TIDMGLBM
RNS Number : 7343N
Globe Specialty Metals, Inc
23 February 2009
Globe Specialty Metals Announces Second Quarter 2009 Results
New York, N.Y., February 23, 2009 - Globe Specialty Metals, Inc. (AIM: GLBM.L)
(the "Company") today announces results for its second quarter ended December
31, 2008. Key points are as follows:
+-----+--------------------------------------------------------------------------+
| - | Revenue was $119.3 million, an increase of 17% over the prior year. |
| | |
+-----+--------------------------------------------------------------------------+
| - | Adjusted EBITDA (after one-time items) was $19.4 million, a 41% increase |
| | over the prior year. |
| | |
+-----+--------------------------------------------------------------------------+
| - | Cash flow from operations was $8.1 million. |
| | |
+-----+--------------------------------------------------------------------------+
| - | Available liquidity at December 31, 2008 was $93.0 million. |
| | |
+-----+--------------------------------------------------------------------------+
Globe posted a second quarter net loss of $61.5 million (including $66.8 million
of after-tax, one-time items), compared to net income of $4.5 million for the
same period last year. Excluding one-time items, the Company would have had net
income of $5.3 million in the second quarter, an 18% increase over the prior
year.
CEO Jeff Bradley said "We generated $19.4 million of adjusted EBITDA, before
one-time items, in the second quarter despite a 20% decline in shipments from
the first quarter. The dramatic downturn in the economy and, in particular, the
unprecedented drop in aluminum and steel manufacturing, is clearly affecting our
business. Despite the downturn we produced $8.1 million of cash from operations
in the second quarter and cash flow from operations is expected to remain
positive for the balance of the fiscal year. We have taken immediate steps to
respond to the reduced demand including initiating a closure of our Selma,
Alabama facility, significantly reducing plant headcount in all facilities,
curtailing capital expenditures and implementing a major reduction in SG&A
expense. We look forward to realizing a positive impact from these initiatives
through the remainder of the fiscal year."
The net loss for the second quarter includes $75.5 million in pre-tax one-time
items as follows:
+-----+--------------------------------------------------------------------------+
| - | A $69.6 million goodwill and intangible asset impairment charge for |
| | the Company's Solsil business unit. The global economic slowdown |
| | combined with the decrease in oil prices caused a sharp decline in |
| | product price and demand for upgraded metallurgical grade silicon. As |
| | a result, it was determined that the value of the Solsil business no |
| | longer supported the goodwill and intangible asset balances. |
| | |
+-----+--------------------------------------------------------------------------+
| - | A $3.4 million inventory write-down. A lower-of-cost-or-market |
| | adjustment at the Company's Solsil and Yonvey business units was |
| | necessitated by the speed and severity of the recent decline in demand |
| | and pricing. |
| | |
+-----+--------------------------------------------------------------------------+
| - | A $2.5 million write-off of deferred offering expenses. Given that the |
| | initial public offering on NASDAQ has already been postponed almost 90 |
| | days, due to the unprecedented market conditions for initial public |
| | offerings, it was determined that the deferred offering expenses |
| | should be written off in accordance with accounting guidance. |
| | |
+-----+--------------------------------------------------------------------------+
Net sales for the six month period were $268.5 million, an increase of 41% over
the same period in the prior year. Adjusted EBITDA for the six month period
(excluding one-time items) was $54.1 million, an increase of 121% from the prior
year. The net loss for the six months was $44.6 million, compared to net income
of $7.7 million in the prior year. Excluding one-time items, the Company would
have had a net income of $22.3 million for the six months, a 190% increase over
the prior year.
About Globe Specialty Metals
Globe Specialty Metals, Inc. is among the world's largest producers of silicon
metal and silicon based specialty alloys, critical ingredients in a host of
industrial and consumer products with growing markets. Customers include major
silicone chemical, aluminum and steel manufacturers, auto companies and their
suppliers, ductile iron foundries, manufacturers of photovoltaic solar cells and
computer chips, and concrete producers. The Company is headquartered in New York
City. For further information please visit our web site at www.glbsm.com.
Forward-Looking Statements
This release may contain "forward-looking statements" within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as "anticipates," "intends," "
plans," "seeks," "believes," "estimates," "expects" and similar
references to future periods, or by the inclusion of forecasts or projections.
