Company: ZEUS
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001437749-25-014325
Chunk: 36

Company: OLYMPIC STEEL INC
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 36
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ash depreciation and amortization addback of $8.5 million, and changes in other long-term liabilities of $1.8 million, partially offset by changes in other long-term assets of $4.8 million. Net cash from operations totaled $16.3 million during the first three months of 2024 and was mainly comprised of net income of $8.7 million, the non-cash depreciation and amortization addback of $7.5 million and changes in other long-term liabilities of $0.3 million, partially offset by changes in other long-term assets of $1.0 million.

Working capital at March 31, 2025 totaled $407.1 million, a $40.9 million decrease from December 31, 2024. The decrease was primarily attributable to a $59.4 million increase in accounts payable and outstanding checks and a $30.5 million decrease in inventory partially offset by a $46.4 million increase in accounts receivable and a $4.1 million decrease in accrued payroll and other accrued liabilities. 

Investing Activities

Net cash used for investing activities totaled $8.8 million during the three months ended March 31, 2025 and $4.8 million during the three months ended March 31, 2024 and consisted of capital expenditures attributable to additional processing and automation equipment at our existing facilities.

Financing Activities

During the first three months of 2025, $39.2 million of cash was used for financing activities, which primarily consisted of $37.1 million of net repayments under our ABL Credit Facility, $1.8 million of dividends paid, $0.2 million of principal payments under finance lease obligations and $0.1 million of credit facility fees and expenses related to the amended ABL Credit Facility. During the first three months ended of 2024, $4.5 million was generated from financing activities, which primarily consisted of $6.6  million of net borrowings under our ABL Credit Facility partially offset by $1.7 million of dividends paid, $0.1 million of credit facility fees and expenses related to amending the ABL Credit Facility and $0.3 million of principal payments under finance lease obligations.

Dividends paid were $1.8