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General Steel Holdings, Inc. Message Board

  • rchites rchites Feb 5, 2013 6:51 PM Flag

    Cleaning the BOOKS and Numbers FEB 15

    Third Quarter 2011 Financial Summary

    Revenue increased 116.9% year-over-year to $998.2 million, from $460.3 million in the same period in 2010.
    Sales volume in the third quarter of 2011 totaled approximately 1.7 million metric tons, compared with approximately 0.9 million metric tons for the same period in 2010.
    Gross profit increased 150.6% to $34.1 million, or 3.4% of revenue, compared with $13.6 million, or 3.0% of revenue for the same period in 2010.
    Operating income totaled $9.7 million, compared with $4.0 million for the same period in 2010.
    Net loss attributable to the Company was $(13.8) million, or $(0.25) per diluted share, based on 55.2 million weighted average shares outstanding, compared with a net loss of $(3.8) million, or $(0.07) per diluted share, based on 53.9 million weighted average shares outstanding in the third quarter of 2010. The increase in net loss for the third quarter of 2011 was primarily related to an increase of $5.5 million in impairment charges on equipment, an increase of $10.6 million in interest expense on capital lease and a $14.3 million increase in interest expense on bank borrowings, partially offset by $9.7 million in operating income.
    "The completion of these financial reports marks an important step forward for General Steel. Our finance team and audit partners continue to work diligently to complete the additional quarterly and annual filings to bring the Company current in its reporting obligations and to regain compliance with NYSE continued listing requirements," said Henry Yu, Chairman and Chief Executive Officer of General Steel. "We have made a great deal of operational progress. I believe that our business is markedly stronger as a result of favorable trends in our core market of Western China, as well as internal measures we have taken to improve our business at the manufacturing level and elsewhere. I would like to thank our team for their tireless efforts to complete these filings and our shareholders for their continued support of the Company."

    ((((((General Steel is currently preparing its Annual Report on Form 10-K for the year ended December 31, 2011 and expects to file it around February 15, 2013. )))))General Steel is also preparing its Quarterly Reports on Form 10-Q for the first, second and third quarters of 2012, and plans to file these reports with the SEC as soon as practicable.
    There was a disagreement between the Company and PwC, which was resolved by the Company seeking guidance from the Office of Chief Accountant of the Commission (the “OCA”) and the OCA provided guidance on April 20, 2012 to the satisfaction of the Company and PwC. The disagreement pertained to the accounting treatment for certain costs incurred and reimbursements received in connection with the construction of equipment by Shaanxi Iron and Steel Group, Co., Ltd. Prior to the resolution of the disagreement, the Company’s Audit Committee discussed the above disagreement with PwC. The Company has also authorized PwC to respond fully to any inquiries of the Company’s successor independent registered public accounting firm concerning the subject matter of the disagreement.

    The Company intends on remaining listed on the New York Stock Exchange ("NYSE"), which requires it meet the filing extension date for the Annual Report set by NYSE, although the Company is subject to ongoing assessment by NYSE. Therefore, the Audit Committee, after consultation with Friedman, determined that Friedman provides the best chance of completing the Annual Report audit by the extension date.

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    • ?dumped GSI as just another China reverse fraud, but starting to look like maybe a legit real steel co? Hold off buying till mid-Feb & if not lying re annual rpt, buy then big time, cuz China slowdown may be slowing ... just got new china prez, so usually china dips/rebounds so looks like new teem is great.

      • 1 Reply to babyitsawildworld
      • (GSI) -NYSE
        Key Statistics
        Data provided by Capital IQ, except where noted.
        Valuation Measures
        Market Cap (intraday)5: 68.90M
        Enterprise Value (Feb 7, 2013)3: 1.58B
        Price/Sales (ttm): 0.02
        Revenue (ttm): 3.24B
        Revenue Per Share (ttm): 59.31
        Qtrly Revenue Growth (yoy): 116.90%
        Gross Profit (ttm): 31.42M
        EBITDA (ttm)6: 39.89M
        Total Cash (mrq): 94.37M
        Total Cash Per Share (mrq): 1.71
        Total Debt (mrq): 1.61B
        % Held by Insiders1: 39.05%

1.15+0.01(+0.88%)Apr 17 4:00 PMEDT

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