Company: ZEUS
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001437749-25-014325
Chunk: 30

Company: OLYMPIC STEEL INC
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 30
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4. Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items that are considered in the relevant period.  Each quarter, we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. 

Net income for the first quarter of 2025 totaled $2.5 million, or $ 0.21 per basic share and diluted share, compared to net income of $8.7 million, or $ 0.75 per basic and diluted share, for the first quarter of 2024. 

     24

Segment Operations

Specialty metals flat products

The following table presents selected operating results for our specialty metals flat products segment for the periods indicated (dollars are shown in thousands, except for per ton information):

      For the Three Months Ended March 31, 

      2025 

      2024 

      % of net 

      % of net 

      sales 

      sales 

      Direct tons sold 

     30,492

     28,933

      Toll tons sold 

     1,187

     970

      Total tons sold 

     31,679

     29,903

      Net sales 
      
     $
     129,538

     100.0

     $
     129,534

     100.0

      Average selling price per ton 

     4,089

     4,332

      Cost of materials sold 

     108,800

     84.0

     107,590

     83.1

      Gross profit (a) 

     20,738

     16.0

     21,944

     16.9

      Operating expenses (b) 

     18,108

     14.0

     18,013

     13.9

      Operating income 
      
     $
     2,630

     2.0

     $
     3,931

     3.0

(a) Gross profit is calculated as net sales less the cost of materials sold.

(b) Operating expenses are calculated as total costs and expenses less the cost of materials sold.  

Tons sold by our specialty metals flat products segment increased 5.9% to 32 thousand in the first quarter of 2025 from 30