Net income for the three months ended June 30, 2010 was $2.5 million. The Company incurred a non-recurring loss on the extinguishment of debt related to the redemption of the Company's Senior Floating Toggle Notes due 2012 of $3.5 million in the second quarter of 2010 as well as a non-recurring charge of $3.3 million related to termination of the Company's advisory agreement with Apollo upon the completion of the Company's initial public offering ("IPO"). The impact of these non-recurring charges was to decrease second quarter 2010 net income by $4.2 million.
Lourenco Goncalves, the Company's Chairman, Presient and C.E.O., stated: "The second quarter was a decisive one for Metals USA. We executed our Initial Public Offering, significantly improved our balance sheet by paying off the Toggle Notes, and purchased a great addition to our Company with J. Rubin."
On April 9, 2010 the Company completed its IPO of 11,426,315 shares of common stock at a price of $21.00 per share. The Company's stock began trading that day on the New York Stock Exchange under the ticker symbol MUSA. On April 14, 2010 the Company announced the redemption of all of the Toggle Notes with the IPO proceeds. The redemption was completed on May 14, 2010.
On June 28, 2010 the Company acquired J. Rubin & Co. ("J. Rubin"). J. Rubin operates four locations servicing the Illinois, Wisconsin and Minnesota markets. J. Rubin's product range consists of carbon steel bars, carbon plate and laser-cut flat-rolled products.