Exhibit 99.3
STEEL DYNAMICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
QUARTER ENDED YEAR ENDED
December 31 December 31
2001 2000 2001 2000
(UNAUDITED) (UNAUDITED)
NET SALES $ 138,452 $ 152,449 $ 606,984 $ 692,623
COST AND EXPENSES:
Cost of goods sold 127,376 125,455 522,927 533,914
Selling, general, & administrative expenses 13,333 12,341 58,132 53,306
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OPERATING INCOME (LOSS) (2,257) 14,653 25,925 105,403
Interest expense 4,271 4,877 18,480 20,199
Other (income) expense, net 2,113 (188) 2,333 719
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INCOME (LOSS) BEFORE INCOME TAXES (8,641) 9,964 5,112 84,485
Income taxes (3,327) 2,860 1,968 30,690
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NET INCOME (LOSS) $ (5,314) $ 7,104 $ 3,144 $ 53,795
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BASIC:
NET INCOME (LOSS) PER SHARE $ (0.12) $ 0.16 $ 0.07 $ 1.15
========= ========= ========= =========
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 45,742 45,506 45,655 46,822
========= ========= ========= =========
DILUTED:
NET INCOME (LOSS) PER SHARE $ (0.12) $ 0.16 $ 0.07 $ 1.15
========= ========= ========= =========
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 45,886 45,627 45,853 46,974
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STEEL DYNAMICS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
DECEMBER 31
------------------------------
2001 2000
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(UNAUDITED)
ASSETS
CURRENT ASSETS:
Cash and short-term investments $ 78,241 $ 10,184
Accounts receivable 81,879 102,986
Inventories 118,368 106,745
Deferred taxes 24,600 12,854
Other current assets 9,116 9,844
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TOTAL CURRENT ASSETS 312,204 242,613
PROPERTY, PLANT, AND EQUIPMENT, NET 852,061 807,322
RESTRICTED CASH 3,030 3,465
OTHER ASSETS 12,803 13,674
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TOTAL ASSETS $ 1,180,098 $ 1,067,074
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 41,329 $ 27,988
Accrued interest 4,052 5,364
Accrued expenses 26,697 26,302
Current portion of long-term debt 68,020 17,044
Debt expected to be refinanced long-term 490,000 --
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TOTAL CURRENT LIABILITIES 630,098 76,698
LONG-TERM DEBT 63,891 515,476
DEFERRED TAXES 62,765 52,027
MINORITY INTEREST 4,769 4,089
STOCKHOLDERS' EQUITY:
Common stock 495 493
Treasury stock, at cost (46,526) (46,526)
Additional paid-in capital 337,733 335,732
Retained earnings 132,229 129,085
Other accumulated comprehensive loss (5,356) --
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TOTAL STOCKHOLDERS' EQUITY 418,575 418,784
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,180,098 $ 1,067,074
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