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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.

Stock quotes in this article: GY 

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