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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Global SP Regs | LSE:GLBM | London | Ordinary Share | COM STK USD0.0001 (REG S) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 8.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number : 8243G Globe Specialty Metals, Inc 28 October 2008 Globe Specialty Metals Announces Record 4Q and Full Year Results for Fiscal Year 2008 New York, N.Y., October 28, 2008 - Globe Specialty Metals (AIM: GLBM.L) today announced record results for its fiscal year ended June 30, 2008. Globe achieved record sales of $452.6 million for the year and record net income of $36.5 million. Adjusted EBITDA was $86.9 million, a 188% increase over the prior year. The average selling price for silicon metal increased 26% to $2,260/MT and the average selling price for silicon alloys increased 24% to $1,532/MT. Silicon metal shipments totaled 146,000/MT and shipments of silicon alloys totaled 69,000/MT, which were approximately level with the prior year (as adjusted for the timing of the 2007 acquisitions). In the fourth quarter of fiscal year 2008, the Company also achieved record sales of $135.9 million, a 35% increase over the fourth quarter in the prior year, and record net income of $18.2 million. Adjusted EBITDA for the quarter increased 115% to $35.2 million. The average selling price for silicon metal was up 39% to $2,520/MT and the average selling price for silicon alloys increased 41% to $1,795/MT. Silicon metal shipments totaled 39,000/MT and shipments of silicon alloys totaled 17,000/MT which were approximately level with the prior year. CEO Jeff Bradley said "The significant earnings growth we achieved in fiscal year 2008 is a solid indicator of our future potential. Market conditions increased our pricing, we acquired Solsil which is currently producing and selling UMG (upgraded metallurgical grade) silicon. We also began the project to reopen our Niagara Falls facility which should start up in the third quarter of fiscal year 2009 and we acquired a Chinese electrode manufacturer which will provide us with a stable and low-cost supply of electrodes. In addition, we signed several long-term strategic power contracts and we continued to keep costs low while operating efficiently." "Our aggressive multi-year capital expenditure program is designed to build significant capacity to produce UMG silicon for the solar industry and to expand the capacity of our core silicon metal and silicon alloy businesses." Bradley stated. "We spent $22.4 million in 2008 on various capacity enhancing and cost saving projects including commencement of the project to reopen our Niagara Falls facility, which will initially include the renovation of two furnaces capable of producing 30,000 MT annually." As previously announced, the Company's subsidiary Globe Metallurgical, Inc. closed on a $75 million credit facility, comprised of a five-year senior secured term loan in an aggregate principal amount of $40 million together with a revolving credit facility of $35 million. Soci? G?rale, acted as Administrative Agent and Issuing Bank, with Fortis Capital Corp., Natixis and Brown Brothers Harriman & Co. as lenders. The purpose of the new loan is to replace existing debt at significantly lower borrowing costs. 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 We have included adjusted EBITDA to provide a supplemental measure of our performance which we believe is important because it eliminated items that have less bearing on our operating performance and so highlights 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. Prior to March 30, 2008, awards were liability-classified given net cash settlement provisions contained in the Company's stock option plan and awards were required to be remeasured to fair value each reporting period. Effective March 30, 2008, the Company agreed to amend the terms of its share-based compensation plan to remove the cash settlement provisions. Based on this amendment, all outstanding awards were converted from liability-classified awards to equity-classified awards. Enquiries: Globe Specialty Metals, Inc. Jeff Bradley, Chief Executive Officer +1 212 798 8122 Mal Appelbaum, Chief Financial Officer +1 212 798 8123 Collins Stewart Europe Limited Seema Paterson / Adam Cowen +44 (0) 207 523 8350 GLOBE SPECIALTY METALS, INC. AND SUBSIDIARY COMPANIES Consolidated Income Statements (Unaudited) (In thousands, except per share amounts) Quarter ended Twelve months ended June 30, 2008 March 31, 2008 June 30, 2007 June 30, 2008 June 30, 2007 Net sales $ 135,888 125,915 100,678 $ 452,639 221,928 Cost of goods sold 94,088 91,132 81,291 345,165 184,122 Selling, general, and administrative expenses 15,006 15,919 8,586 49,610 18,541 Research and development 494 302 67 901 120 Operating income 26,300 18,562 10,734 56,963 19,145 Other income (expense): Interest income 331 683 933 2,626 5,851 Interest expense (2,054) (2,909) (2,580) (9,652) (5,228) Foreign exchange gain (loss) 618 (1,126) 810 642 688 Other income (expense) 923 414 (505) 1,099 (807) Income before provision for income taxes 26,118 15,624 9,392 51,678 19,649 Provision for income taxes 8,593 5,080 3,941 15,936 7,047 Deferred interest attributable to common stock subject to redemption - - - - (768) Minority interest 695 26 - 721 - Net income attributable to common stock $ 18,220 10,570 5,451 $ 