- Sales of $179.9 million in the second quarter were up 9% from the prior year
- Shipments of 61,972 MT increased 21% from the prior year
- EPS of $0.20 is up from $0.18 in the prior year
- Adjusted EPS of $0.15 is down from $0.22 in the prior year
- GSM declared a $0.0625 per share dividend to be paid on March 25 th to shareholders of record on March 15 th
NEW YORK, Feb. 7, 2013 (GLOBE NEWSWIRE) -- Globe Specialty Metals, Inc. (Nasdaq:GSM), one of the world's largest and most efficient producers of silicon metal, today reported financial results for the second quarter of fiscal 2013.
Net sales in the Company's second quarter, ended December 31, 2012, reached $179.9 million, up 9% from $165.5 million in the same quarter of the prior year. Shipments of silicon and silicon-based alloy products were 61,972 metric tons in the quarter, up 21% from the year-ago period. Results in the second quarter include the Quebec Silicon acquisition which was completed in June 2012.
Net income attributable to GSM in the quarter was $15.1 million, up 12% from $13.4 million in the prior-year period. On a diluted per share basis, reported earnings for the second quarter reached $0.20, up from $0.18 per share in the same quarter a year ago. Excluding certain items, detailed in the table below, adjusted diluted earnings per share were $0.15 in the second quarter, down from $0.22 in the second quarter last year.Reported EBITDA in the second quarter reached $34.2 million, compared to $30.8 million in the prior year. Excluding certain items detailed in the table below, adjusted EBITDA was $30.2 million in the second quarter compared to $36.6 million in the prior year. Globe Specialty Metals' cash and cash equivalents, as of December 31, 2012, totalled $163.5 million and total debt was $153.1 million. Cash flow used by operating activities was $3.2 million in the quarter, including a $10.7 million increase in inventory and a $20.3 million decline in accrued expenses. Capital expenditures totalled $10.2 million and dividend payments to shareholders totalled $14.1 million in the quarter.