that combines wearable biosensors and cloud-based analytics to provide actionable cardiac health information [4] - The company aims to enhance patient care through its innovative Zio product portfolio [4] Product Details - The Zio AT device records ECG data for up to 14 days and transmits it via a wireless gateway to the Zio ECG Utilization Software (ZEUS) for analysis [2] - The device has demonstrated a 98% patient compliance rate, attributed to its user-friendly design that requires no patient manipulation [3] Clinical Performance - The effectiveness of the Zio service is supported by over 100 scientific research manuscripts, highlighting its reliability and accuracy [3] - Physicians agree with the comprehensive end-of-wear report provided by the Zio service 99% of the time, indicating high trust in its clinical performance [3]

LAS VEGAS, Aug. 07, 2024 (GLOBE NEWSWIRE) -- BLAQclouds, Inc. (OTC: BCDS) is pleased to announce the intent to acquire the equity of ZEUS Blockchain Partners, Inc. through a SAFE Agreement. As part of this process BLAQclouds, Inc. now has a 90-day exclusive period to complete the transaction. ZEUS Blockchain Partners, Inc. has developed https://zeuschainscan.io/, a Layer 1 Ethereum Virtual Machine (EVM) chain, premiered with the ZEUS Token. The ZEUS Token has also been integrated as the settlement token for ...