Forward-looking statements are based on the current expectations and assumptions
of Globe Specialty Metals Inc. ("GSM" or the "Company") regarding its business,
financial condition, the economy and other future conditions.
Because forward-looking statements relate to the future, by their nature, they
are subject to inherent uncertainties, risks and changes in circumstances that
are difficult to predict. The Company's actual results may differ materially
from those contemplated by the forward-looking statements. The Company cautions
you therefore that you should not rely on any of these forward-looking
statements as statements of historical fact or as guarantees or assurances of
future performance. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include regional,
national or global political, economic, business, competitive, market and
regulatory conditions including, among others, changes in metals prices;
increases in the cost of raw materials or energy; competition in the metals and
foundry industries; environmental and regulatory risks; ability to identify
liabilities associated with acquired properties prior to their acquisition;
ability to manage price and operational risks including industrial accidents and
natural disasters; ability to manage foreign operations; changes in technology;
and ability to acquire or renew permits and approvals.
Any forward-looking statement made by the Company or management in this release
speaks only as of the date on which it or they make it. Factors or events that
could cause the Company's actual results to differ may emerge from time to time,
and it is not possible for the Company to predict all of them. The Company
undertakes no obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or otherwise, unless
otherwise required to do so by the London Stock Exchange AIM Market (AIM) rules
(the "AIM Rules")."
Adjusted EBITDA and Liquidity Measures
We have included adjusted EBITDA and adjusted EBITDA after one-time items to
provide supplemental measures of our performance which we believe are important
because they eliminate items that have less bearing on our current and future
operating performance and so highlight trends in our core business that may not
otherwise be apparent when relying solely on GAAP financial measures. Adjusted
EBITDA represents EBITDA as further adjusted by the removal of non-cash
share-based compensation costs and goodwill and intangible asset impairment
charges. Adjusted EBITDA after one-time items represents adjusted EBITDA as
further adjusted for significant one-time charges which are of an unusual, and /
or non-recurring nature.
Available liquidity is calculated as cash and cash equivalents plus available
lines of credit. We have disclosed this measure as a representation of our
ability to meet short term operating and investing needs.
Enquiries:
+-----------------------------------------------------+------------------------------------+
| Globe Specialty Metals, Inc. | +1 212 798 8122 |
| Jeff Bradley, Chief Executive Officer | |
| | |
+-----------------------------------------------------+------------------------------------+
| Mal Appelbaum, Chief Financial Officer | +1 212 798 8123 |
| | |
+-----------------------------------------------------+------------------------------------+
| Collins Stewart Europe Limited | +44 (0) 207 523 8350 |
| Mark Dickenson/Adam Cowen | |
| | |
+-----------------------------------------------------+------------------------------------+
GLOBE SPECIALTY METALS, INC.
AND SUBSIDIARY COMPANIES
Consolidated Balance Sheets
+--------------------------------------+-----------+------------+-----------+----------+
| | | December | September | June 30, |
| | | 30, | 30, | 2008 |
| | | 2008 | 2008 | $ |
| | | $ | $ | |
+--------------------------------------+-----------+------------+-----------+----------+
| | Assets | | | |
| | | | | |
+--------------------------------------+-----------+------------+-----------+----------+
| Current Assets: | | | | |
| | | | | |
+--------------------------------------+-----------+------------+-----------+----------+
| Cash and cash equivalents | | 55,321 | 73,154 | 73,994 |
+--------------------------------------+-----------+------------+-----------+----------+
| Restricted cash | | 3,580 | - | - |
+--------------------------------------+-----------+------------+-----------+----------+
| Accounts receivable, net of | | 40,563 | 53,567 | 53,801 |
| allowance for doubtful | | | | |
| accounts | | | | |
+--------------------------------------+-----------+------------+-----------+----------+
| Inventories | | 74,220 | 70,491 | 63,568 |
+--------------------------------------+-----------+------------+-----------+----------+
| Prepaid expenses and other current | | 23,241 | 26,417 | 25,223 |
