PITTSBURGH, Feb. 14, 2012 /PRNewswire/ -- TMS International Corp. (NYSE: TMS), the parent company of Tube City IMS Corporation, a leading provider of outsourced industrial services to steel mills globally, today announced results for its fourth quarter and fiscal year ended December 31, 2011.

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2011 Fourth Quarter Highlights

• Revenue After Raw Materials Costs(1) in the quarter was $137.9 million, a 15% increase compared to $119.8 million in the fourth quarter of 2010.
• Adjusted EBITDA(1) for the quarter was $31.7 million(2), an 8% increase compared to $29.2 million in the fourth quarter of 2010.
• Net income attributable to common stock was $6.1 million for the fourth quarter, an increase of 143% compared to $2.5 million(3) in the fourth quarter 2010. Basic and diluted earnings per share were $0.16 for the quarter.
• Entered into a new five-year $350 million secured asset-based revolving credit facility in the fourth quarter, replacing an existing $165 million asset-based revolving credit facility set to mature in January 2013.
• Awarded three new mill services contracts in South Africa and Belgium in the fourth quarter totaling more than $290 million of cumulative total revenue over the life of the contracts at expected production levels.

2011 Fourth Quarter Financial Results

Revenue After Raw Materials Costs, the company's measurement of sales performance, was $137.9 million, an increase of 15% compared to $119.8 million in the fourth quarter of 2010.

Adjusted EBITDA for the fourth quarter was $31.7 million compared to $29.2 million of Adjusted EBITDA in the prior year, an increase of 8%. Net income attributable to common stock was $6.1 million for the fourth quarter, an increase of 143% compared to $2.5 million in the fourth quarter. Basic and diluted earnings per share were $0.16 for the quarter.

The company's Adjusted EBITDA Margin(4) for the fourth quarter of 2011 was 23.0% compared to 24.4% in the fourth quarter of 2010. The company's year-over-year margin decline was due primarily to new contracts in start-up mode and the impact of unfavorable contract situations at three of the company's 82 locations.

Joseph Curtin, Chairman, President and Chief Executive Officer of TMS International Corp., said with respect to the company's fourth quarter 2011 and year-end results, "Despite the difficult global economic environment, TMS International delivered another quarter of very strong financial results and we are pleased with the company's performance for 2011. We continue to focus on creating value for our customers in all business environments and executing our global strategic growth plan.

"Further, we maintained our industry-leading safety record and our high standards in the area of environmental responsibility which differentiates us from our competitors. I want to congratulate the team at our Jewett, TX, operation which recently received the Global Slag Environmental Award. The award recognizes superior environmental performance."

Cash provided from operating activities in the fourth quarter of 2011 was $44.9 million compared to cash provided by operations of $49.7 million in the fourth quarter of 2010.

The company ended the fourth quarter of 2011 with a cash balance of $108.8 million compared to a balance of $49.5 million at the end of the fourth quarter of 2010. This increase was largely due to the proceeds from the company's initial public offering in April 2011.

2011 Full Year Financial Results

Revenue After Raw Materials Costs for the year ended December 31, 2011 increased 18% to $549.5 million from $466.1 million for 2010. Adjusted EBITDA for 2011 increased 12% to $134.0 million(5) from $119.9 million in 2010. Adjusted EBITDA margin for 2011 was 24.4% compared to 25.7% for 2010.

Contract Wins/Renewals

In the fourth quarter, the company announced that it was awarded three new mill services contracts in South Africa and Belgium totaling more than $290 million of cumulative total revenue over the life of the contracts at expected production levels.

For the full year 2011, the company announced a total of nine new contracts to provide mill services, representing more than $433 million of cumulative total revenue over the life of the contracts at expected production levels.  Additionally, the company renewed and extended 11 contracts globally for various terms at multiple locations, which represents a 100% renewal rate for 2011.

Earnings Guidance for 2012

The company expects to achieve full year 2012 Adjusted EBITDA in a range of $142 million to $148 million, representing a year-over-year growth rate of 6% to 10%.

Conference Call Information

The company will hold a conference call to discuss fourth quarter 2011 results at 11:00 a.m. EST this morning. The call will be web cast live over the Internet from the company's Web site at www.tmsinternationalcorp.com under "Investor Relations." Participants should follow the instructions provided on the Web site for downloading and installing the necessary audio applications. The conference call also is available by dialing 1-800-860-2442 (domestic toll free) or 1-412-858-4600 (international) and asking for the TMS International Corp. fourth quarter earnings conference call.

Following the live conference call, a replay will be available beginning one hour after the call. The replay will be available on the company's web site or by dialing 1-877-344-7529 (domestic toll free) or 1-412-317-0088 (international) and entering the replay passcode 449920.  The telephonic replay will be available until Tuesday, February 21, 2012.

About TMS International Corp.

