SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 24, 2009
Universal Stainless & Alloy Products, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 000-25032 25-1724540
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
600 Mayer Street, Bridgeville, Pennsylvania 15017
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (412) 257-7600
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2.):
/ / Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
/ / Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
/ / Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
/ / Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On April 29, 2009, Universal Stainless and Alloy Products, Inc. (the
"Company") issued a press release regarding its earnings for the first quarter
ended March 31, 2009. A copy of the press release is attached hereto as Exhibit
99.1.
The information in Item 2.02 of this Current Report on Form 8-K, including
the attached press release regarding the Company's earnings for the first
quarter ended March 31, 2009, shall not be deemed "filed" for the purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that section, nor shall it be deemed incorporated
by reference in any filing under the Securities Act of 1933, as amended, except
as shall be expressly set forth by specific reference in such a filing.
Item 2.06. Material Impairments.
On April 24, 2009, the Company's management concluded and reported to the
Company's Board of Directors that it had determined, based on its analysis of
overdue trade accounts receivables, work-in-process inventory, commercial claims
and personnel reductions, that an impairment charge in the amount of $3.7
million should be taken under generally accepted accounting principles
applicable to the Company. This impairment charge is due primarily to the
write-off of the accounts receivable from a significant customer and scrapping
of slow moving inventory. The Company intends to re-melt the related
work-in-process inventory for other uses. The Company does not believe this
impairment charge will result in any future cash expenditures.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release dated April 29, 2009
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.
By: /s/ Richard M. Ubinger
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Vice President of Finance,
Chief Financial Officer and Treasurer
Dated: April 29, 2009