UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM
10-Q/A
 (Amendment No. 1)
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For Quarterly Period Ended June 30, 2010 or,
 o
    
    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the transition period from  to
 Commission File Number 1-5415
 A. M. Castle & Co.
 (Exact name of registrant as specified in its charter)
 Maryland
    
    36-0879160(State or Other Jurisdiction of 
incorporation of organization)
    
    (I.R.S. Employer Identification No.)
 3400 North Wolf Road, Franklin Park, Illinois
    
    60131(Address of Principal Executive Offices)
    
    (Zip Code)
 847/455-7111
  (Former name, former address and former fiscal year, if changed since last report)
 Yes þ
No o
 Yes o No o
  Large Accelerated Filer o
    
    Accelerated Filer þ
    
    Non-Accelerated Filer o
    
    Smaller Reporting Company o
 Yes o No þ
  Class
    
    Outstanding at July 23, 2010Common Stock, $0.01 Par Value
    
    22,958,969 shares




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##### 



Explanatory Paragraph
   
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Amounts in millions except per share data
 Disclosure Regarding Forward-Looking Statements
 Information provided and statements contained in this report that are not purely historical are
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended (Securities Act), Section 21E of the Securities Exchange Act of 1934, as amended
(Exchange Act), and the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements only speak as of the date of this report and the Company assumes no obligation to update
the information included in this report. Such forward-looking statements include information
concerning our possible or assumed future results of operations, including descriptions of our
business strategy. These statements often include words such as believe, expect, anticipate,
intend, predict, plan, or similar expressions. These statements are not guarantees of
performance or results, and they involve risks, uncertainties, and assumptions. Although we
believe that these forward-looking statements are based on reasonable assumptions, there are many
factors that could affect our actual financial results or results of operations and could cause
actual results to differ materially from those in the forward-looking statements, including those
risk factors identified in Item 1A Risk Factors in the Companys Annual Report on Form 10-K for
the year ended December 31, 2009. All future written and oral forward-looking statements by us or
persons acting on our behalf are expressly qualified in their entirety by the cautionary statements
contained or referred to above. Except for our ongoing obligations to disclose material
information as required by the federal securities laws, we do not have any obligations or intention
to release publicly any revisions to any forward-looking statements to reflect events or
circumstances in the future or to reflect the occurrence of unanticipated events.
 The following discussion should be read in conjunction with the Companys condensed consolidated
financial statements and related notes thereto in ITEM 1 Condensed Consolidated Financial
Statements (unaudited).
 Executive Overview
 Economic Trends and Current Business Conditions
     Page 2 of 11




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##### 



YEAR
    
    Qtr 1
    
    
    Qtr 2
    
    
    Qtr 3
    
    
    Qtr 42008
    
    
    49.2
    
    
    
    49.5
    
    
    
    47.8
    
    
    
    36.12009
    
    
    35.9
    
    
    
    42.6
    
    
    
    51.5
    
    
    
    54.62010
    
    
    58.2
    
    
    
    58.8
  Results of Operations: Second Quarter 2010 Comparisons to Second Quarter 2009
  Fav/(Unfav)2010
    
    
    2009
    
    
    $ Change
    
    
    % ChangeNet SalesMetals
    
    $
    213.3
    
    
    $
    174.1
    
    
    $
    39.2
    
    
    
    22.5
    %Plastics
    
    
    26.8
    
    
    
    21.0
    
    
    
    5.8
    
    
    
    27.6
    %Total Net Sales
    
    $
    240.1
    
    
    $
    195.1
    
    
    $
    45.0
    
    
    
    23.1
    %Cost of MaterialsMetals
    
    $
    160.4
    
    
    $
    130.6
    
    
    $
    (29.8
    )
    
    
    (22.8
    )%% of Metals Sales
    
    
    75.2
    %
    
    
    75.0
    %Plastics
    
    
    18.1
    
    
    
    14.5
    
    
    
    (3.6
    )
    
    
    (24.8
    )%% of Plastics Sales
    
    
    67.5
    %
    
    
    69.0
    %Total Cost of Materials
    
    $
    178.5
    
    
    $
    145.1
    
    
    $
    (33.4
    )
    
    
    (23.0
    )%% of Total Sales
    
    
    74.3
    %
    
    
    74.4
    %Operating Costs and ExpensesMetals
    
    $
    52.4
    
    
    $
    50.5
    
    
    $
    (1.9
    )
    
