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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ferro Reports 2011 Fourth-Quarter And Full-Year Results

Selling, general and administrative (“SG&A”) expenses were $77 million during the fourth quarter compared with $78 million in the prior-year quarter. SG&A expenses were 17.4 percent of net sales during the quarter, compared with 14.5 percent of net sales in the fourth quarter of 2010. Reduced incentive compensation expenses, lower special charges and lower pension expenses reduced SG&A expenses during the quarter. Offsetting these declines were increased costs related to an initiative to streamline and standardize the Company’s business processes and to improve management information systems tools, increased SG&A expenses at non-U.S. operations resulting from changes in foreign currency exchange rates, and the costs of annual salary adjustments. SG&A expenses during the 2011 fourth quarter included special charges of $0.8 million, primarily related to expenses at sites that were closed during earlier restructuring initiatives. During the fourth quarter of 2010, SG&A expense included $4.6 million in charges, primarily related to manufacturing rationalization activities.

Restructuring and impairment charges were $13.0 million in the fourth quarter of 2011, compared with $19.6 million in the prior-year quarter. The fourth-quarter 2011 total included fixed asset impairment charges of $8.2 million and a $3.9 million impairment of goodwill in the Performance Coatings segment.

Interest expense was $7.2 million during the 2011 fourth quarter, down $0.2 million from the prior-year period as a result of slightly lower average borrowing balances.

Losses on extinguishment of debt were minimal in the 2011 fourth quarter, down from losses of $3.7 million in the 2010 fourth quarter which were related to debt refinancing.

The net loss attributable to Ferro Corporation common shareholders for the 2011 fourth quarter was $28.8 million, or $0.33 per diluted share, compared with net income attributable to Ferro Corporation common shareholders of $1.8 million, or $0.02 per diluted share, in the fourth quarter of 2010. The adjusted net loss attributable to Ferro Corporation common shareholders for the 2011 fourth quarter was $0.08 per diluted share, excluding special charges. A reconciliation of reported results to adjusted results excluding special charges is available in the supplementary financial data included in this press release.

3 of 10

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,036.47 -3.02 -0.02%
S&P 500 1,992.77 +0.40 0.02%
NASDAQ 4,536.06 +3.9560 0.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs