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Article: Birmingham Steel Writes Down Investment In Laclede; Comments On Expected Results For Fourth Quarter 1998.
- Article from:
- Business Wire
- Article date:
- July 29, 1998
CopyrightCOPYRIGHT 1998 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BIRMINGHAM, Ala.--(BUSINESS WIRE)--July 29, 1998--Laclede Steel today announced that a significant restructuring of Laclede would result in substantial losses in their second quarter. As a result, Birmingham Steel Corporation has decided that it will write off the net carrying value of its 25.4 percent equity investment in Laclede in its fourth quarter financial results and fiscal year ended June 30, 1998. Final results will be released on August 12, after completion of Birmingham Steel's annual audit.
Birmingham Steel had expected to report net income for the quarter ended June 30, 1998, of approximately $2.5 million to $3.0 million, or $.08 to $.10 per share. ...