News Column

BRIEF: Larger than expected fourth-quarter loss for Universal Stainless & Alloy

February 5, 2014

By Len Boselovic, Pittsburgh Post-Gazette

Feb. 05 -- Universal Stainless & Alloy Products today reported a larger than expected fourth quarter loss, citing a 17 percent drop in sales and a $1 million tax-related charge. The Bridgeville specialty steel producer said it lost $2.9 million , or 41 cents per share, on sales of $40.3 million . In the year-ago quarter, the company earned $1.1 million , or 16 cents per share, on sales of $47.2 million . The tax-related charge reduced quarterly results by 14 cents per share. Analysts surveyed by Bloomberg had forecast a loss of 17 cents per share and sales of $45.6 million . Chairman, President and CEO Dennis Oates said the company's order backlog increased 17 percent from the third quarter. The pickup "supports a more positive view about the current year, especially the second half," he said in a statement released by the company. For all of 2013, Universal Stainless lost $4.1 million , or 58 cents per share, vs. earnings of $14.6 million , or $2.02 per share, in 2012. Sales fell 28 percent to $180.8 million . The results were announced before Wall Street opened. Universal Stainless shares finished Tuesday at $32.09 , up 49 cents . Len Boselovic : or 412-263-1941. ___ (c)2014 the Pittsburgh Post-Gazette Visit the Pittsburgh Post-Gazette at Distributed by MCT Information Services

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Source: Pittsburgh Post-Gazette (PA)

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