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