| assets | | | | |
+--------------------------------------+-----------+------------+-----------+----------+
| Total current assets | | 196,925 | 223,629 | 215,586 |
+--------------------------------------+-----------+------------+-----------+----------+
| Property, plant, and equipment, net | | 209,998 | 192,135 | 180,659 |
| of accumulated depreciation | | | | |
+--------------------------------------+-----------+------------+-----------+----------+
| Goodwill | | 51,769 | 107,054 | 107,257 |
+--------------------------------------+-----------+------------+-----------+----------+
| Other intangible assets | | 3,497 | 16,046 | 16,884 |
+--------------------------------------+-----------+------------+-----------+----------+
| Investments in unconsolidated | | 8,194 | 8,152 | 7,965 |
| affiliates | | | | |
+--------------------------------------+-----------+------------+-----------+----------+
| Deferred tax assets | | 1,590 | 2,091 | 2,720 |
+--------------------------------------+-----------+------------+-----------+----------+
| Other assets | | 14,338 | 15,965 | 16,103 |
+--------------------------------------+-----------+------------+-----------+----------+
| Total assets | | 486,311 | 565,072 | 548,174 |
+--------------------------------------+-----------+------------+-----------+----------+
| | | | | |
+--------------------------------------+-----------+------------+-----------+----------+
| Liabilities and Stockholders' Equity |
| |
+--------------------------------------------------------------------------------------+
| Current liabilities: | | | | |
+--------------------------------------+-----------+------------+-----------+----------+
| Accounts payable | | 34,546 | 40,490 | 40,493 |
+--------------------------------------+-----------+------------+-----------+----------+
| Current portion of long-term debt | | 17,899 | 20,074 | 17,045 |
+--------------------------------------+-----------+------------+-----------+----------+
| Short-term debt | | 15,066 | 15,564 | 20,140 |
+--------------------------------------+-----------+------------+-----------+----------+
| Accrued expenses and other current | | 25,808 | 30,236 | 26,841 |
| liabilities | | | | |
+--------------------------------------+-----------+------------+-----------+----------+
| Total current liabilities | | 93,319 | 106,364 | 104,519 |
+--------------------------------------+-----------+------------+-----------+----------+
| Long-term liabilities: | | | | |
+--------------------------------------+-----------+------------+-----------+----------+
| Long-term debt | | 46,465 | 48,674 | 52,020 |
+--------------------------------------+-----------+------------+-----------+----------+
| Deferred tax liabilities | | 17,340 | 22,815 | 22,756 |
+--------------------------------------+-----------+------------+-----------+----------+
| Other long-term liabilities | | 20,272 | 21,149 | 22,642 |
+--------------------------------------+-----------+------------+-----------+----------+
| Total liabilities | | 177,396 | 199,002 | 201,937 |
+--------------------------------------+-----------+------------+-----------+----------+
| Minority interest | | 7,179 | 3,570 | 3,956 |
+--------------------------------------+-----------+------------+-----------+----------+
| Stockholders' equity: | | | | |
+--------------------------------------+-----------+------------+-----------+----------+
| Common stock | | 6 | 6 | 6 |
+--------------------------------------+-----------+------------+-----------+----------+
| Additional paid-in capital | | 300,166 | 299,375 | 296,137 |
+--------------------------------------+-----------+------------+-----------+----------+
| Retained earnings | | 2,085 | 63,606 | 46,641 |
+--------------------------------------+-----------+------------+-----------+----------+
| Accumulated other comprehensive | | (521) | (487) | (503) |
| loss | | | | |
+--------------------------------------+-----------+------------+-----------+----------+
| Total stockholders' equity | | 301,736 | 362,500 | 342,281 |
+--------------------------------------+-----------+------------+-----------+----------+
| Total liabilities and | | 486,311 | 565,072 | 548,174 |
| stockholders' equity | | | | |
+--------------------------------------+-----------+------------+-----------+----------+
Consolidated Income Statements
(In thousands, except per share amounts)
(Unaudited)
+--------------------------+------------+-----------+------------+-----------+----------+
| | Six Months Ended | Three Months Ended |
| | | |
+--------------------------+------------------------+-----------------------------------+
| | December | December | December | September | December |
| | 31, 2008 | 31, 2007 | 31, 2008 | 30, 2008 | 31, 2007 |
| | $ | $ | $ | $ | $ |
| | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Net sales | 268,464 | 190,836 | 119,307 | 149,157 | 101,550 |
+--------------------------+------------+-----------+------------+-----------+----------+
| Cost of goods sold | 195,839 | 159,945 | 90,118 | 105,721 | 84,049 |
+--------------------------+------------+-----------+------------+-----------+----------+
| Selling, general and | 36,956 | 18,686 | 21,507 | 15,449 | 10,755 |
| administrative expenses | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Research and development | 876 | 104 | 283 | 593 | 29 |
+--------------------------+------------+-----------+------------+-----------+----------+
| Goodwill and intangible | 69,560 | - | 69,560 | - | - |
| asset impairment | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Operating (loss) | (34,767) | 12,101 | (62,161) | 27,394 | 6,717 |
| income) | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Other income (expense): | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Interest income | 553 | 1,612 | 150 | 403 | 768 |
+--------------------------+------------+-----------+------------+-----------+----------+
| Interest expense, net | (4,169) | (4,689) | (2,118) | (2,051) | (2,361) |
| of capitalised | | | | | |
| interest | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Foreign exchange | (3,426) | 1,150 | (2,117) | (1,309) | 908 |
| (loss) gain | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Other Income (expense) | 1,506 | (238) | 662 | 844 | (499) |
+--------------------------+------------+-----------+------------+-----------+----------+
| (Loss) income before | (40,303) | 9,936 | (65,584) | 25,281 | 5,533 |
| provision | | | | | |
| for income taxes | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Provisions for income | 6,374 | 2,263 | (2,328) | 8,702 | 1,049 |
| taxes | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Net (loss) income | (46,677) | 7,673 | (63,256) | 16,579 | 4,484 |
| before | | | | | |
| minority interest | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Minority interest, net | 2,121 | - | 1,735 | 386 | - |
| of tax | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Net (loss) income) | 44,556 | 7,673 | (61,521) | 16,965 | 4,484 |
+--------------------------+------------+-----------+------------+-----------+----------+
| Weighted average shares | | | | | |
| outstanding: | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Basic | 63,296 | 56,795 | 63,455 | 63,137 | 56,918 |
+--------------------------+------------+-----------+------------+-----------+----------+
| Diluted | 63,296 | 67,173 | 63,455 | 83,057 | 70,540 |
+--------------------------+------------+-----------+------------+-----------+----------+
| Earnings per common | | | | | |
| share: | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Basic | (0.70) | 0.14 | (0.97) | 0.27 | 0.08 |
+--------------------------+------------+-----------+------------+-----------+----------+
| Diluted | (0.70) | 0.11 | (0.97) | 0.20 | 0.06 |
+--------------------------+------------+-----------+------------+-----------+----------+
| Adjusted EBITDA: | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Net (loss) income | (44,556) | 7,673 | (61,521) | 16,965 | 4,484 |
+--------------------------+------------+-----------+------------+-----------+----------+
| Provision for income | 6,374 | 2,263 | (2,328) | 8,702) | 1,049 |
| taxes | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Net interest expense | 3,616 | 3,077 | 1,968 | 1,648 | 1,593 |
+--------------------------+------------+-----------+------------+-----------+----------+
| Depreciation and | 9,933 | 9,221 | 4,990 | 4,943 | 4,772 |
| amortisation | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| EBITDA | (24,633) | 22,234 | (56,891) | 32,258 | 11,898 |
+--------------------------+------------+-----------+------------+-----------+----------+
| Goodwill and intangible | 69,560 | - | 69,560 | - | - |
| asset impairment | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Non-cash share-based | 3,196 | 2,250 | 791 | 2,405 | 1,933 |
| compensation expense | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Adjusted EBITDA | 48,123 | 24,484 | 13,460 | 34,663 | 13,831 |
+--------------------------+------------+-----------+------------+-----------+----------+
| | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| EBITDA Calculation: | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Operating (loss) income | (34,767) | 12,101 | (62,161) | 27,394 | 6,717 |
+--------------------------+------------+-----------+------------+-----------+----------+
| + Depreciation and | 9,933 | 9,221 | 4,990 | 4,943 | 4,772 |
| amortisation of | | | | | |
| intangible assets | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| +Other income (expense) | 1,506 | (238) | 662 | 844 | (499) |
