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ALJ Announces Results for Fiscal Year 2008

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  Published in Stocks and Investing on Wednesday, December 31st 2008 at 17:21 GMT, Last Modified on 2008-12-31 17:21:55 by Market Wire
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ASHLAND, Ky.--([ BUSINESS WIRE ])--ALJ Regional Holdings, Inc. (Pink Sheets: ALJJ) today announced that for the fiscal year ended September 30, 2008, it posted net income of $6.332 million as compared to net income of $6.572 million for the fiscal year ended September 30, 2007. ALJ is the parent of Kentucky Electric Steel, a steel mini-mill near Ashland, Kentucky. Kentucky Electric Steel produces steel bar flats as both merchant bar quality flats (MBQ Bar Flats) and special bar quality flats (SBQ Bar Flats).

For the 4^th quarter ending September 30, 2008, ALJ's net loss was $3.208 million as compared to net income of $1.061 million for the 4^th quarter ending September 30, 2007.

According to John Scheel, ALJ's Chief Executive Officer, "2008 was a record year for ALJ for revenue and for operating income. A rapid, steep drop in the US and global economic conditions began in our fourth quarter. As a consequence, we have recognized a lower of cost or market adjustment of $3.24 million related to falling steel scrap and billet values. This adjustment negatively impacted our fourth quarter and annual earnings but it properly accounts for the realities of current events and positions us well to weather the recessionary marketplace going forward.

We also reversed a $2.98 million gain taken in the first quarter relating to ongoing expenses for discontinued operations of the predecessor corporation."

This press release contains forward-looking statements.Such statements include information regarding the Company's expectations, goals or intentions regarding the future, including but not limited to statements regarding our ability to weather the recessionary marketplace.Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statements.Among the factors that could cause actual results to differ materially are changes in the Company's stock price, liquidity needs or market fluctuations.Additional factors that could cause actual results to differ are discussed in the Company's Annual Report for the fiscal year ended September 30, 2008 and in its other periodic reports issued through the Pink Sheets News Service and available at [ www.pinksheets.com ].All forward-looking statements in this release are made as of the date hereof and the Company assumes no obligation to update any forward-looking statement.