{"id":31176,"date":"2012-07-24T11:08:00","date_gmt":"2012-07-24T11:08:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/ak-steel-aks-reports-financial-results-for-second-quarter-of-2012\/31176\/"},"modified":"2012-07-24T11:08:00","modified_gmt":"2012-07-24T11:08:00","slug":"ak-steel-aks-reports-financial-results-for-second-quarter-of-2012","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/ak-steel-aks-reports-financial-results-for-second-quarter-of-2012\/31176\/","title":{"rendered":"AK Steel &#8211; AKS &#8211; Reports Financial Results for Second Quarter of 2012"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><strong>AK Steel (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=AKS\">NYSE: AKS<\/a>)<\/strong> reported a net loss of $724.2 million, or $6.55 per diluted share of common stock, for the second quarter of 2012.\u00a0 The 2012 second quarter results include the effects of a non-cash charge of $736.0 million, or $6.65 per diluted share, for a valuation allowance for the company\u2019s deferred tax assets.\u00a0 As discussed more fully below, a tax valuation allowance is required under accounting principles to record the effect on income tax expense of a change in the potential future realization of the company\u2019s deferred tax assets.\u00a0 This accounting treatment is subject to reversal upon a return by the company to sustained profitability.<\/p>\n<p>Excluding the effects of this charge, AKS\u2019s adjusted net income for the second quarter of 2012 was $11.4 million, or $0.10 per diluted share.\u00a0 These results reflect an improvement over the net loss of $11.8 million, or $0.11 per diluted share, incurred in the first quarter of 2012.\u00a0 They compare to net income of $33.1 million, or $0.30 per diluted share, for the second quarter of 2011.<\/p>\n<p>AKS Net sales for the second quarter of 2012 were $1,538.4 million on shipments of 1,335,800 tons, compared to sales of $1,791.9 million on shipments of 1,497,000 tons for the year-ago second quarter and sales of $1,508.7 million on shipments of 1,325,900 tons for the first quarter of 2012.<\/p>\n<p><!--Ad Injection mfunc mode ad code--><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>AKS said its average selling price for the second quarter of 2012 was $1,152 per ton, a 1% increase over the first quarter of 2012, and about 3% lower than the second quarter of 2011.\u00a0 The higher average selling price for the second quarter 2012 over the first quarter of 2012 was primarily due to a richer product mix and increased contract sales, partially offset by lower selling prices for <a href=\"http:\/\/www.knowfinance.com\/spot-market\/\" target=\"_blank\" rel=\"noopener\">spot market<\/a> sales.<\/p>\n<p>The company reported an operating profit for the second quarter of 2012 of $56.7 million, or $42 per ton, compared to $68.5 million, or $46 per ton, for the second quarter of 2011 and $4.1 million, or $3 per ton, for the first quarter of 2012.\u00a0 The 2012 second quarter operating results reflect an improvement of $52.6 million compared to the first quarter of 2012.\u00a0 The 2012 second quarter results include a LIFO credit of $18.3 million, compared to a LIFO charge of $38.8 million in the second quarter of 2011 and a LIFO credit of $12.4 million for the first quarter of 2012.<\/p>\n<p>The company ended the second quarter of 2012 with $37.4 million of cash and cash equivalents and $671.7 million of availability under the company\u2019s revolving credit facility, for total liquidity of approximately $709 million.<\/p>\n<p><strong>AK Steel &#8211; AKS<\/strong><\/p>\n<p>AK Steel (AKS) produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, infrastructure and manufacturing, construction and electrical power generation and distribution markets.\u00a0 The company employs about 6,200 men and women in Middletown, Mansfield, Coshocton and Zanesville, Ohio; Butler, Pennsylvania; Ashland, Kentucky; Rockport, Indiana; and its corporate headquarters in West Chester, Ohio.<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20120726083437\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fthestockmarketwatch.com%2Fstock-market-news%2Fak-steel-aks-reports-financial-results-for-second-quarter-of-2012%2F31176&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/citrix-q2-profit-rises-12-raises-full-year-outlook-ctxs\/31296\">\nCitrix Q2 Profit Rises 12%, Raises Full Year Outlook (CTXS)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/gold-prices-rally-hopes-of-further-stimulus-shores-up-buying\/31295\">\nGold Prices Rally as Hopes Of Further Stimulus Boosts Buying<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/stocks-end-on-a-mixed-note-38\/31270\">\nStocks End on a Mixed Note<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/gold-prices-rise-sharply-silver-prices-also-rally\/31269\">\nGold Prices Rise Sharply; Silver Prices also Rally<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/stocks-higher-in-late-trading-4\/31266\">\nStocks Higher in Late Trading<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/costamare-inc-cmre-dividend-for-the-second-quarter-ended-june-30-2012-of-0-27-per-share\/31256\">\nCostamare Inc. &#8211; CMRE &#8211; Dividend for the second quarter ended June 30, 2012, of $0.27 per share<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/sciquest-inc-sqi-to-acquire-upside-software-inc\/31250\">\nSciQuest, Inc &#8211; SQI &#8211; To acquire Upside Software, Inc.<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n<script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script>\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AK Steel (NYSE: AKS) reported a net loss of $724.2 million, or $6.55 per diluted share of common stock, for [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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