WHEELING, W.Va., June 12 /PRNewswire-FirstCall/ - Esmark Incorporated
(Nasdaq: ESMK) (the "Company") announced today that, based on its current
expectations for production and shipments for the balance of the quarter,
it expects second quarter net earnings to be in the range of $.35 to $.45
per diluted share, significantly better than the $.40 loss per share that
the Company reported in the first quarter of 2008. Further, NASDAQ has
notified the Company that its filing delinquencies have been remedied and
the delisting proceedings which NASDAQ had initiated are considered moot
and will not proceed.
Esmark Chairman and CEO, James P. Bouchard, stated that "As projected
in our earnings call comments on June 10, I am pleased to provide positive
earnings per share guidance for the second quarter. While continued
strength in the domestic flat rolled market provides the underpinnings for
this expected performance, it is really about the exceptional improvement
in our Mill Operations segment and the increasing contribution by our
Downstream Operations segment. Clearly we are now poised to capitalize on
these exceptional market conditions." Bouchard continued, "We are also
pleased that NASDAQ took immediate action to halt the delisting proceedings
following the filing of our first quarter Form 10-Q with the SEC. Our
filings were delayed principally due to the complexity of the accounting
related to the Wheeling-Pittsburgh merger transaction consummated on
November 27, 2007. We are taking appropriate steps to ensure future
compliance."
Forward-Looking Statements Cautionary Language
This release contains certain projections or other forward-looking
statements within the meaning of Section 27A of the Securities Act and
Section 21E of the Securities-Exchange Act regarding future events or the
future financial performance of the Company that involve risks and
uncertainties. Forward-looking statements reflect the current views of
management and are subject to a number of risks and uncertainties that
could cause actual results to differ materially from actual future events
or results. These risks and uncertainties include, among others, factors
relating to (1) intense competition, dependence on suppliers of raw
materials and cyclical demand for steel products; (2) lower than expected
operating results for the Company; (3) the Company's potential inability to
generate sufficient operating cash flow to service or refinance its
indebtedness; (4) concerns relating to the maturity dates of its credit
agreements; and (5) certain other risks identified in section "Item 1A -
Risk Factors" of the Company's Annual Report on Form 10-K for the year
ended December 31, 2007, and other reports and filings with the SEC, which
identify important risk factors that could cause actual results to differ
from those contained in the forward-looking statements. In addition, any
forward-looking statements represent the Company's views only as of today
and should not be relied upon as representing the Company's views as of any
subsequent date. While the Company may elect to update forward-looking
statements from time to time, the company specifically disclaims any
obligation to do so.
About Esmark Incorporated
Esmark Incorporated is a vertically integrated steel producer and
distributor, combining steel production capabilities through both blast
furnace and electric arc furnace technologies with the just-in-time
delivery of value-added steel products to a broad customer base
concentrated in the Ohio Valley and Midwest regions. Currently
headquartered in Wheeling, WV, the Company is a producer of carbon
flat-rolled products for the construction, container, appliance,
converter/processor, steel service center, automotive and other markets.
The company's products include various sheet products such as hot rolled,
cold rolled, hot dipped galvanized, electro-galvanized, black plate and
electrolytic tinplate. More information about Esmark can be found at
http://www.esmark.com.
SOURCE Esmark Incorporated
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CONTACT:
Media or Investor Relations: Dennis Halpin,
+1-304-234-2421 +1-304-650-6474 (mobile), dhalpin@esmark.com;
Media: Bill Keegan, Edelman, +1-312-927-8424 (mobile),
bill.keegan@edelman.com
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