RE:New Press Release - Tree Island Steel Announces Full Year 2022 ResultsAlways feel like I'm talking to myself on this board. Mind you, as I get older, I seem to talk to myself more & more.
Financials were a bit of a shock. Expected a major drop from previous quarters but was hoping for positive EPS in the 8 to 12 cent range. Sold about half of my position yesterday. Put in a ask of $3.50 just before the open .. TD was showing a bid of $3.55 but they opened at $3.42 & soon dropped to $3.25 (40 cents less than thursdays close). Figured that was that but was surprised when I checked the TSX trade history & saw a chuck of shares sold at 10:35 AM at $3.50 .. just lucky.
Negatives:
Unexpected poor quarter.
Still about $3.3 M to book in 2023 re moving of high value equipment to other facilities .. not sure what effect this will have on production & shipments.
Positives:
Cash of over $14M (but likely due to reduced Receivables from lower Revenue)
If you take out the 4th Q entries related to the closing of Etiwanda, they would have made 6 or 7 cents a share.
Moderately positive about the future. "We anticipate customer inventory restocking after prior quarter reductions to support an improvement in seasonal and project-related demand."
Paid down more debt.