+--------------------------+------------+-----------+------------+-----------+----------+
| +Foreign exchange (loss) | (3,426) | 1,150 | (2,117) | (1,309) | 908 |
| gain | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| +Minority interest, net | 2,121 | - | 1,735 | 386 | - |
| of tax | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| EBITDA | (24,633) | 22,234 | (56,891) | 32,258 | 11,898 |
+--------------------------+------------+-----------+------------+-----------+----------+
| +Goodwill and intangible | 69,560 | - | 69,560 | - | - |
| asset impairment | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| +Non-cash share-based | 3,196 | 2,250 | 791 | 2,405 | 1,933 |
| compensation expense | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Adjusted EBITDA | 48,123 | 24,484 | 13,460 | 34,663 | 13,831 |
+--------------------------+------------+-----------+------------+-----------+----------+
| +Deferred offering cost | 2,527 | - | 2,527 | - | - |
+--------------------------+------------+-----------+------------+-----------+----------+
| +Inventory write-down | 3,461 | - | 3,461 | - | - |
+--------------------------+------------+-----------+------------+-----------+----------+
| Adjusted EBITDA after | 54,111 | 24,484 | 19,448 | 34,663 | 13,831 |
| one-time charges | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
Consolidated Statements of Cash Flows
(In thousands)
Unaudited)
+--------------------------+------------+-----------+------------+-----------+----------+
| | Six Months Ended | Three Months Ended |
| | | |
+--------------------------+------------------------+-----------------------------------+
| | December | December | December | September | December |
| | 31, 2008 | 31, 2007 | 31, 2008 | 30, 2008 | 31, 2007 |
| | $ | $ | $ | $ | $ |
+--------------------------+------------+-----------+------------+-----------+----------+
| Cash flows from | | | | | |
| operating activities: | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Net (loss) income | (44,556) | 7,673 | (61,521) | 16,965 | 4,484 |
+--------------------------+------------+-----------+------------+-----------+----------+
| Adjustments to | | | | | |
| reconcile net (loss) | | | | | |
| income to net cash | | | | | |
| provided by | | | | | |
| (used in) operating | | | | | |
| activities: | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Depreciation and | 9,933 | 9,221 | 4,990 | 4,943 | 4,772 |
| amortisation of | | | | | |
| intangible assets | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Amortisation of | (439) | (2,569) | (216) | (223) | (1,099) |
| customer | | | | | |
| Contracts | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Share-based | 3,196 | 2,250 | 791 | 2,405 | 1,933 |
| compensation | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Losses attributable to | (2,121) | - | (1,735) | (386) | - |
| minority | 69,560 | - | 69,560 | - | - |
| interest, net of tax | | | | | |
| Goodwill and | | | | | |
| intangible asset | | | | | |
| Impairment | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Deferred taxes | (4,548) | (831) | (5,131) | 583 | (607) |
+--------------------------+------------+-----------+------------+-----------+----------+
| Changes in operating | | | | | |
| assets and | | | | | |
| liabilities: | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Accounts receivable, | 13,061 | (2,862) | 12,805 | 256 | (5,926) |
| net | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Inventories | (12,147) | (12,028) | (4,809) | (7,338) | (4,290) |
+--------------------------+------------+-----------+------------+-----------+----------+
| Prepaid expenses and | (2,882) | (854) | 932 | (3,814) | 753 |
| other | (8,446) | 8 | (7,616) | (830) | (4,589) |
| current assets | | | | | |
| Accounts payable | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Accrued expenses and | (1,047) | 1,239 | (4,433) | 3,386 | 98 |
| other | | | | | |
| current liabilities | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Other | 4,619 | (5,308) | 4,439 | 180 | (4,054) |
+--------------------------+------------+-----------+------------+-----------+----------+
| Net cash provided by | 24,183 | (4,061) | 8,056 | 16,127 | (8,525) |
| (used in) operating | | | | | |
| activities | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Cash flow from investing | | | | | |
| activities: | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Capital expenditures | (34,754) | (9,959) | (20,537) | (14,217) | (4,523) |
+--------------------------+------------+-----------+------------+-----------+----------+
| Purchase of | 2,987 | - | - | 2,987 | - |
| held-to-maturity | | | | | |
| treasure securities | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Note receivable from | - | (1,500) | - | - | (1,500) |
