SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 19, 2003
Universal Stainless & Alloy Products, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 000-25032 25-1724540
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
600 Mayer Street, Bridgeville, Pennsylvania 15017
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (412) 257-7600
Item 5. Other Events.
On March 19, 2003, Universal Stainless & Alloy Products, Inc. (the
"Company"), announced that it was revising its earnings estimate for the first
quarter ending March 31, 2003. The Company also held a conference call on March
19, 2003 to discuss the revisions to its estimate. During the conference call,
management was asked to comment on the estimated level of sales necessary to
achieve break-even operating income levels based on the current mix of shipments
and sales prices. The Company believes quarterly sales approximating $20 million
are required for the Company to break-even based on the assumptions described
above.
The press release, dated March 19, 2003, issued by the Company with
respect to this matter is attached hereto as Exhibit 99.1 and is hereby
incorporated herein by reference in its entirety.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit 99.1 Press Release dated March 19, 2003.
Page 2 of 4 pages.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.
By: /s/ Richard M. Ubinger
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Vice President of Finance,
Chief Financial Officer and Treasurer
Dated: March 19, 2003
Page 3 of 4 pages.
EXHIBIT INDEX
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Exhibit 99.1 Press Release dated March 19, 2003.
Page 4 of 4 pages.
Exhibit 99.1
[GRAPHIC OMITTED][GRAPHIC OMITTED]
Universal Stainless & Alloy Products, Inc.
600 Mayer Street o Bridgeville, Pennsylvania 15017
CONTACTS: Richard M. Ubinger
Vice President of Finance,
Chief Financial Officer and Treasurer
(412) 257-7606
FOR IMMEDIATE RELEASE
Comm-Partners LLC
June Filingeri
(203) 972-0186
UNIVERSAL STAINLESS REVISES FIRST QUARTER ESTIMATE
BRIDGEVILLE, PA, March 19, 2003 - Universal Stainless & Alloy
Products, Inc. (Nasdaq:USAP) today announced that it expects first quarter 2003
sales to approximate $14 million and the diluted loss per share to range from
$0.16 to $0.18. Although sales are on target with the Company's initial
projection of $11 to $15 million, the diluted loss per share is greater than the
$0.05 to $0.10 projected on January 22.
In the prior year first quarter, the Company reported sales of $17.6
million and diluted earnings per share of $0.20. The Company expects to report
final first quarter results on April 23.
The Company noted that the reduction in its first quarter outlook
reflects continuing weakness in demand, especially within the aerospace and
power generation markets, as well as higher energy and raw material costs. As a
result, the Universal Stainless & Alloy Products segment, composed of the
Bridgeville and Titusville facilities, will record a loss for the quarter rather
than the profit anticipated. On a more positive note, sales of bar, rod and wire
products from its Dunkirk Specialty Steel segment are expected to exceed the
Company's initial estimate of $4 million. However, Dunkirk's loss is expected to
be in line with its initial forecast as a result of higher energy and material
costs.
Mac McAninch, President and Chief Executive Officer, commented: "The
continuing slump in the economy and the difficulties challenging our major
markets have resulted in a slower recovery than we expected. Despite a promising
increase in service center orders in the first quarter, demand is not yet
picking up in our higher-value product categories. We are seeing continued
strength in tool steel sales and some signs of life in power generation demand,
but the extent and pace of improvement have not been sufficient to enable us to
meet our first quarter estimate. We are continuing to diligently control our
costs, expand our sales efforts and return to profitable growth."
UNIVERSAL STAINLESS REVISES FIRST QUARTER ESTIMATE Page 2
Webcast
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A conference call discussing the Company's revised first quarter
outlook is scheduled at 9:00 a.m. (EST) today, Wednesday, March 19. It will be
webcast simultaneously on the Company's web site for all interested parties at
WWW.UNIVSTAINLESS.COM, and thereafter archived on the web site. A telephone
replay of the conference call will be available beginning at approximately 11:00
a.m. (EST) today, continuing through March 26. It can be accessed by dialing
706-645-9291, passcode 9290896. This is a toll call.
About Universal Stainless & Alloy Products, Inc.
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Universal Stainless & Alloy Products, Inc., headquartered in
Bridgeville, Pa., manufactures and markets a broad line of semi-finished and
finished specialty steels, including stainless steel, tool steel and certain
other alloyed steels. The Company's products are sold to original equipment
manufacturers, service centers, forgers, rerollers and wire redrawers.
Forward-Looking Information Safe Harbor
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Except for historical information contained herein, the statements in
this release are forward-looking statements that are made pursuant to the "safe
harbor" provision of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and uncertainties
that may cause the Company's actual results in future periods to differ
materially from forecasted results. Those risks include, among others, risks
associated with the limited operating history of Dunkirk Specialty Steel LLC,
risks associated with the Company's ability to meet its current loan covenants,
risks associated with the receipt, pricing and timing of future customer orders,
risks related to the financial viability of customers, risks associated with the
manufacturing process and production yields, and risks related to property,
plant and equipment. Certain of these risks and other risks are described in the
Company's filings with the Securities and Exchange Commission (SEC) over the
last 12 months, copies of which are available from the SEC or may be obtained
upon request from the Company.
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