Sales volume is 326,880 net tons, more than double the results of first quarter 2009, and 47 percent higher than fourth quarter 2009.
Although average sales prices are down 25 percent from first quarter 2009, and up just 2 percent from fourth quarter 2009, sales revenue of $232.7 million is 58 percent higher than first quarter 2009's revenue of $147.1 million. Sales are also 52 percent higher than fourth quarter 2009's results of $153.6 million.
EBITDA, as adjusted, for the quarter is $24.8 million, 22 percent higher than first quarter 2009 results of $20.4 million, and almost triple fourth quarter 2009's $9.1 million.
Net income is $10.4 million, compared to first quarter 2009's net loss of $15.3 million and fourth quarter 2009's net loss of $2.3 million.
"We can report these positive results today as confirmation of the steps CSI has taken over the course of last year to build the strength of our company," said Vicente Wright, President & Chief Executive Officer. "Our employees, our business model, our customers and vendors, our dedication to customer service, our quality and our delivery performance all combine to give CSI the competitive structure to succeed in this new economic environment."
There is no outstanding balance under the Company's Revolving Credit Agreement as of March 31, 2010, with availability of over $108 million. Also as of March 31, the Company has a balance of cash and cash equivalents of $55.2 million.