Company: ZEUS
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001437749-25-024377
Chunk: 42

Company: OLYMPIC STEEL INC
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 42
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 primarily consisted of $39.3 million of net repayments under our ABL Credit Facility, $3.6 million of dividends paid, $1.3 million of credit facility fees and expenses related to the amendment of the ABL Credit Facility and $0.4 million of principal payments under finance lease obligations and . During the first six months ended of 2024, $14.9 million was generated from financing activities, which primarily consisted of $19.0  million of net borrowings under our ABL Credit Facility partially offset by $3.3 million of dividends paid, $0.6 million of principal payments under finance lease obligations and $0.1 million of credit facility fees and expenses related to amending the ABL Credit Facility.

Dividends paid were $3.6 million and $3.3 million for the six months ended June 30, 2025 and June 30, 2024, respectively.  In July 2025, our Board of Directors approved a regular quarterly dividend of $0.16 per share, which will be paid on September 15, 2025 to shareholders of record as of September 2, 2025. Regular dividend distributions in the future are subject to the availability of cash, the $15.0 million annual limitation on cash dividends and common stock repurchases under our ABL Credit Facility and continuing determination by our Board of Directors that the payment of dividends remains in the best interest of our shareholders.

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Stock Repurchase Program

In 2015, our Board of Directors authorized a stock repurchase program of up to 550,000 shares of our issued and outstanding common stock, which could include open market repurchases, negotiated block transactions, accelerated stock repurchases or open market solicitations for shares, all or some of which may be effected through Rule 10b5-1 plans. Repurchased shares will be held in our treasury, or canceled and retired as our Board of Directors may determine from time to time. Any repurchases of common stock are subject to the covenants contained in the ABL Credit Facility. Under the ABL Credit Facility, we may repurchase common stock and pay dividends up to $15.0 million in the aggregate during any trailing twelve months without restrictions. Purchases in excess of $15.0 million require us to (i) maintain availability in excess of 20% of the aggregate revolver commitments ($125.0 million