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Globe Specialty Metals Reports Second Quarter Fiscal 2013 Earnings

Adjusted diluted earnings per share were as follows:

  Second Quarter Six Months
  FY 2013 FY 2012 FY 2013 FY 2012
Reported Diluted EPS  $ 0.20  0.18  0.12  0.44
Tax rate adjustment  (0.01)  (0.01)  --   -- 
Gain on remeasurement of equity investment  (0.02)  --   (0.02)  -- 
Remeasurement of stock option liability  (0.03)  --   0.19  -- 
Bridgeport Fire  --   0.04  --   0.04
Transaction and due diligence expenses  0.01  0.01  0.02  0.02
Adjusted Diluted EPS  $ 0.15  0.22  0.31  0.50

Second quarter fiscal 2013 results were negatively impacted by $0.9 million of after-tax transaction and due diligence-related expenses and positively impacted by $2.5 million of after-tax re-measurement income for stock option liabilities, $1.7 million of income from the revaluation of an equity investment and a $1.1 million reduction of tax expense related to an acquisition. 

Adjusted EBITDA was as follows:
  Second Quarter Six Months
  FY 2013 FY 2012 FY 2013 FY 2012
Reported EBITDA  $ 34,232  30,752  40,987  72,003
Gain on remeasurement of equity investment  (1,707)  --   (1,707)  -- 
Remeasurement of stock option liability  (3,673)  --   20,058  -- 
Bridgeport Fire  --   5,000  --   5,000
Gain on sale of business and associated Fx gain  --   --   --   (473)
Transaction and due diligence expenses  1,336  846  1,987  2,526
Adjusted EBITDA  $ 30,188  36,598  61,325  79,056

Globe CEO Jeff Bradley commented, "We are pleased with our second quarter results as we continue to integrate the Quebec Silicon assets and continue to lower production costs through efficiency and cost reduction initiatives. We are optimistic about 2013. We have maintained a strong balance sheet and a high level of liquidity which allowed us to return over $14 million to shareholders through dividends in the second quarter and positions us to actively pursue acquisition and business development opportunities."

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