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Ferro Reports 2012 Fourth Quarter And Full-Year Results

Gross profit was $59 million and $74 million in for the fourth quarters of 2012 and 2011, respectively. Excluding special items and precious metal sales, gross profit was $65 million, or 17.8% of sales during the 2012 fourth quarter, compared with $76 million, or 19.3% of sales, during the fourth quarter of 2011. The reduction in gross profit relates primarily to lower sales in the Electronic Materials segment and reduced demand in Europe.

SG&A expenses were $96 million for the fourth quarter of 2012 and $125 million for the fourth quarter of 2011. Adjusted SG&A expenses were $65 million for the fourth quarter of 2012, versus $74 million in the fourth quarter of 2011.

2012 Full-Year Results

Net sales for the year ended December 31, 2012, were $1.8 billion, compared with 2011 net sales of $2.2 billion. The Company’s six segments reported lower sales for the year compared to 2011. Precious metal sales, which declined $226 million, were the leading cause of the sales change. Value-added sales for the Electronic Materials segment declined by $109 million, accounting for nearly 70% of the total reduction in value-added sales. Reduced customer demand for solar pastes and metal powders used in a variety of electronics applications drove the significant decline in the Electronic Materials segment. Solar pastes value-added sales totaled $22 million in 2012 and $81 million in the prior year. Excluding the recently divested solar pastes business, value-added sales decreased 6% from $1.7 billion in 2011 to $1.6 billion in 2012.

The net loss attributable to common shareholders for 2012 was $374 million, or $4.34 per diluted share, compared with net income of $4 million, or $0.05 per diluted share, in 2011. The adjusted net income for 2012 was $7 million, or $0.09 per diluted share, versus $69 million, or $0.80 for the prior year. The Company recorded special charges of approximately $277 million during 2012 compared with charges of $78 million during 2011. See the supplemental financial information contained in this press release for additional information about the special charges and adjusted income. The pre-tax earnings contribution from the solar product line was a loss of approximately $16 million in 2012, compared with pre-tax earnings of approximately $26 million in 2011.

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