- Net sales were $241 million, down 21 percent versus $306 million in the first quarter of 2011, primarily the result of lower volumes associated with the reduction in demand for graphite electrodes.
- EBITDA* was $40 million, down 30 percent versus $57 million in the first quarter of 2011. Current quarter EBITDA was negatively impacted by $4 million in severance charges as a result of previously reported right sizing initiatives in response to weak end market demand. EBITDA in the prior year was unfavorably impacted by $3 million of costs associated with acquisition-related inventory step-up.
- Net income was $18 million, or $0.12 per diluted share, down 36 percent versus $27 million, or $0.19 per diluted share, in the first quarter of 2011.
- Net cash used in operating activities was $15 million versus $1 million used in the first quarter of 2011. The year-over-year reduction in operating net cash was largely driven by lower income in the current quarter.
- Net debt* was $466 million as compared to $419 million at year end 2011. The increase was largely the result of working capital investments and capital expenditures.
GrafTech International Ltd. (NYSE:GTI) today announced financial results for the first quarter ended March 31, 2012. 2012 First Quarter Review