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Reunion Industries Announces First Quarter Year 2001 Results
PITTSBURGH--(BUSINESS WIRE)--May 17, 2001--Reunion Industries, Inc.,
(AMEX-RUN), reported net income of $761,000, or $0.05 per share, on sales of
$49.6 million for the quarter ended March 31, 2001. First quarter results
include sales of $37.4 million from the Company's Metals Group and sales of
$12.2 million from its Plastics Group.
Although not strictly comparable due to the merger of Reunion and Chatwins
Group, Inc. on March 16, 2000 and the simultaneous acquisition of Kingway
Material Handling Company, operating profit for the first quarter of year 2001
was $3.6 million on the $49.6 million of sales versus operating profit of $2.5
million for the quarter ended March 31, 2000 on sales of $37.6 million.
Company President Kimball J. Bradley commented that "given the strong
competition being faced by our divisions in light of existing tight economic
conditions, I am pleased with the overall performance achieved by Reunion in the
2001 first quarter."
Reunion Industries is headquartered at 11 Stanwix Street, Suite 1400,
Pittsburgh, Pennsylvania, 15222. The Metals Group, through its five
manufacturing divisions, designs, manufactures and markets a broad range of
metal fabricated and machined industrial parts and products, including seamless
steel pressure vessels, fluid power cylinders, industrial cranes and structures
for bridges, leaf springs and material handling systems. The Plastics Group
manufactures high volume, precision plastics products and thermoset compounds
and provides engineered plastics services. The press release contains
forward-looking statements as defined by Section 21E of the Securities Act of
1934, as amended. Actual results may differ materially from these
forward-looking statements depending on future events, including events beyond
the control of the Company. Additional information on factors and risks that
could potentially affect the Company's future operations are contained in the
Company's reports and filings with the Securities and Exchange Commission.
REUNION INDUSTRIES, INC.
CONSOLIDATED SUMMARY OF OPERATIONS
(in thousands, except per share information)
Quarter Ended March 31,
2001 2000
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Sales $ 49,623 $ 37,557
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Operating profit $ 3,562 $ 2,477
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Extraordinary items $ - $ (1,772)
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Net income (loss) $ 761 $ (977)
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Income (loss) applicable to
common stockholders $ 761 $ (1,072)
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Net income (loss) per share (basic) $ 0.05 $ (0.11)
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Net income (loss) per share (diluted) $ 0.05 $ (0.11)
Weighted average shares ======== ========
outstanding (basic) 15,236 9,910
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Weighted average shares
outstanding (diluted) 15,340 9,910
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© 2001 BusinessWire
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