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First quarter net revenues of $93.7 million and net loss of $(3.5) million, or $(0.29) per diluted share, for the three months ended December 31, 2013, compared to net revenues of $114.3 million and net income of $5.8 million, or $0.47 per diluted share, for the same period of fiscal 2012.
Backlog was $180.2 million at December 31, 2013, an increase of 8.1% from $166.6 million at September 30, 2013.
The Company spent approximately $9.3 million on capital projects in the first quarter of fiscal 2014. 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., Feb. 6, 2014 (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 first quarter ended December 31, 2013. In addition, the Company announced that its Board of Directors has authorized a regular quarterly cash dividend of $0.22 per outstanding share.
"Business conditions in the first quarter of fiscal 2014 were challenging and our financial results were negatively impacted by reduced shipments and lower average selling prices," said Mark Comerford, President and Chief Executive Officer. "Customers continued to reduce their inventories as destocking in the supply chain for aerospace engine and land-based gas turbines persisted. Short industry lead times for mill direct products and falling market price of nickel have contributed to sluggish demand. As we look further into fiscal 2014, we expect conditions to improve. Our backlog increased over 8% during the quarter, and feedback from our customers is pointing towards improving market conditions over the fiscal year. We are continuing to make meaningful progress on our capital expansion projects and we expect to be well positioned for future growth."