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Haynes International, Inc. Reports Third Quarter Fiscal 2013 Financial Results

Stocks in this article: HAYN

  • Net revenues of $123.6 million and net income of $5.3 million, or $0.43 per diluted share, for the three months ended June 30, 2013, compared to net revenues of $141.6 million and net income of $13.7 million, or $1.11 per diluted share, for the same period of fiscal 2012.
  • Capital investments of $10.9 million in the third quarter of fiscal 2013, which brings year-to-date capital investment to $33.7 million.
  • Backlog of $189.6 million at June 30, 2013, a decrease of 8.4% from $207.0 million at March 31, 2013.
  • Regular quarterly cash dividend of $0.22 per outstanding share of the Company's common stock declared.

KOKOMO, Ind., Aug. 8, 2013 (GLOBE NEWSWIRE) -- Haynes International, Inc. (Nasdaq:HAYN), a leading developer, manufacturer and marketer of technologically advanced high-performance alloys (the "Company"), today reported financial results for the third quarter of fiscal 2013. The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.22 per outstanding share of common stock payable September 16, 2013 to stockholders of record at the close of business on September 3, 2013.

"Market conditions continued to soften during the third quarter, leading to lower revenues, fewer pounds sold and reduced pricing compared to the second quarter of 2013. We believe that customers are continuing the process of inventory de-stocking in the supply chain. Shorter mill lead times and reductions in nickel prices served to encourage customers to delay order entry. As a result, backlog has declined and transactional service center business is increasingly competing with mill-direct orders, leading to lower profitability," said Mark Comerford, President and Chief Executive Officer. "We do not anticipate a near-term pick-up in demand, and thus expect that net income for the fourth quarter of 2013 will be lower than net income in the third quarter of 2013. Currently, we are adjusting to the lower volume levels by managing production schedules, reducing spending and deferring non-strategic capital projects. Our key capital projects are progressing well with completion of those expansion projects expected by the end of fiscal 2014 which we believe will position us well for the expected long-term growth in our key markets."

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