According to John Scheel, ALJ's Chief Executive Officer, "Each quarter of fiscal 2009 was extremely challenging. 2010 started out similarly with the first quarter holiday season down sharply from even the prior year quarter. However, during the second quarter shipments were up approximately 10 percent over the second quarter of fiscal 2009 and, even though prices were down about 2 percent our operating income was up nearly 61% and our net income was up about twelve times as compared to the second quarter of 2009. As the fragile economic recovery progresses, we intend to continue to build on our recent results."
ALJ announces earnings for Q2
For the six months ended March 31, 2010, ALJ Regional Holdings, Inc., the parent company Kentucky Electric Steel Thursday posted net income of $725,759 as compared to a net loss of $130,684 for the six months ended March 31, 2009. Based in Berea, Kentucky, Kentucky Steel is the owner and operator of a steel mini-mill that produces both merchant bar quality flats (MBQ Bar Flats), and special bar quality steel flats (SBQ Bar Flats).