This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Zoltek Reports Fourth Quarter And Fiscal 2010 Year-End Results

ST. LOUIS, Nov. 29, 2010 (GLOBE NEWSWIRE) -- Zoltek Companies, Inc. (Nasdaq:ZOLT) today reported results for the fourth quarter and full fiscal year ended September 30, 2010.

For the fourth quarter of fiscal 2010, Zoltek reported net sales of $31.1 million, which compared to $33.8 million in the fourth quarter of fiscal 2009, a decrease of 8%. Zoltek reported an operating loss of $1.9 million for the latest quarter, included the negative effect of $2.3 million in available unused capacity costs. In the fourth quarter of the previous fiscal year, Zoltek reported an operating loss of $1.9 million and $3.0 in available unused capacity costs.

For fiscal 2010 as a whole, Zoltek's net sales were $128.5 million, compared to $138.8 million in fiscal 2009, a decrease of 7.4%. Zoltek reported an operating loss of $10.6 million for the year just ended, compared to operating income of $3.4 million in fiscal 2009. Zoltek also reported net cash provided by operating activities of $22.0 million in fiscal 2010, up from $15.2 million in fiscal 2009, an increase of 44.7%.

"During the past year, our largest customer in the wind energy business decided to close several wind turbine plants in Europe and to shift productive capacity to new locations in the United States and Asia. That led to a temporary decline in our sales to this customer for the fourth quarter and fiscal 2010 as a whole. Although our revenue declined, measured in tons rather than dollars, Zoltek's shipments of carbon fibers actually increased by 9% in fiscal 2010 compared to fiscal 2009," Zsolt Rumy, Zoltek's Chairman and Chief Executive Officer, said. "We also have come through an extremely difficult period in world markets in good financial condition – with a strong positive cash flow and with near zero long-term debt." 

"The decline in our reported net sales reflected unfavorable currency fluctuations, but more importantly lower selling prices due to irrational pricing conditions in the carbon fiber industry. Nevertheless, we are disappointed that we didn't bounce back with strongly improved sales in fiscal 2010 as we expected at the beginning of the year. We have strengthened our global marketing activities, expanded our customer base and enhanced our product technology and product line offering during fiscal 2010 and we are confident that we are positioned to capitalize on identified growth opportunities in fiscal 2011," Rumy said.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs