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Globe Specialty Metals Reports First Quarter Fiscal 2014 Results

  • Adjusted diluted earnings per share were $0.08 in the first quarter
  • Adjusted EBITDA in the first quarter was $21.4 million
  • Cash flow from operating activities of $38.7 million in the first quarter
  • Net cash increased 80% from the end of FY 2013 to $54.1 million
  • Net loss for the first quarter was $6.8 million
  • Adjusted net income for the first quarter was $5.9 million

NEW YORK, Nov. 4, 2013 (GLOBE NEWSWIRE) -- Globe Specialty Metals, Inc. (Nasdaq:GSM) (the "Company") today announced results for the first quarter of fiscal 2014 ended September 30, 2013.

Net sales for the first quarter of fiscal 2014 of $173.0 million and shipments of 62,035 MT were both down 4%, respectively from the fourth quarter. The decrease from the prior quarter is due to lower volume resulting from the lockout at our Becancour plant, changes in sales mix, continued impact of the run-off of inventories of dumped and subsidized silicon metal imports from China in the Canadian market that are now tapering since the imposition of preliminary dumping and countervailing duties in Canada, lower prices of silicon alloys as a result of aggressive pricing of ferrosilicon imports, primarily from Russian and Venezuela, and the impact of import market share gains and below-market pricing by silicon metal imports in the USA.

Adjusted EBITDA in the first quarter was $21.4 million, which represented a decline of $2.4 million from the fourth quarter. This was primarily due to lower indexed based pricing, lower silicon-based alloys and silicon metal pricing and higher selling, general and administrative expenses. These decreases were partially offset by improved production costs compared to the prior quarter. 

The May 3, 2013 lockout of unionized employees at the Becancour plant continues. At the time of the lockout, the plant shut down two of the three furnaces. Currently, management representatives of the plant operate the remaining furnace. The lockout costs the company approximately $0.9 million per month in EBITDA, and the company will continue to exclude this cost in our calculation of adjusted EBITDA.

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