| Income Statement for Universal Stainless & Alloy Products Inc. (USAP) | | | | | | | Income | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Operating Revenue | 229,936 | 203,873 | 170,022 | 120,642 | 68,989 | | Adjustments to Revenue | - | - | - | - | - | | Cost of Revenue | (180,760) | (157,345) | (137,867) | (99,911) | (62,441) | | Gross Operating Profit | 49,176 | 46,528 | 32,155 | 20,731 | 6,548 | | | Selling/General/Admin Expense | (12,038) | (10,792) | (8,441) | (7,401) | (5,837) | | Research & Development | - | - | - | - | - | | EBITDA | 37,138 | 35,736 | 23,714 | 13,330 | 711 | | Depreciation & Amortization | (3,731) | (3,337) | (3,085) | (3,061) | (3,093) | | EBIT | 33,407 | 32,399 | 20,629 | 10,269 | (2,382) | | Interest Income | - | - | - | - | - | | Other Income, Net | 776 | 522 | 437 | 1,119 | 128 | | Total Income Avail For Interest Expense | 34,183 | 32,921 | 21,066 | 11,388 | (2,254) | | Interest Expense | (731) | (1,106) | (851) | (422) | (383) | | Pre-Tax Income | 33,452 | 31,815 | 20,215 | 10,966 | (2,637) | | Income Taxes | (10,948) | (11,201) | (7,159) | (3,835) | 1,220 | | Minority Interest | - | - | - | - | - | | Net Income from Continuing Operations | 22,504 | 20,614 | 13,056 | 7,131 | (1,417) | | Net Income from Discontinued Operations | - | - | - | - | - | | Net Income from Total Operations | 22,504 | 20,614 | 13,056 | 7,131 | (1,417) | | | Normalized Income | 22,504 | 20,614 | 13,056 | 7,131 | (1,417) | | Extraordinary Income | - | - | - | - | - | | Special Income/Charges | - | - | - | - | - | | Income from Cum. Effect of Acct Change | - | - | - | - | - | | Income from Tax Loss Carryforward | - | - | - | - | - | | Other Gains | - | - | - | - | - | | Total Net Income | 22,504 | 20,614 | 13,056 | 7,131 | (1,417) | | | Results | in Dollars (Preferred Dividends in Thousands) | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Dividends Paid Per Share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | Preferred Dividends | - | - | - | - | - | | | Basic EPS from Continuing Operations | 3.39 | 3.20 | 2.05 | 1.13 | -0.23 | | Basic EPS from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | Basic EPS from Total Operations | 3.39 | 3.20 | 2.05 | 1.13 | -0.23 | | | Diluted EPS from Continuing Operations | 3.32 | 3.12 | 2.02 | 1.12 | -0.23 | | Diluted EPS from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | Diluted EPS from Total Operations | 3.32 | 3.12 | 2.02 | 1.12 | -0.23 | | | |
