PITTSBURGH, May 3, 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 first quarter ended March 31, 2012.

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2012 First Quarter Highlights

• Total revenue for the first quarter was $747.0 million, a 13% increase compared to $664.0 million in the first quarter of 2011.
• Revenue After Raw Materials Costs(1) in the quarter was $155.9 million, a 15% increase compared to $135.2 million in the first quarter of 2011.
• Adjusted EBITDA(1) for the quarter was $36.8 million(2), a 6% increase compared to $34.6 million in the first quarter of 2011.
• Entered into a new seven-year $300 million senior secured term loan which the company expects will result in approximately $8.4 million of annual cash interest savings.
• Won two new mill services contracts in the United States and Mexico totaling more than $179 million of cumulative total revenue over the life of the contracts at expected production levels.

2012 First Quarter Financial Results

Total Revenue for the first quarter was $747.0 million, an increase of 13% compared to $664.0 million for the same prior year quarter. Revenue After Raw Materials Costs, the company's measurement of sales performance, was $155.9 million, an increase of 15% compared to $135.2 million in the first quarter of 2011.

Adjusted EBITDA for the first quarter of 2012 was $36.8 million(2) compared to $34.6 million of Adjusted EBITDA in the first quarter of 2011, an increase of 6%. Net income attributable to common stock was $0.4 million for the first quarter, an increase of 28% compared to $0.3 million in the first quarter of 2011. Basic and diluted earnings per share were $0.01 for the quarter. Excluding $12.3 million of debt extinguishment costs relating to the company's refinancing, net income attributable to common stock would have been $8.4 million and earnings per share for the quarter would have been $0.22.

The company's Adjusted EBITDA Margin(3) for the first quarter of 2012 was 23.6% compared to 25.6% in the first quarter of 2011. The decrease was largely due to start-up costs incurred at sites where TMS has recently won new contracts.

Discretionary Cash Flow(1,4), which the company uses to measure operating cash flow generation, was $29.0 million for the first quarter of 2012 compared with $27.3 million in the first quarter of 2011, an increase of 6%.

Joseph Curtin, Chairman, President and Chief Executive Officer of TMS International Corp., said with respect to the company's first quarter 2012 results, "Despite the continued challenging global economic environment, TMS International delivered solid financial results. We continue to build on our market-leading positions by aggressively pursuing new contracts, expanding our global raw materials brokerage network, cross-selling our services and providing outstanding service to our customers."

Outlook

The company reaffirmed its previous 2012 Adjusted EBITDA guidance 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 first quarter 2012 results at 11:00 a.m. EDT 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. first 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 10011956.  The telephonic replay will be available until Thursday, May 10, 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 31 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 potential new debt refinancing, 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 most recent Annual Report on Form 10-K 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 Materials Costs," "Adjusted EBITDA" and "Discretionary Cash Flow" are non-GAAP financial measurements we believe are useful in measuring our operating performance. Descriptions and reconciliations of these measurements to GAAP are provided below.

(2) Excludes a $12.3 million debt extinguishment loss related to the replacement of the company's term loan and senior secured subordinated notes with a new $300 million senior secured term loan.

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

(4) Adjusted EBITDA minus maintenance capex (previously referred to in the company's financial statements as "Free Cash Flow").

TMS INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of dollars, except share data)
				March 31,		December 31,
				2012		2011
Assets				(unaudited)
Current assets:
	Cash and cash equivalents			$       15,476		$        108,830
	Accounts receivable, net of allowance for doubtful accounts of $2,831 and $2,613, respectively			339,567		292,546
	Inventories			70,554		56,297
	Prepaid and other current assets			29,656		31,041
	Deferred tax asset			7,170		7,114
		Total current assets		462,423		495,828
Property, plant and equipment, net				179,500		161,017
Deferred financing costs, net of accumulated amortization of $337 and $9,897, respectively				11,250		10,638
Goodwill				242,748		241,771
joseph curtin, logistics services, audio applications, raw materials brokerage network, mill services, industrial services, usd, tube city ims corporation, tms international corp., pittsburgh, 1-412-317-0088, 1-877-344-7529, 1-800-860-2442, 1-412-858-4600, mexico, united states, north america, adjusted ebitda, accountancy, finance, generally accepted accounting principles, operating cash flow, free cash flow, amortization, income, depreciation, goodwill, balance sheet, 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 345 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? 332 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 Fourth Quarter and Fiscal Year 2011 Results 459 days ago - PR Newswire Mining-Metals News PITTSBURGH, Feb. 14, 2012 /PRNewswire/ -- TMS International Corp. (NYSE: TMS), the parent company of Tube City IMS Corporation, a leading provider of outsourced industrial ser... News: TMS International Corp. to Attend Deutsche Bank Global Industrials and Basic Materials Conference 340 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 101 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: IMF Executive Board Reviews Fund’s Income Position; Margin For Lending Rate Remains Unchanged For 2014 Financial Year 7 hours ago - News Articles The Executive Board of the International Monetary Fund (IMF) has completed its annual review of the Fund’s income position for the financial year ending April 30,&n... © MoneyScience 2011-2012 All Rights Reserved. VAT No: 902 7652 32 Company No. 6184038 Help | Contact | Disclaimer Terms & Conditions | Privacy Policy Advertising | Feeds