HOUSTON, Dec. 6, 2006 (PRIME NEWSWIRE) -- Quanex Corporation (NYSE:NX) today issued a correction to its fiscal 2006 basic and diluted earnings per share released earlier today. Basic earnings per share from continuing operations for fiscal 2006 are $4.28, and diluted earnings per share from continuing operations are $4.09.
The error was the result of using incorrect fiscal 2006 basic shares and diluted shares in the calculation of its earnings per share. The corrected basic and diluted share counts are 37,478,512 and 39,708,047, respectively.
The Company has attached a corrected fiscal 2006 Consolidated Statement of Income.
Quanex is listed on the New York Stock Exchange under the symbol NX. For further information, visit the Company's website at www.quanex.com.
Statements that use the words "expect," "should," "may," "could," "will," "might," or similar words reflecting future expectations or beliefs are forward-looking statements. The statements above are based on Quanex's current expectations. Actual results or events may differ materially from this press release. Factors that could impact future results may include, without limitation, the effect of both domestic and global economic conditions, the impact of competitive products and pricing, and the availability and cost of raw materials. For a more complete discussion of factors that may affect the Company's future performance, please refer to the Company's most recent 10-K filing of December 21, 2005, under the Securities Exchange Act of 1934, in particular, the sections titled "Private Securities Litigation Reform Act" contained therein.
QUANEX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (CORRECTED)
(In thousands, except per share data)
(Unaudited)
Three months ended Twelve months ended
October 31, October 31,
------------------ ----------------------
2006 2005 2006 2005
-------- -------- ---------- ----------
$527,720 $483,270 Net sales $2,032,572 $1,969,007
425,985 371,083 Cost of sales 1,617,399 1,512,980
Selling, general and
23,929 23,982 administrative expense 92,705 97,851
Depreciation and
18,508 17,557 amortization 71,074 65,401
-------- -------- ---------- ----------
59,298 70,648 Operating income 251,394 292,775
(1,129) (1,542) Interest expense (4,818) (9,300)
1,477 2,233 Other, net 4,240 151
-------- -------- ---------- ----------
Income from continuing
59,646 71,339 operations before taxes 250,816 283,626
(20,517) (24,659) Income tax expense (90,503) (106,393)
-------- -------- ---------- ----------
Income from continuing
39,129 46,680 operations 160,313 177,233
Gain (loss) from
discontinued operations,
46 (15,455) net of taxes (130) (22,073)
-------- -------- ---------- ----------
$ 39,175 $ 31,225 Net income $ 160,183 $ 155,160
======== ======== ========== ==========
Basic earnings per
common share:
Earnings from
$ 1.06 $ 1.23 continuing operations $ 4.28 $ 4.69
Gain (loss) from
discontinued
$ -- $ (0.41) operations $ (0.01) $ (0.58)
-------- -------- ---------- ----------
Basic earnings
$ 1.06 $ 0.82 per share $ 4.27 $ 4.11
-------- -------- ---------- ----------
Diluted earnings per
common share:
Earnings from
$ 1.03 $ 1.17 continuing operations $ 4.09 $ 4.50
Gain (loss) from
discontinued
$ -- $ (0.39) operations $ (0.01) $ (0.55)
-------- -------- ---------- ----------
Diluted earnings
$ 1.03 $ 0.78 per share $ 4.08 $ 3.95
-------- -------- ---------- ----------
Weighted average
common shares
outstanding:
36,847 37,983 Basic 37,479 37,772
38,494 40,446 Diluted 39,708 39,809
Cash dividends
$ 0.1400 $ 0.1033 per share $ 0.4833 $ 0.3733