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]

Company Overview - Zeus North America Mining Corp. is focused on mineral exploration in Idaho's newest Copper Belt, with properties including Cuddy Mountain, Selway, and Great Western, covering a cumulative area of approximately 4,200 acres [3] - The flagship Cuddy Mountain Property is adjacent to Hercules Metal Corp's Leviathan Copper Porphyry discovery, indicating potential for significant mineral resources [3] Event Participation - Zeus North America Mining Corp. will participate in the Deutsche Goldmesse Fall 2024, taking place on November 21st and 22nd in Frankfurt, Germany, where management will meet with European investors [1] - The Deutsche Goldmesse is recognized as Germany's premier investment conference in the resource sector, showcasing up to 35 mining companies and featuring keynote speakers and influential figures [4][5] Industry Context - Deutsche Goldmesse has established itself as a key event for junior mining companies, providing a platform for networking with European institutional and high-net-worth investors, analysts, and media [2][5] - The event aims to foster new business opportunities and facilitate valuable relationships within the mining industry [4]

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]

Business Segments - The company operates in three reportable segments: specialty metals flat products, carbon flat products, and tubular and pipe products[97]. - The specialty metals flat products segment has expanded its geographical footprint and product offerings through acquisitions, including stainless steel and aluminum products[97]. - The carbon flat products segment acquired Metal-Fab on January 3, 2023, enhancing its product offerings to include venting and clean air products[108]. - The tubular and pipe products segment expanded its capabilities through the acquisition of Central Tube and Bar on October 2, 2023, increasing its geographic footprint[110]. Employment and Labor - As of September 30, 2024, the company employed approximately 2,148 people, with 239 hourly plant personnel represented by collective bargaining units[101]. - The company has never experienced a work stoppage, but prolonged stoppages could adversely affect business operations and financial condition[102]. Financial Performance - Net sales decreased by $56.4 million, or 10.7%, to $470.0 million in Q3 2024 from $526.4 million in Q3 2023[116]. - Cost of materials sold decreased by $51.3 million, or 12.4%, to $363.1 million in Q3 2024 from $414.5 million in Q3 2023[118]. - Gross profit as a percentage of net sales increased to 22.7% in Q3 2024 from 21.3% in Q3 2023[119]. - Operating expenses increased by $8.0 million, or 8.8%, to $99.0 million in Q3 2024 from $91.1 million in Q3 2023[120]. - Net income for Q3 2024 totaled $2.7 million, or $0.23 per share, compared to $12.2 million, or $1.06 per share, in Q3 2023[125]. - Net sales decreased by $145.9 million, or 8.7%, to $1.5 billion in the first nine months of 2024 from $1.7 billion in the first nine months of 2023[117]. - Operating expenses in the first nine months of 2024 increased by $11.4 million, or 3.9%, to $306.8 million from $295.4 million in the first nine months of 2023[121]. Segment Performance - Specialty metals flat products net sales decreased by $7.1 million, or 5.3%, to $125.7 million in Q3 2024 from $132.8 million in Q3 2023[127]. - Tons sold in the specialty metals flat products segment increased by 6.5% to 30 thousand in Q3 2024 from 28 thousand in Q3 2023[126]. - Net sales in the carbon flat products segment decreased by $39.6 million, or 13.0%, to $264.9 million in Q3 2024 from $304.5 million in Q3 2023, driven by an 11.8% decrease in average selling prices[138]. - Net sales in the tubular and pipe products segment decreased by $9.7 million, or 10.9%, to $79.5 million in Q3 2024 from $89.2 million in Q3 2023[147]. Pricing and Costs - Average selling prices in the specialty metals flat products segment decreased by 11.1% in Q3 2024 compared to Q3 2023[127]. - Average selling prices in the carbon flat products segment decreased to $1,297 per ton in Q3 2024 from $1,470 per ton in Q3 2023[138]. - Gross profit as a percentage of net sales increased to 21.4% in Q3 2024 from 20.3% in Q3 2023, attributed to a decrease in average cost of inventory[141]. - Cost of materials sold decreased by $34.4 million, or 14.2%, to $208.1 million in Q3 2024 from $242.5 million in Q3 2023[140]. Operating Income - Operating income in Q3 2024 totaled $4.9 million, or 3.9% of net sales, compared to $4.7 million, or 3.5% of net sales, in Q3 2023[134]. - Operating income in Q3 2024 was $6.5 million, or 8.2% of net sales, down from $10.0 million, or 11.3% in Q3 2023[153]. - Operating income in the first nine months of 2024 totaled $14.5 million, or 1.7% of net sales, compared to $30.6 million, or 3.3% of net sales, in the first nine months of 2023[145]. Cash Flow and Working Capital - Net cash from operating activities for the first nine months of 2024 was $44.8 million, compared to $67.2 million in the same period of 2023[159]. - Working capital as of September 30, 2024, totaled $445.5 million, an increase of $22.5 million from December 31, 2023[160]. - Net cash used for investing activities in the first nine months of 2024 was $22.3 million, primarily for capital expenditures[161]. - The company generated $1.0 million from financing activities in the first nine months of 2024, compared to $24.8 million in the same period of 2023[163]. - Dividends paid increased to $5.0 million in the first nine months of 2024 from $4.2 million in the same period of 2023[164]. Market Conditions and Risks - The company faces risks from global supply chain disruptions, labor costs, and fluctuating metals prices, which could materially impact financial performance[95]. - International sales are immaterial to the company's consolidated financial results, primarily occurring in Canada and Mexico[97]. - Rising metals prices have resulted in higher working capital requirements for the company and its customers, potentially affecting customer liquidity[178]. - The company has no long-term, fixed-price metals purchase contracts, exposing it to fluctuations in metals prices that could significantly impact net sales and profitability[177]. - Significant declines in metals prices could adversely impact the company's compliance with financial covenants in the ABL credit facility[177]. Financial Management - The company entered into a two-year forward starting fixed rate interest rate hedge on August 15, 2024, fixing the rate at 3.82% for $75 million of outstanding SOFR based borrowings[182]. - The company has been generally successful in passing on producers' price increases to customers, but future success is not guaranteed[178]. - The company is exposed to fluctuating metals prices and interest rate changes, having entered into metals swaps at the request of customers[181]. - General inflation, including increases in the price of metals, did not materially affect the company's operations during the third quarter of 2024[180]. - There were no changes in the internal control over financial reporting that materially affected the company's financial reporting during the third quarter of 2024[184].

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]

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Olympic Steel, Inc. (NASDAQ:ZEUS) Q2 2024 Earnings Conference Call August 2, 2024 10:00 AM ET Company Participants Richard Manson - Chief Financial Officer Richard Marabito - Chief Executive Officer Andrew Greiff - President and Chief Operating Officer Conference Call Participants Samuel McKinney - KeyBanc Capital Markets Dave Storms - Stonegate Capital Partners Christopher Sakai - Singular Research Operator Good morning and welcome to the Olympic Steel 2024 Second Quarter Financial Results Conference Call. ...