Date: April 10, 2006
Source: Business Wire
Schnitzer Steel Industries, Inc. (Nasdaq:SCHN) today reported net income of $21.1 million, or $ .68 per diluted share, for the fiscal 2006 second quarter ended February 28, 2006.
Fiscal year-to-date, the Company reported net income of $62.6 million, or $2.03 per diluted share. Included in year-to-date net income was a gain of $34 million (after tax) related to the disposition of joint venture assets under the agreement between the Company and Hugo Neu for the termination of their joint ventures. Net income was also reduced by a charge of $11 million relating to a reserve taken by the Company for the estimated amount to settle the ongoing SEC and Department of Justice investigations into the Company's past payment practices in Asia. Excluding the gain from the disposition of joint venture assets and the charge for the investigation reserve, year-to-date net income was $40 million, or $ 1.30 per diluted share.
More information: www.schnitzersteel.com.
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