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Globe Specialty Metals Reports Increased Sequential Quarter Earnings, Record Fiscal 2012 Results And Increases Its Dividend By 25%

  • Net income on a comparable basis for the fourth quarter of $12.9 million increased 5% over the third quarter
  • EBITDA on a comparable basis for the fourth quarter of $32.5 million increased 10% over the third quarter
  • Record net income of $54.6 million for fiscal 2012 increased 3% from fiscal 2011
  • Record EBITDA of $129.1 million for fiscal 2012 increased 7% from fiscal 2011
  • Cash flow from operating activities of $56.2 million in the fourth quarter, compared to $23.0 million in the third quarter
  • GSM increased its annual dividend by 25% to $0.25 per share, payable quarterly in September, December, March and June.

NEW YORK, Aug. 20, 2012 (GLOBE NEWSWIRE) -- Globe Specialty Metals, Inc. (Nasdaq:GSM) (the "Company") today announces results for the fourth quarter and fiscal 2012 ended June 30, 2012.

Net sales for the fiscal year ended June 30, 2012 of $705.5 million were up 10% from the prior year. Shipments of 233,102 MT were flat with the prior year. Net income attributable to GSM for the year was $54.6 million, a record, compared to $52.8 million in the prior year. Diluted earnings per share for the year were $0.71 per share, compared to $0.69 per share in the prior year. EBITDA for the year was $129.1 million, a record, compared to $120.8 million in the prior year. EBITDA on a comparable basis was $140.9 million, a record, compared to $128.1 million in the prior year.

Net sales for the quarter of $191.7 million were up 11% from the third quarter of fiscal 2012 and 9% from the prior year. Shipments of 66,683 MT were up 10% from the third quarter and up 18% from the prior year. The increase from the third quarter is largely due to the timing of customer shipments and the acquisition of Quebec Silicon.

Stock quotes in this article: GSM 

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