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Second quarter net revenues of $115.4 million and net loss of $(1.2) million, or $(0.10) per diluted share, for the three months ended March 31, 2014, compared to net revenues of $129.2 million and net income of $6.4 million, or $0.52 per diluted share, for the same period of fiscal 2013.
Tax charge of $0.3 million, or $0.03 per diluted share, recorded for lowering deferred tax assets after a new law passed for a state income tax rate reduction.
Backlog was $202.3 million at March 31, 2014, an increase of 12.3% from $180.2 million at December 31, 2013.
The Company spent $24.3 million on capital projects in the first six months 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., May 8, 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 second quarter ended March 31, 2014. In addition, the Company announced that its Board of Directors has authorized a regular quarterly cash dividend of $0.22 per outstanding share.
"Net revenues were stronger and backlog increased across all of our end markets in the second quarter compared to the first quarter. We saw volumes increase, nickel prices move up, backlogs grow and lead-times extend, and we remain cautiously optimistic about the continuation of these trends. We are pushing through much-needed price increases as we have experienced compression from the downturn and rising costs in certain areas of our operation, most significantly in utilities," said Mark Comerford, President and Chief Executive Officer. "We are continuing to make meaningful progress on our capital expansion projects, and we expect to be well positioned for future growth."