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Globe Specialty Metals' CEO Discusses Q4 Results - Earnings Call Transcript

Globe Specialty Metals, Inc. (GSM)

Q4 2012 Earnings Call

August 21, 2012 09:00 am ET

Executives

Malcolm Appelbaum - Chief Financial Officer

Jeff Bradley - Chief Executive Officer/Chief Operating Officer

Analysts

Ian Zaffino - Oppenheimer & Company

Martin Engler - Jefferies & Company

Ian Corydon - B. Riley & Company

Richard Garchitorena - Credit Suisse

Phil Gibbs - KeyBanc Capital Markets

Presentation

Operator

Good day, ladies and gentlemen. Welcome to the Globe Specialty Metals scheduled Fourth Quarter Fiscal 2012 Earnings Investor Call for August 21, 2012.

At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions). As a reminder, this conference call is being recorded.

I would now like to introduce your host for today's conference, Mr. Malcolm Appelbaum, Chief Financial Officer and Mr. Jeff Bradley, Chief Executive Officer.

I would like to turn the call over to Mr. Appelbaum. Please begin.

Malcolm Appelbaum

Good morning. I am going to read a brief statement and then hand it over to our CEO, Jeff Bradley.

Statements made by management during this conference call that are forward-looking statements are based on current expectations. Risk factors that could cause actual results to differ materially from these forward-looking statements can be found in Globe's most recent SEC filings and the exhibit to those filings. Jeff?

Jeff Bradley

Good morning. Thank you for joining us on the call this morning. I'm pleased to report that our fiscal 2012 was a record year for earnings.

Net income for the year was $54.6 million and EBITDA was $129.1 million. For the fourth quarter on a comparable basis net income increased 4%, and EBITDA was up 10% to $32.5 million versus Q3. These improvements coupled with our outlook for the future led our board of directors to approve a 25% increase in the annual dividend to $0.25 a share from $0.20 a share last year.

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