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Globe Specialty Metals, Inc. (GSM)
Q4 2012 Earnings Call
August 21, 2012 09:00 am ET
Malcolm Appelbaum - Chief Financial Officer
Jeff Bradley - Chief Executive Officer/Chief Operating Officer
Ian Zaffino - Oppenheimer & Company
Martin Engler - Jefferies & Company
Ian Corydon - B. Riley & Company
Richard Garchitorena - Credit Suisse
Phil Gibbs - KeyBanc Capital Markets
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.
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?
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.