Ashland, Kentucky based ALJ reported its Q2 2012 (ended March 31, 2012) earnings on Friday. ALJ is the parent company of KES Acquisition Company dba Kentucky Electric Steel, the owner and operator of a steel mini mill near Ashland producing both merchant bar quality flats and special bar quality steel flats. Net income for Q1 was $3.1 million, up from $2.3 million in the comparable quarter a year ago. For the six months ended March 31, 2012, ALJ posted net income of $4.8 million as compared to net income of $2.9 million for the six months ended March 31, 2011.
According to John Scheel, ALJ's Chief Executive Officer, "Thus far, fiscal 2012 has been a solid year with a strong second quarter built upon a solid first. Quarterly results show revenue, operating income, and net income up 10 percent, 17 percent, and 36 percent, respectively, over the same quarter last year. The first half was even better compared to last year's first half with results up 14 percent, 32 percent and 64 percent, respectively. The gains made last quarter were mostly due to volume. The first quarter of this fiscal year had pricing gains as well, which is why the half was up so strongly."