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Haynes International, Inc. Reports Fourth Quarter And Fiscal 2013 Financial Results

Stocks in this article: HAYN

  • Fourth quarter net revenues of $115.7 million and net income of $4.0 million, or $0.32 per diluted share, for the three months ended September 30, 2013, compared to net revenues of $150.3 million and net income of $12.9 million, or $1.04 per diluted share, for the same period of fiscal 2012.
  • Net revenues of $482.7 million and net income of $21.6 million, or $1.74 per diluted share, for fiscal 2013, compared to net revenues of $579.6 million and net income of $50.2 million, or $4.07 per diluted share, for fiscal 2012.
  • Backlog was $166.6 million at September 30, 2013, a decrease of 12.1% from $189.6 million at June 30, 2013.
  • The Company spent approximately $7.9 million on capital projects in the fourth quarter of fiscal 2013, which brings year-to-date capital spending to approximately $41.6 million. The Company estimates spending approximately $57.0 million on capital projects in fiscal 2014.
  • Regular quarterly cash dividend of $0.22 per outstanding share of the Company's common stock declared.

KOKOMO, Ind., Nov. 21, 2013 (GLOBE NEWSWIRE) -- Haynes International, Inc. (Nasdaq:HAYN) (the "Company"), a leading developer, manufacturer and marketer of technologically advanced high-performance alloys, today reported financial results for the fourth quarter and fiscal year ended September 30, 2013. In addition, the Company announced that its Board of Directors has authorized a quarterly cash dividend of $0.22 per outstanding share.

"Market conditions remain challenging as major customers reduce inventories," said Mark Comerford, President and Chief Executive Officer. "We are managing through this difficult period by controlling costs, adjusting our production schedules and reducing inventory. We continue to believe in the growth potential of the aerospace, land-based gas turbine and chemical processing markets, and we are continuing to implement our capital spending projects in line with our plans to meet the long-term growth requirements of those target markets. In the short term, we do not expect an increase in demand in the first quarter of fiscal 2014, and we expect to take advantage of this period of lower demand to perform maintenance at our manufacturing facilities over the holidays. As a result, the first quarter of fiscal 2014's revenues are expected to be below that of the fourth quarter of fiscal 2013."

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