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September 08, 2008


Metals USA announces Q1 sales of USD 489 million

Metals USA Holdings Corp announced its operating results for the quarter ended March 31st 2008. Sales revenues for the first quarter were USD 489.0 million, a number USD 26.4 million higher than the USD 462.6 million recorded during the first quarter 2007.

Adjusted EBITDA a non GAAP financial measure used by Metals USA and its creditors to monitor the performance of the business, was USD 40.3 million for the first quarter of 2008, USD 5.6 million better than first quarter 2007. The Company recognized depreciation and amortization expenses during the quarter of USD 5.5 million. Interest expense for the quarter was USD 25.1 million. Operating income, the GAAP measure that we believe is most comparable to Adjusted EBITDA, was USD 31.2 million for the first quarter, a number USD 5.7 million better than the same period last year. Net income was USD 3.8 million which was in line with the USD 3.8 million recorded for the first quarter 2007.

Mr Lourenco Goncalves chairman, president & CEO of Metals USA said that "Everyone is now fully aware that steel prices are increasing rapidly as mills pass along their rising costs. We saw this coming and successfully positioned Metals USA accordingly. In addition to expanded margins our results were also influenced by a 2.4% increase in shipped volume. Our customer base has demonstrated a resiliency that appears to be contrary to the economic news of the day."

Mr Goncalves added that "Our objective is to keep our customers well positioned versus their competitors. One of the more valuable services we provide is insight regarding future metal price and demand trends. Fortunately we are able to position our customers to be in front of the curve. Where many end users worry about physical delivery as well as price, Metals USA customers continue with business as usual knowing we have them covered."

Metals USA provides a wide range of products and services in the heavy carbon steel, flat rolled steel, non ferrous metals and building products markets.