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Handy & Harman Ltd. Reports Third Quarter Financial Results And Outlook For Full Year

Handy & Harman Ltd. (NASDAQ:HNH) ("HNH" or the "Company"), a diversified global industrial company, today announced operating results for the third quarter and nine months ended September 30, 2013. They are summarized in the following paragraphs. For a full discussion of the results, please see the Company's Form 10-Q, which can be found at www.handyharman.com.

HNH reported net sales of $171.9 million for the quarter, as compared to $144.6 million for the same period of 2012. Income from continuing operations before tax and equity investment was $14.0 million in the third quarter of 2013, as compared to $7.3 million in the 2012 period. Net income for the third quarter of 2013 was $9.6 million, or $0.73 per basic and diluted common share, as compared to net income of $5.9 million, or $0.45 per basic and diluted common share for the same period in 2012.

For the nine months ended September 30, 2013, net sales were $502.9 million, as compared to $453.4 million for the same period of 2012. Income from continuing operations before tax and equity investment was $33.9 million, as compared to $31.4 million in the 2012 period. Net income for the nine-month period was $29.5 million, or $2.22 per basic and diluted common share, as compared to net income of $22.0 million, or $1.69 per basic and diluted common share for the same period in 2012.

The Company’s results for the quarter and nine months ended September 30, 2013 include the operations of Wolverine Joining Technologies, LLC since its acquisition on April 26, 2013. Income from continuing operations before tax and equity investment in the nine months ended September 30, 2013 includes expenses totaling $6.5 million in the first quarter of 2013 associated with the Company's previously announced election to redeem all of its outstanding 10% subordinated secured notes due 2017. Net income for the nine months ended September 30, 2013 reflects net income from discontinued operations of $14.1 million, as compared to net income from discontinued operations of $3.0 million for the same period in 2012.

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