This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Ferro Reports 2012 First-Quarter Results

Stocks in this article: FOE

Interest expense was $6.7 million during the 2012 first quarter, down slightly from the prior-year period. Compared with the first quarter of 2011, average borrowings declined in the 2012 first quarter.

Net income attributable to common shareholders for the 2012 first quarter was $1.3 million, or $0.01 per diluted share, compared with $22.7 million, or $0.26 per diluted share, in the first quarter of 2011. The adjusted net income attributable to common shareholders for the 2012 first quarter was $0.04 per diluted share, excluding special charges, compared with adjusted earnings of $0.29 per diluted share in the first quarter of 2011. A reconciliation of reported results to adjusted results excluding special charges is available in the supplementary financial data included in this press release.

Cash used by operating activities was $11.0 million during the first quarter of 2012, compared with $28.6 million used in the prior-year quarter. Cash flow in the 2011 first quarter benefited from the return of $28.1 million in cash deposits for precious metal leases. There were no cash deposits related to precious metal leases during the first quarter of 2012, and no deposit-related impact on cash flow. The decrease in cash used by operating activities during the quarter was driven by lower cash used in inventory and receivables.

The Company has refined its methodology for the allocation of corporate expenses to its reportable segments beginning with the 2012 first quarter to better align segment reporting to the current manner in which strategic decisions are made and resources allocated. Prior-period results have been adjusted to be consistent with the new methodology. The effect of the change was to reduce unallocated corporate expenses, with a corresponding increase in total segment expenses. This change has no net effect on the consolidated income reported by the Company. Prior-year segment income and unallocated corporate expenses shown in the tables within this press release have been adjusted to reflect the current allocation methodology. Income by segment for the prior eight quarters, adjusted to reflect the new allocation methodology, is shown in the supplementary table included in this press release.

3 of 7

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 17,805.44 +86.44 0.49%
S&P 500 2,062.36 +9.61 0.47%
NASDAQ 4,714.5030 +12.6360 0.27%

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