WHITE PLAINS, N.Y., May 25, 2011 /PRNewswire/ -- Handy & Harman Ltd. (NASDAQ: HNH) ("HNH" or the "Company") today announced forecasts for certain financial results for the second quarter ending June 30, 2011 and for the full year ending December 31, 2011.
HNH announced that, based on current information, it forecasts that net sales for the second quarter of 2011 will be between $171 million and $209 million and between $620 million and $757 million for the full year. HNH also forecasts generating Adjusted EBITDA in the range of $21 million to $24 million in the second quarter of 2011 and $69 million to $79 million in the full year. See "Note Regarding Use of Non-GAAP Financial Measurements" below for the definition of Adjusted EBITDA.
By comparison, net sales from continuing operations on a comparable basis were $160.9 million and Adjusted EBITDA was $20.3 million for the second quarter of 2010 and the Company reported net sales of $581.5 million and Adjusted EBITDA of $61.2 million for the full year ended December 31, 2010.
In addition, HNH announced that it is discussing with certain banks and other financial institutions the potential refinancing of substantially all of its indebtedness, including its wholly-owned subsidiaries' credit facilities and 10% subordinated secured notes due 2017 with warrants attached. If completed, the Company expects that the refinancing would increase its borrowing availability. The Company anticipates that the refinancing, if completed, would close prior to the end of the third quarter of 2011. However, the proposed refinancing is subject to market and other conditions, and there can be no assurances that these transactions will be consummated.