Metal Management, Inc. Reclassifies Certain Cash Flows from Joint Ventures in Form 10-Q/A for the Quarter Ended June 30, 2005; R
28 Ottobre 2005 - 2:30PM
Business Wire
Metal Management, Inc. (Nasdaq:MTLM), one of the nation's largest
full service scrap metal recyclers, today announced that it has
filed an amendment on Form 10-Q/A for the quarter ended June 30,
2005. The amendment corrects the classification of certain
distributions the Company received, which is solely related to a
single tax distribution from a joint venture, from the investing
section on the statement of cash flows to the operating section on
the statement of cash flows. As a result of the restatement the
cash flow from operations in the first fiscal quarter increased by
approximately $2.7 million and cash flow from investing activities
has decreased by $2.7 million while the net change in cash and cash
equivalents is unchanged for the period. The restatement had no
effect on the Company's balance sheets, statement of stockholders'
equity, results of operations or earnings per share amounts. The
restatement only affects the financial statements for June 30, 2005
and no financial statements for other periods. About Metal
Management, Inc. Metal Management is one of the largest full
service metal recyclers in the United States, with approximately 40
recycling facilities in 15 states. For more information about Metal
Management, Inc., visit the Company's website at www.mtlm.com.
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