- As announced on November 30, 2010, GrafTech successfully completed the acquisitions of Seadrift Coke L.P. (Seadrift), the world’s second-largest producer of petroleum-based needle coke, and C/G Electrodes LLC (St. Marys), a US-based graphite electrode producer. These acquisitions significantly strengthen our business model, position us as the graphite electrode industry’s low-cost producer and allow us to better serve our customers.
- Net sales increased to $1,007 million, or $988 million excluding the impact of the acquisitions, versus 2009 net sales of $659 million.
- Operating income improved to $159 million, or $174 million excluding the impact of the acquisitions. This compares to operating income of $99 million in 2009, or $95 million excluding $4 million from a gain associated with the settlement of a contingent liability in 2009.
- Net income was $175 million (including a $30 million non-cash deferred tax valuation allowance release) or $1.42 per diluted share, versus $13 million or $0.10 per diluted share in 2009. Adversely impacting net income in 2009 was a charge of $53 million related to the non-cash impairment in the value of our investment in Seadrift.
- On an operating basis, net income excluding the impact of the acquisitions and other special items* was $146 million or $1.20 per diluted share, as compared to $63 million or $0.52 per diluted share in 2009.
- Net cash provided by operating activities was $145 million, versus $170 million in 2009. The decline year-over-year was primarily driven by a $42 million increase in working capital to support higher sales volumes and $14 million in customary acquisition related expenditures.
- Net debt* at year end 2010 was $288 million, including $130 million drawn on the revolver and $143 million of non-interest bearing Senior Subordinated Notes used to fund the acquisitions of Seadrift and St. Marys.
- Also announced earlier this year, GrafTech successfully completed the refinancing of its principal revolving credit facility. The new $260 million revolver represents a $45 million increase over the prior facility and extends the maturity date to April 29, 2013. The facility has an accordion feature that enables it to be increased to up to $390 million to provide additional capacity to fund future growth.
GrafTech Reports Fourth Quarter And Year Ended 2010 Results
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.