This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Handy & Harman Ltd. Reports Fourth Quarter And Year End 2012 Financial Results And Outlook For 2013

Stocks in this article: HNH

Handy & Harman Ltd. (NASDAQ(CM): HNH); ("HNH" or the "Company"), a diversified global industrial company, today announced operating results for the fourth quarter and year ended December 31, 2012. They are summarized in the following paragraphs. For a full discussion of the results, please see the Company's Form 10-K, which can be found at www.handyharman.com.

HNH reported net sales of $138.1 million for the quarter, as compared to $137.9 million for the same period of 2011. Income from continuing operations before tax was $4.6 million in the fourth quarter of 2012, as compared to $2.8 million in 2011. Net income for the fourth quarter of 2012 was $4.5 million, or $0.34 per basic and diluted common share, as compared to net income of $110.2 million, or $8.71 per basic and diluted common share for the same period in 2011.

For the year ended December 31, 2012, net sales were $629.4 million, as compared to $635.0 million in 2011. Income from continuing operations before tax was $37.3 million, as compared to $28.4 million in 2011. Net income for the year was $26.5 million, or $2.03 per basic and diluted common share, which included net income from discontinued operations of $3.0 million, or $0.23 per share, as compared to net income of $138.8 million, or $11.05 per basic and diluted common share in 2011, which included net income from discontinued operations of $4.3 million, or $0.34 per share.

The principal reason for the decrease in net income for both the quarter and year was a significantly higher tax provision in 2012, as compared to 2011. In the fourth quarter of 2011, the Company determined that it was more likely than not that the benefit of its net operating loss carryforwards would be realized in the future, and therefore released the valuation allowance that had been previously established against its deferred tax asset and recorded that benefit in the tax provision. The deferred tax asset will be amortized as the net operating loss carryforwards are utilized. The Company's tax provision for the quarter and year ended December 31, 2012 does not include any such benefit.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs