WHX Corp. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported a net loss of $4.1 million, compared with net income of $5.3 million for the second quarter of 2008. Basic and diluted net loss per common share was $0.34 for the quarter, compared with net income per common share of $5.33 in the same period of 2008. Revenue for the quarter was $141.4 million, a decrease of $55.6 million, or 28.2% from $197.0 million for 2008 amid the general slow-down in the U.S. and world economies, especially weakness in the U.S. housing and automotive markets. The company generated Adjusted EBITDA of $15.0 million for the quarter, as compared to $17.9 million for the same period in 2008. The decline in second quarter 2009 Adjusted EBITDA was principally due to lower sales and operating income from its businesses. Income from operations was $2.9 million compared with $16.8 million for the same period a year ago. Loss from continuing operations before tax was $4.2 million compared with income from continuing operations before tax of $6.0 million for the same period a year ago. Loss from continuing operations, net of tax was $4.6 million or $0.38 per share compared to income from continuing operations, net of tax of $5.2 million or $5.17 per share for the same period a year ago. EBITDA from continuing operations was $13.2 million compared with $19.8 million for the same period a year ago. For the six months, the company reported a net loss of $15.5 million, compared with net loss of $0.88 million for the same period of 2008. Basic and diluted net loss per common share was $1.27 for the period, compared with net loss per common share of $0.88 in the same period of 2008. Revenue for the period was $272.2 million compared with $369.3 million for same period of 2008. The company generated Adjusted EBITDA of $18.4 million for the period, as compared to $26.9 million for the same period in 2008. Loss from operations was $3.2 million compared with income from operations of $22.7 million for the same period a year ago. Loss from continuing operations before tax was $14.9 million compared with income from continuing operations before tax of $0.17 million for the same period a year ago. Loss from continuing operations, net of tax was $15.0 million or $1.24 per share compared to loss from continuing operations, net of tax of $1.3 million or $1.30 per share for the same period a year ago. Net cash provided by operating activities was $8.7 million compared with $16.8 million for the same period a year ago. Plant additions and improvements was $3.6 million compared with $6.7 million for the same period a year ago. EBITDA from continuing operations was $15.5 million compared with $28.9 million for the same period a year ago. The company announced asset impairment charges of $2.0 million for the second quarter ended June 30, 2009.

WHX Corp., Q2 2009 Earnings Call, Aug 25 2009

On 08/17/2009, WHX Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.