    
    (3.8
    )%Plastics
    
    
    7.3
    
    
    
    6.8
    
    
    
    (0.5
    )
    
    
    (7.4
    )%Other
    
    
    1.6
    
    
    
    0.3
    
    
    
    (1.3
    )
    
    
    (433.3
    )%Total Operating Costs & Expenses
    
    $
    61.3
    
    
    $
    57.6
    
    
    $
    (3.7
    )
    
    
    (6.4
    )%% of Total Sales
    
    
    25.5
    %
    
    
    29.5
    %Operating Income (Loss)Metals
    
    $
    0.5
    
    
    $
    (7.0
    )
    
    $
    7.5
    
    
    
    107.1
    %% of Metals Sales
    
    
    0.2
    %
    
    
    (4.0
    )%Plastics
    
    
    1.4
    
    
    
    (0.3
    )
    
    
    1.7
    
    
    
    566.7
    %% of Plastics Sales
    
    
    5.2
    %
    
    
    (1.4
    )%Other
    
    
    (1.6
    )
    
    
    (0.3
    )
    
    
    (1.3
    )
    
    
    (433.3
    )%Total Operating Income (Loss)
    
    $
    0.3
    
    
    $
    (7.6
    )
    
    $
    7.9
    
    
    
    103.9
    %% of Total Sales
    
    
    0.1
    %
    
    
    (3.9
    )%
 Other includes the costs of executive, legal and finance departments which are shared by both segments of the Company.  Page 3 of 11




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Net Sales:
   Cost of Materials:
  Operating Expenses and Operating (Loss) Income:
  
    
    Warehouse, processing and delivery costs increased by $3.9 million of which $2.9
million is the result of higher sales volume and $1.0 million is due to increased
payroll costs as the Company resumed full workweek schedules beginning in January 2010
and reinstated the Company 401(k) contributions in April 2010;
 
    
    Depreciation and amortization expense was $0.2 million lower primarily due to
certain intangible assets becoming fully amortized in 2009.
   Page 4 of 11




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Other Income and Expense, Income Taxes and Net Income:
     Results of Operations: Six Months 2010 Comparisons to Six Months 2009
  Fav/(Unfav)2010
    
    
    2009
    
    
    $ Change
    
    
    % ChangeNet SalesMetals
    
    $
    413.0
    
    
    $
    405.2
    
    
    $
    7.8
    
    
    
    1.9
    %Plastics
    
    
    50.1
    
    
    
    42.1
    
    
    
    8.0
    
    
    
    19.0
    %Total Net Sales
    
    $
    463.1
    
    
    $
    447.3
    
    
    $
    15.8
    
    
    
    3.5
    %Cost of MaterialsMetals
    
    $
    313.4
    
    
    $
    298.4
    
    
    $
    (15.0
    )
    
    
    (5.0
    )%% of Metals Sales
    
    
    75.9
    %
    
    
    73.6
    %Plastics
    
    
    34.2
    
    
    
    28.9
    
    
    
    (5.3
    )
    
    
    (18.3
    )%% of Plastics Sales
    
    
    68.3
    %
    
    
    68.6
    %Total Cost of Materials
    
    $
    347.6
    
    
    $
    327.3
    
    
    $
    (20.3
    )
    
    
    (6.2
    )%% of Total Net Sales
    
    
    75.1
    %
    
    
    73.2
    %Operating Costs and ExpensesMetals
    
    $
    105.0
    
    
    $
    109.8
    
    
    $
    4.8
    
    
    
    4.4
    %Plastics
    
    
    14.3
    
    
    
    13.9
    
    
    
    (0.4
    )
    
    
    (2.9
    )%Other
    
    
    3.0
    
    
    
    2.2
    
    
    
    (0.8
    )
    
    
    (36.4
    )%Total Operating Costs & Expenses
    
    $
    122.3
    
    
    $
    125.9
    
    
    $
    3.6
    
    
    
    2.9
    %% of Total Net Sales
    
    
    26.4
    %
    
    
    28.1
    %Operating (Loss) IncomeMetals
    
    $
    (5.4
    )
    
    $
    (3.0
    )
    
    $
    (2.4
    )
    
    
    (80.0
    )%% of Metals Sales
    
    
    (1.3
    )%
    
    
    (0.7
    )%Plastics
    
    
    1.6
    
    
    
    (0.7
    )
    
    
    2.3
    
    
    
    328.6
    %% of Plastics Sales
    
    
    3.2
    %
    
    
    (1.7
    )%Other
    
    
    (3.0
    )
    