| Solsil, Inc. | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Other financing | 340 | (44) | 328 | 12 | (44) |
| activities | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Net cash used in | (31,427) | (11,503) | (20,209) | (11,218) | (6,067) |
| investing | | | | | |
| activities | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Cash flows from | | | | | |
| financing activities: | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Proceeds from warrants | 833 | 3,498 | - | 833 | 3,498 |
| exercised | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Net borrowings of | (4,704) | (3,084) | (4,366) | (338) | (605) |
| long-term debt | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Net (payments) | (3,453) | 6,455 | 1,147 | (4,600) | 8,027 |
| borrowings of | | | | | |
| short-term debt | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Solsil, Inc. common | 1,570 | - | 1,570 | - | - |
| share issuance | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Change in restricted | (3,580) | - | (3,580) | - | - |
| cash | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Other financing | (2,080) | - | (380) | (1,700) | - |
| activities | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Net cash (used in) | (11,414) | 6,869 | (5,609) | (5,805) | 10,920 |
| provided by financing | | | | | |
| activities | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Effect of exchange | (15) | - | (71) | 56 | - |
| rate | | | | | |
| changes on cash and | | | | | |
| cash | | | | | |
| equivalents | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Net decrease in cash | (18,673) | (8,695) | (17,833) | (840) | (3,672) |
| and | | | | | |
| cash equivalents | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Cash and cash | 73,994 | 67,741 | 73,154 | 73,994 | 62,718 |
| equivalents at beginning | | | | | |
| of period | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Cash and cash | 55,321 | 59,046 | 55,321 | 73,154 | 59,046 |
| equivalents at end of | | | | | |
| period | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Supplemental disclosure | | | | | |
| of cash flow | | | | | |
| information: | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
| Cash paid for interest | 4,285 | 3,914 | 1,091 | 3,194 | 2,252 |
+--------------------------+------------+-----------+------------+-----------+----------+
| Cash paid for income | 8,029 | 3,088 | 6,902 | 1,127 | 2,961 |
| taxes | | | | | |
+--------------------------+------------+-----------+------------+-----------+----------+
Supplemental Statistics
(Unaudited)
+--------------------------+-----------+-----------+------------+-----------+----------+
| | Six Months Ended | Three Months Ended |
| | | |
+--------------------------+-----------------------+-----------------------------------+
| | December | December | December | September | December |
| | 31, 2008 | 31, 2007 | 31, 2008 | 30, 2008 | 31, 2007 |
| | $ | $ | $ | $ | $ |
| | | | | | |
+--------------------------+-----------+-----------+------------+-----------+----------+
| Shipments in metric | | | | | |
| tons: | | | | | |
+--------------------------+-----------+-----------+------------+-----------+----------+
| Silicon metal | 61,810 | 66,545 | 28,675 | 33,135 | 35,952 |
+--------------------------+-----------+-----------+------------+-----------+----------+
| Silicon metal alloys | 37,698 | 33,499 | 15,572 | 22,126 | 16,398 |
+--------------------------+-----------+-----------+------------+-----------+----------+
| Total shipments* | 99,508 | 100,044 | 44,247 | 55,261 | 52,350 |
+--------------------------+-----------+-----------+------------+-----------+----------+
| *Excludes by-products | | | | | |
+--------------------------+-----------+-----------+------------+-----------+----------+
| | | | | | |
+--------------------------+-----------+-----------+------------+-----------+----------+
| | December | | | | |
| | 31, 2008 | | | | |
+--------------------------+-----------+-----------+------------+-----------+----------+
| Liquidity calculation at | | | | | |
| December 31, 2008: | | | | | |
+--------------------------+-----------+-----------+------------+-----------+----------+
| Cash and cash | 55,321 | | | | |
| equivalents | | | | | |
+--------------------------+-----------+-----------+------------+-----------+----------+
| Available lines of | 37,651 | | | | |
| credit | | | | | |
+--------------------------+-----------+-----------+------------+-----------+----------+
| Total liquidity | 92,972 | | | | |
+--------------------------+-----------+-----------+------------+-----------+----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EALADAFENEFE
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