“For EPS purposes, our net pension expense for fiscal year 2013 is now calculated to be $68.4 million or $0.83 per share – versus our prior estimate of $59 million due to the impact of a lower year-end asset balance and a lower interest rate than we assumed in our April call. The EID component of the fiscal year 2013 expense is $31.9 million. Our expected tax rate for the year is still 34 percent.
“As we’ve said before, free cash flow for fiscal year 2013 is expected to again be negative, with capital spending of about $350 million, due in large part to our new Alabama facility investment. We anticipated this investment in our financing actions last year, and continue to have a strong balance sheet and liquidity.”
During the fourth quarter, the Company recorded expense associated with its pension and other post retirement benefit plans of $11.8 million or $0.14 per diluted share. This includes $1.9 million related to the Latrobe plans. Pension expense in the prior year fourth quarter was $15.2 million or $0.21 per diluted share. For the full fiscal year, expense related to pension and other post retirement benefit plans was $42.1 million or $0.55 per diluted share, which includes $2.5 million related to the Latrobe plans, compared to $60.8 million or $0.84 per diluted share in fiscal year 2011. The Company made cash contributions of $10.7 million during the fourth quarter of fiscal year 2012, and $30 million for the full fiscal year. The Company currently expects to make cash contributions of approximately $82 million in fiscal year 2013.Non-GAAP Financial Measures This press release includes discussions of financial measures that have not been determined in accordance with U.S. generally accepted accounting principles ("GAAP"). The non-GAAP financial measures, accompanied by reasons why the Company believes the measures are important, are included in the attached schedules.