    
    (2.2
    )
    
    
    (0.8
    )
    
    
    (36.4
    )%Total Operating (Loss) Income
    
    $
    (6.8
    )
    
    $
    (5.9
    )
    
    $
    (0.9
    )
    
    
    (15.3
    )%% of Total Net Sales
    
    
    (1.5
    )%
    
    
    (1.3
    )%
 Other  Operating loss includes the costs of executive, finance and legal departments, and
other corporate activities which support both the metals and plastics segments of the Company.  Page 5 of 11




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Net Sales:
   Cost of Materials:
  Operating Expenses and Operating Loss:
   
    
    Warehouse, processing and delivery costs increased by $1.9 million which is
comprised of a $2.9 million increase due to higher sales volume, partially offset by a
$1.0 million decrease resulting from the incremental impact of the cost reduction
initiatives implemented in 2009 related to workforce reductions and suspension of the
Company 401(k) contributions;
  Page 6 of 11




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
    
    Sales, general and administrative costs decreased by $5.1 million primarily due to
lower payroll related costs of $4.6 million resulting from the incremental impact of
the cost reduction initiatives implemented in 2009 related to workforce reductions and
suspension of the Company 401(k) contributions and lower ERP implementation costs of
$0.7 million; and
 
    
    Depreciation and amortization expense was $0.4 million lower due to a decrease in
capital expenditures across the Company in 2009 and 2010 compared to previous years
and certain intangible assets becoming fully amortized in 2009.
  Other Income and Expense, Income Taxes and Net Income:
     Accounting Policies:
  Note 2
 Liquidity and Capital Resources
   Page 7 of 11




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Outstanding
    
    
    
    
    
    
    Weighted AverageBorrowings as of
    
    
    Availability as of
    
    
    Interest Rate for the sixDebt type
    
    June 30, 2010
    
    
    June 30, 2010
    
    
    months ended June 30, 2010U.S. Revolver A
    
    $
    1.8
    
    
    $
    81.9
    
    
    
    2.43
    %U.S. Revolver B
    
    
    24.0
    
    
    
    26.0
    
    
    
    1.36
    %Canadian facility
    
    
    
    
    
    
    9.3
    
    
    
    0.23
    %Trade acceptances
    
    
    9.4
    
    
    
    n/a
    
    
    
    1.22
    %
 (a)
    
    A trade acceptance is a form of debt instrument having a definite maturity and
obligation to pay and which has been accepted by an acknowledgement by the company upon
whom it is drawn.  Page 8 of 11




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:
 2010
    
    $
    7.62011
    
    
    7.82012
    
    
    8.12013
    
    
    32.52014
    
    
    9.12015 and beyond
    
    
    9.6Total debt
    
    $
    74.7
  Requirement per
    
    
    Actual atCovenant Description
    
    Credit Agreement
    
    
    June 30, 2010Funded debt-to-capital ratio
    
    less than 0.55
    
    
    0.18Working capital-to-debt ratio
    
    greater than 1.0
    
    
    3.60Minimum adjusted consolidated net worth
    
    
    $261.6
    
    
    $
    324.3
  
  Page 9 of 11




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Part II. OTHER INFORMATION
 
 Item 6. Exhibits
 ExhibitNo.
    
    Description31.1
    
    
    CEO Certification Pursuant to Section 302 of the Sarbanes Oxley Act of 200231.2
    
    
    CFO Certification Pursuant to Section 302 of the Sarbanes Oxley Act of 200232.1
    
    
    CEO and CFO Certification Pursuant to Section 906 of the Sarbanes Oxley
Act of 2002
  Page 10 of 11




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SIGNATURE
  A. M. Castle & Co.(Registrant)Date: August 4, 2010
    By:
    /s/ Patrick R. AndersonPatrick R. AndersonVice President  Controller
and Chief Accounting Officer
(Mr. Anderson has been authorized to sign
on behalf of the Registrant.) 
 Exhibit Index
  ExhibitNo.
    
    Description
    
    Page31.1
    
    
    CEO Certification Pursuant to Section 302 of the
Sarbanes Oxley Act of 2002
    
    E-131.2
    
    
    CFO Certification Pursuant to Section 302 of the
Sarbanes Oxley Act of 2002
    
    E-232.1
    
    
    CEO and CFO Certification Pursuant to Section 906 of
the Sarbanes Oxley Act of 2002
    
    E-3
  Page 11 of 11