- Net sales declined one percent to $316 million versus $320 million in the second quarter of 2011.
- EBITDA* increased 11 percent to $67 million versus $60 million in the second quarter of 2011.
- Net income was $42 million, or $0.29 per diluted share. This includes a $10 million non-cash benefit of discrete tax items. Excluding the non-cash tax benefit, second quarter 2012 net income increased 10 percent to $32 million, or $0.22 per diluted share, versus $29 million, or $0.20 per diluted share, in the second quarter of 2011.
- Net cash used in operating activities was $16 million versus $17 million used in the second quarter of 2011.
- Net debt* was $597 million as compared to $419 million at year end 2011. The increase was driven by higher borrowings related to the previously announced share buyback program that was successfully executed since the end of the first quarter of 2012. Also contributing to the increase were working capital investments and capital expenditures.
- GrafTech executed its previously announced 10 million share repurchase program. During the second quarter of 2012, 8.8 million shares were purchased; the remaining shares were purchased in July 2012. The average purchase price for the 10 million shares repurchased was $10.17 per share.
- In addition, the Board of Directors approved a new share repurchase program for up to 10 million shares of GrafTech common stock. GrafTech may purchase shares from time to time, with the approval of the Board of Directors, in the open market or through private transactions as market conditions warrant.
- As discussed in the 2012 first quarter earnings call, Seadrift Coke has developed a super premium grade of needle coke and has successfully commercialized this breakthrough product in the second quarter of 2012.
GrafTech International Ltd. (NYSE:GTI) today announced financial results for the second quarter ended June 30, 2012. 2012 Second Quarter Review