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GenCorp Reports 2012 Fourth Quarter And Annual Results

SACRAMENTO, Calif., Feb. 11, 2013 (GLOBE NEWSWIRE) -- GenCorp Inc. (NYSE:GY) today reported results for the fourth quarter and fiscal year ended November 30, 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.

Fourth Quarter of Fiscal 2012 compared to Fourth Quarter of Fiscal 2011

  • Net sales for the fourth quarter of fiscal 2012 totaled $298.2 million compared to $252.2 million for the fourth quarter of fiscal 2011.
  • Net income for the fourth quarter of fiscal 2012 was $2.8 million, or $0.05 diluted income per share, compared to a net income of $0.5 million, or $0.01 diluted income per share, for the fourth quarter of fiscal 2011.
  • Adjusted EBITDAP (Non-GAAP measure) for the fourth quarter of fiscal 2012 was $34.0 million or 11.4% of net sales, compared to $32.3 million or 12.8% of net sales, for the fourth quarter of fiscal 2011.
  • Segment performance (Non-GAAP measure) before environmental remediation provision adjustments, retirement benefit plan expense, and unusual items was $34.9 million for the fourth quarter of fiscal 2012, compared to $32.3 million for the fourth quarter of fiscal 2011.
  • Cash provided by operating activities in the fourth quarter of fiscal 2012 totaled $23.2 million, compared to $26.4 million in the fourth quarter of fiscal 2011.
  • Free cash flow (Non-GAAP measure) in the fourth quarter of fiscal 2012 totaled $4.8 million, compared to $17.5 million in the fourth quarter of fiscal 2011.
  • Net debt (Non-GAAP measure) was $86.6 million as of November 30, 2012 compared to $138.4 million as of November 30, 2011.
  • Funded backlog was $1,018 million as of November 30, 2012 compared to $902 million as of November 30, 2011.

Fiscal 2012 compared to Fiscal 2011

  • Net sales for fiscal 2012 totaled $994.9 million compared to $918.1 million for fiscal 2011.
  • Net loss for fiscal 2012 was ($2.6) million, or ($0.04) loss per share, compared to net income of $2.9 million, or $0.05 diluted income per share, for fiscal 2011.
  • Adjusted EBITDAP (Non-GAAP measure) for fiscal 2012 was $110.9 million or 11.1% of net sales, compared to $115.4 million or 12.6% of net sales, for fiscal 2011.
  • Segment performance (Non-GAAP measure) before environmental remediation provision adjustments, retirement benefit plan expense, and unusual items was $119.2 million for fiscal 2012, compared to $114.2 million for fiscal 2011.
  • Cash provided by operating activities in fiscal 2012 totaled $86.2 million, compared to $76.8 million in fiscal 2011.
  • Free cash flow (Non-GAAP measure) in fiscal 2012 totaled $49.0 million, compared to $55.7 million in fiscal 2011.

"Growth in sales and backlog continued to record levels in 2012," said GenCorp Inc. President and CEO, Scott J. Seymour. "Our business imperative continues to be a dedicated focus on the programs and customers we support including those actions required to improve the affordability of our products."

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