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Horsehead Holding Corp. Reports Fourth Quarter 2012 Results

Stocks in this article: ZINC

Horsehead Holding Corp. (Nasdaq: ZINC) reported a consolidated net loss of $(11.2) million, or $(0.25) per diluted share, for the fourth quarter of 2012, compared to a consolidated net loss for the fourth quarter of 2011 of $(12.7) million, or $(0.29) per diluted share. Consolidated net earnings, excluding non-cash charges associated with hedges, impairment charges and bargain purchase gains, were $0.9 million for the fourth quarter of 2012, or $0.02 per diluted share, compared to a net loss of $(4.4) million, or $(0.10) per diluted share, for the fourth quarter of 2011.

“While our reported results continue to be impacted by lower zinc prices and asset write-off charges associated with the impending closure of the Monaca facility and the cost of hedge protection related to our new zinc plant project in North Carolina, the underlying operating performance of our businesses continued to improve in the fourth quarter of 2012. Earnings adjusted for non-cash charges increased $5.3 million, or $0.12 per share, compared with the prior year’s quarter. Compared with the same quarter last year, our EAF dust recycling facilities processed 23% more dust despite lower steel industry output. Smelter output was 5% higher than during the fourth quarter of 2011 and 11% higher than during the third quarter of 2012. Our shipments of zinc products were up 10% compared to the same quarter last year and 5% higher than the third quarter of 2012. On a full year basis, the Monaca smelter produced 146,000 tons of zinc, the highest level in our company’s history. Along with these improvements, we realized a lower conversion cost per pound of zinc at both our recycling plants and our smelter,” said Jim Hensler, President and Chief Executive Officer. “We are also pleased with the smooth integration of Mitsui Zinc Powders, which we acquired during the quarter.”

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