EXHIBIT 99.1
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Universal Stainless & Alloy Products, Inc.
600 Mayer Street o Bridgeville, Pennsylvania 15017
CONTACTS: Richard M. Ubinger
Vice President of Finance,
Chief Financial Officer and Treasurer
(412) 257-7606
FOR IMMEDIATE RELEASE
Comm-Partners LLC
June Filingeri
(203) 972-0186
UNIVERSAL STAINLESS RAISES THIRD QUARTER ESTIMATE
BRIDGEVILLE, PA, September 16, 2003 - Universal Stainless & Alloy
Products, Inc. (Nasdaq:USAP) today announced that it expects third quarter 2003
sales to approximate $18 million and its net loss per diluted share to be
between $0.02 and $0.04. The Company's initial projection for the quarter was
for sales in the range of $15 to $19 million and a net loss per diluted share of
between $0.07 and $0.12, as reported on July 23, 2003. In the 2002 third
quarter, the Company reported sales of $15.9 million and diluted earnings per
share of $0.03. The Company expects to announce final third quarter results on
October 22.
Mac McAninch, President and Chief Executive Officer, commented: "Our
third quarter performance is exceeding our expectations due to an improved
product mix reflecting the strengthening U.S. economy and stronger bookings for
our remelted grades of steel. Our current backlog stands at $19 million
company-wide versus $13 million at June 30."
Mr. McAninch continued: "Sales at our Dunkirk facility are expected to
approximate the $5 million we forecasted for the third quarter, as we maintain
pricing discipline in a highly competitive market."
Mr. McAninch concluded: "We are prepared to respond to profitable
market opportunities and look forward to more fully realizing the benefits of
our substantial operating leverage."
USAP RAISES THIRD QUARTER ESTIMATE - Page 2 -
About Universal Stainless & Alloy Products, Inc.
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Universal Stainless & Alloy Products, Inc., headquartered in
Bridgeville, Pa., manufactures and markets a broad line of semi-finished and
finished specialty steels, including stainless steel, tool steel and certain
other alloyed steels. The Company's products are sold to original equipment
manufacturers, service centers, forgers, rerollers and wire redrawers.
Forward-Looking Information Safe Harbor
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Except for historical information contained herein, the statements in
this release are forward-looking statements that are made pursuant to the "safe
harbor" provision of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and uncertainties
that may cause the Company's actual results in future periods to differ
materially from forecasted results. Those risks include, among others, risks
associated with the limited operating history of Dunkirk Specialty Steel LLC,
risks associated with the Company's ability to meet its current loan covenants,
risks associated with the receipt, pricing and timing of future customer orders,
risks related to the financial viability of customers, risks associated with the
manufacturing process and production yields, and risks related to property,
plant and equipment. Certain of these risks and other risks are described in the
Company's filings with the Securities and Exchange Commission (SEC) over the
last 12 months, copies of which are available from the SEC or may be obtained
upon request from the Company.
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