Haynes International, Inc. Reports Fourth Quarter Fiscal 2016 Financial Results

  • Fourth quarter net revenues of $107.5 million and net income of $3.2 million, or $0.25 per diluted share (which includes a $0.17 per share favorable income tax credit), for the three months ended September 30, 2016, compared to net revenues of 117.0 million and net income of $5.8 million, or $0.46 per diluted share, for the same period of fiscal 2015.
  • Net revenues of $406.4 million and net income of $5.0 million, or $0.40 per diluted share, for fiscal 2016, compared to net revenues of $487.6 million and net income of $30.5 million, or $2.45 per diluted share, for fiscal 2015. 
  • Backlog of $168.4 million at September 30, 2016, a decrease of 10.1% from $187.2 million at June 30, 2016.
  • Capital spending for fiscal 2016 of $31.6 million.
  • Regular quarterly cash dividend of $0.22 per outstanding share of the Company's common stock declared.

KOKOMO, Ind., Nov. 17, 2016 (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, 2016.  In addition, the Company announced that its Board of Directors has authorized a regular quarterly cash dividend of $0.22 per outstanding share.

"In our fourth quarter of fiscal 2016, we achieved improved sequential revenue in our aerospace, chemical processing and other markets and stable revenue in our industrial gas turbine market compared to our third quarter of fiscal 2016.  However, our gross profit margin percentage was lower due to a less profitable mix shipped during the quarter as compared to last quarter, and our transactional business during the quarter was weaker," said Mark Comerford, President and Chief Executive Officer.  "In addition, fixed cost absorption was impacted by our reduction of inventory over the quarter.  Business conditions became more challenging in the fourth quarter as our order entry and backlog levels declined over the quarter.  As a result, we are reducing production rates, inventory levels and costs in response to the slow base-business conditions as we see customers in cash conservation mode managing their inventories as the end of the calendar year approaches."

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