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GenCorp Reports 2012 Third Quarter Results

SACRAMENTO, Calif., Oct. 10, 2012 (GLOBE NEWSWIRE) -- GenCorp Inc. (NYSE:GY) today reported results for the third quarter ended August 31, 2012.

Financial Overview

The Company provides Non-GAAP measures as a supplement to financial results based on GAAP. A reconciliation of the Non-GAAP measures to the most directly comparable GAAP measures is included at the end of the release.

Third Quarter of Fiscal 2012 compared to Third Quarter of Fiscal 2011
  • Net sales for the third quarter of fiscal 2012 totaled $244.9 million compared to $226.2 million for the third quarter of fiscal 2011.
  • Net loss for the third quarter of fiscal 2012 was $9.5 million, or $0.16 loss per share, compared to a net income of $1.2 million, or $0.02 diluted income per share, for the third quarter of fiscal 2011.
  • Adjusted EBITDAP (Non-GAAP measure) for the third quarter of fiscal 2012 was $24.0 million or 9.8% of net sales, compared to $27.8 million or 12.3% of net sales, for the third quarter of fiscal 2011.
  • Segment performance (Non-GAAP measure) before environmental remediation provision adjustments, retirement benefit plan expense, and unusual items was $29.8 million for the third quarter of fiscal 2012, compared to $27.8 million for the third quarter of fiscal 2011.
  • Cash provided by operating activities in the third quarter of fiscal 2012 totaled $15.7 million, compared to $18.2 million in the third quarter of fiscal 2011.
  • Free cash flow (Non-GAAP measure) in the third quarter of fiscal 2012 totaled $6.2 million, compared to $12.7 million in the third quarter of fiscal 2011.
  • Net debt (Non-GAAP measure) was $93.7 million as of August 31, 2012 compared to $151.3 million as of August 31, 2011.
  • Funded backlog was $1,033 million as of August 31, 2012 compared to $905 million as of August 31, 2011.

The net loss for the third quarter of fiscal 2012 compared to the comparable prior year period was primarily driven by the following: (i) $7.9 million increase in the income tax provision; (ii) expenses of $4.1 million incurred in the third quarter of fiscal 2012 related to the proposed acquisition of the United Technologies Corporation's Pratt & Whitney Rocketdyne (the "Rocketdyne Business"); and (iii) increase of $3.5 million in stock-based compensation primarily due to changes in the fair value of the stock appreciation rights. These factors were partially offset by higher sales and a decline in interest expense.

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