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GenCorp Reports 2013 First Quarter Results

SACRAMENTO, Calif., April 5, 2013 (GLOBE NEWSWIRE) -- GenCorp Inc. (NYSE:GY) today reported results for the first quarter ended February 28, 2013.

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.

First Quarter of Fiscal 2013 compared to First Quarter of Fiscal 2012

  • Net sales for the first quarter of fiscal 2013 totaled $243.7 million compared to $201.9 million for the first quarter of fiscal 2012.
  • Net loss for the first quarter of fiscal 2013 was $14.0 million, or $0.24 loss per share, compared to a net income of $2.4 million, or $0.04 diluted income per share, for the first quarter of fiscal 2012.
  • Adjusted EBITDAP (Non-GAAP measure) for the first quarter of fiscal 2013 was $29.8 million or 12.2% of net sales, compared to $26.2 million or 13.0% of net sales, for the first quarter of fiscal 2012.
  • Segment performance (Non-GAAP measure) before environmental remediation provision adjustments, retirement benefit plan expense, and unusual items was $30.2 million for the first quarter of fiscal 2013, compared to $26.0 million for the first quarter of fiscal 2012.
  • Cash provided by operating activities in the first quarter of fiscal 2013 totaled $6.9 million, compared to $18.0 million in the first quarter of fiscal 2012.
  • Free cash flow (Non-GAAP measure) in the first quarter of fiscal 2013 totaled ($2.2) million, compared to $14.4 million in the first quarter of fiscal 2012.
  • As of February 28, 2013, the Company had $101.4 million in net debt (Non-GAAP measure) compared to $124.3 million as of February 28, 2012.
  • Funded backlog was $1,061 million as of February 28, 2013 compared to $1,018 million as of November 30, 2012.

The net loss for the first quarter of fiscal 2013 compared to the comparable prior year period was primarily driven by the following: (i) $5.7 million increase in non-cash retirement benefit expense; (ii) expenses of $5.5 million incurred in the first quarter of fiscal 2013 related to the proposed acquisition of United Technologies Corporation's Pratt & Whitney Rocketdyne (the "Rocketdyne Business"); (iii) $5.2 million increase in interest expense primarily related to the financing of the proposed Rocketdyne Business acquisition; (iv) $2.6 million increase in the income tax provision; and (v) $2.3 million increase in stock-based compensation primarily due to increases in the fair value of the Company's stock appreciation rights. These factors were partially offset by higher sales generating additional operating profit.

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