TMS International Corp., through its subsidiaries, including Tube City IMS Corporation, is the largest provider of outsourced industrial services to steel mills in North America as measured by revenue and has a substantial and growing international presence.  The company provides mill services at 82 customer sites in 11 countries and operates 29 brokerage offices from which it buys and sells raw materials across five continents.

Forward Looking Statements

Certain information in this news release contains forward-looking statements with respect to the company's financial condition, results of operations or business or its expectations or beliefs concerning future events. Such forward-looking statements include the discussions of the company's business strategies, estimates of future global steel production and other market metrics and the company's expectations concerning future operations, margins, profitability, liquidity and capital resources. Although the company believes that such forward-looking statements are reasonable, it cannot assure you that any forward-looking statements will prove to be correct. Forward-looking statements may be preceded by, followed by or include the words "may," "will," "believe," "expect," "anticipate," "intend," "plan," "estimate," "could," "might," or "continue" or the negative or other variations thereof or comparable terminology.  Such forward-looking statements are not guarantees of future performance and involve risks, uncertainties, estimates and assumptions that may cause the company's actual results, performance or achievements to be materially different. Additional information relating to factors that may cause actual results to differ from the company's forward-looking statements can be found in the company's Registration Statement on Form S-1 and elsewhere in the company's filings with the Securities and Exchange Commission. You should not place undue reliance on any of these forward- looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any such statement to reflect new information, or the occurrence of future events or changes in circumstances.

(1) "Revenue After Raw Material Costs" and "Adjusted EBITDA" are measurements we believe are useful in measuring our operating performance.  Descriptions and reconciliations of these measurements to GAAP are provided below.

(2) Excludes a $0.6 million debt extinguishment loss related to the replacement of the company's existing asset-based revolver with a new facility.

(3) Excludes a $5.9 million charge for accretion of preferred stock, an item that was eliminated as a result of the company's initial public offering in April 2011.

(4) Adjusted EBITDA Margin is calculated as a percentage of Revenue After Raw Materials Costs.

(5) Excludes $1.3 million of IPO related costs, a $0.7 million one-time charge related to the departure of the company's former Non-Executive Board Chairman and $0.6 million was on debt extinguishment related to the company's replacement of its previous revolving credit facility with a new, larger facility.

TMS INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of dollars, except share data)
	December 31, 2011	December 31, 2010
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$  108,830	$  49,492
Accounts receivable, net of allowance for doubtful accounts of $2,613 and $2,125, respectively	292,546	joseph curtin, logistics services, audio applications, mill services, industrial services, texas, usd, tube city ims corporation, tms international corp., belgium, south africa, pittsburgh, jewett, 1-412-317-0088, 1-877-344-7529, 1-800-860-2442, 1-412-858-4600, north america, accountancy, finance, generally accepted accounting principles, operating cash flow, financial ratio, amortization, income, depreciation, balance sheet, goodwill, cash flow, tube city ims corporation, www.tmsinternationalcorp.com, tms international corp. Read source article Blog on news item Related content News: Stockholders Re-Elect Seven Incumbents to TMS International Corp. Board of Directors 347 days ago - PR Newswire Mining-Metals News PITTSBURGH, June 6, 2012 /PRNewswire/ -- The stockholders of TMS International Corp. (NYSE: TMS), the parent company of Tube City IMS Corporation, a leading provider of o... News: Can we build better supply chains? 333 days ago - Forum:Blog The ability of logistics firms to connect suppliers and consumers across the world is essential for economic progress. Regrettably, it is too often taken for granted. So, as w... News: TMS International Corp. Reports First Quarter 2012 Results 381 days ago - PR Newswire Mining-Metals News PITTSBURGH, May 3, 2012 /PRNewswire/ -- TMS International Corp. (NYSE: TMS), the parent company of Tube City IMS Corporation, a leading provider of outsourced industrial ... News: TMS International Corp. to Attend Deutsche Bank Global Industrials and Basic Materials Conference 342 days ago - PR Newswire Mining-Metals News PITTSBURGH, June 11, 2012 /PRNewswire/ -- TMS International Corp. (NYSE: TMS), the parent company of Tube City IMS Corporation, a leading provider of products and service... News: Dalian Commodity Exchange: Accelerating The Development And Improvement Of Farm Produce Futures Market And Better Serving Agriculture, Farmers And Rural Areas 103 days ago - News Articles The Central No.1 document just issued this year proposed “strengthening the construction of farm produce futures market, properly increasing new varieties of bulk farm p... News: Weekly Top 5 Papers – May 17, 2013 2 days ago - The SSRN Blog 1. Psychic Numbing and Mass Atrocity by Paul Slovic (Decision Research) and David Zionts (Harvard Law School) and Andrew K. Woods (Stanford Law School) and Ry... © MoneyScience 2011-2012 All Rights Reserved. VAT No: 902 7652 32 Company No. 6184038 Help | Contact | Disclaimer Terms & Conditions | Privacy Policy Advertising | Feeds