36,463 11,834 Weighted average shares outstanding: Basic 63,050 58,801 47,119 58,982 46,922 Diluted 82,550 74,431 49,821 72,954 50,231 Earnings per common share: Basic $ - - - $ 1.00 - Diluted - - - 1.00 - Adjusted EBITDA: Net Income $ 18,220 10,570 5,451 $ 36,463 11,834 Provision for income taxes 8,593 5,080 3,941 15,936 7,047 Net interest expense (income) 1,723 2,226 1,647 7,026 (623) Deferred interest attributable to common stock subject to redemption - - - - 768 Depreciation & amortization 5,084 5,034 4,952 19,339 10,641 EBITDA 33,620 22,910 15,991 78,764 29,667 Non-cash share-based compensation expense 1,559 4,367 336 8,176 512 Adjusted EBITDA $ 35,179 27,277 16,327 $ 86,940 30,179 GLOBE SPECIALTY METALS, INC. AND SUBSIDIARY COMPANIES Consolidated Statements of Cash Flows (Unaudited) (In thousands) Quarter ended Twelve months ended June 30, 2008 March 31, 2008 June 30, 2007 June 30, 2008 June 30, 2007 Cash flows from operating activities: Net income attributable to common stock $ 18,220 10,570 5,451 $ 36,463 11,834 Adjustments to reconcile net income attributable to common stock to net cash provided by operating activities: Depreciation and amortization of intangible assets 5,084 5,034 4,952 19,339 10,641 Amortization of customer contracts liability (230) (240) (1,575) (3,039) (3,849) Share-based compensation 1,559 4,367 336 8,176 512 Minority interest (695) (26) - (721) - Loss (gain) on sale of assets 97 8 (2) 100 (2) Deferred taxes 1,892 1,204 935 2,265 306 Deferred interest attributable to common stock subject to redemption - - - - 768 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable, net (4,706) (10,605) 2,211 (18,173) 515 Inventories (3,472) (2,230) (3,103) (17,730) (2,650) Prepaid expenses and other current assets (6,240) 1,101 (1,249) (5,993) (2,193) Accounts payable (189) (2,200) 4,077 (2,381) 1,308 Accrued expenses and other current liabilities 6,714 977 (752) 8,930 5,416 Other 9,492 781 (1,767) 4,970 (3,933) Net cash provided by operating activities 27,526 8,741 9,514 32,206 18,673 Cash flows from investing activities: Capital expenditures (9,259) (3,139) (2,864) (22,357) (8,629) Purchase of held-to-maturity treasury securities - (2,987) - (2,987) - Acquisition of businesses, net of cash acquired 523 (277) - 246 (104,894) Note receivable from Solsil, Inc. - - - (1,500) - Investments in affiliates - 34 (5,963) (10) (5,963) Purchase of investments held in trust - - - - (3,038) Funds released from trust - - - - 190,192 Net cash (used in) provided by investing activities (8,736) (6,369) (8,827) (26,608) 67,668 Cash flows from financing activities: Proceeds from warrants exercised (1) - 2,277 3,497 19,458 Net borrowings of long-term debt 91 16,715 3,814 13,722 1,544 Net (payments) borrowings of short-term debt (17,947) (3,755) 2,218 (15,247) 5,431 Solsil, Inc. common share issuance 135 374 - 509 - Dividends paid - - - - (3,257) Purchase of redeemed shares - - - - (42,802) Other financing activities (1,876) - - (1,876) (970) Net cash (used in) provided by financing activities (19,598) 13,334 8,309 605 (20,596) Effect of exchange rate changes on cash and cash 50 - - 50 - equivalents Net increase in cash and cash equivalents (758) 15,706 8,996 6,253 65,745 Cash and cash equivalents at beginning of period 74,752 59,046 58,745 67,741 1,996 Cash and cash equivalents at end of period $ 73,994 74,752 67,741 $ 73,994 67,741 Supplemental disclosure of cash flow information: Cash paid for interest $ 1,734 1,443 1,674 $ 7,091 4,166 Cash paid for income taxes 6,149 4,596 4,117 13,833 4,685 GLOBE SPECIALTY METALS, INC. AND SUBSIDIARY COMPANIES Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share amounts) Assets June 30, 2008 2007 Current assets: Cash and cash equivalents $ 73,994 67,741 Accounts receivable, net of allowance for doubtful accounts of $1,021 and $116 at June 30, 2008 and 2007, respectively 53,801 38,092 Inventories 63,568 39,093 Prepaid expenses and other current assets 27,208 11,307 Total current assets 218,571 156,233 Property, plant, and equipment, net of accumulated depreciation 180,659 149,648 Goodwill 107,257 48,527 Other intangible assets 16,884 8,602 Investments in affiliates 7,965 7,552 Deferred tax assets 2,568 8,948 Other assets 16,103 10,252 Total assets $ 550,007 389,762 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 40,493 40,495 Current portion of long-term debt 17,045 6,370 Short-term debt 20,140 23,450 Accrued expenses and other current liabilities 26,841 14,546 Total current liabilities 104,519 84,861 Long-term liabilities: Long-term debt 52,020 46,057 Deferred tax liabilities 24,589 20,785 Other long-term liabilities 22,642 15,438 Total liabilities 203,770 167,141 Commitments and contingences Minority interest 3,956 - Stockholders' equity: Common stock, $0.0001 par value. Authorized 150,000,000 shares; issued and outstanding 63,050,416 and 56,672,188 shares at June 30, 2008 and 2007, respectively 6 5 Additional paid-in capital 296,137 211,861 Retained earnings 46,641 10,178 Accumulated other comprehensive (loss) income (503) 577 Total stockholders' equity 342,281 222,621 Total liabilities and stockholders' equity $ 550,007 389,762 GLOBE SPECIALTY METALS, INC. AND SUBSIDIARY COMPANIES Supplemental Statistics (Unaudited) (In thousands, except share, per share and shipment amounts) Quarter Ended Twelve months ended, June 30, 2008 March 31, 2008 June 30, 2007 June 30, 2008 June 30, 2007 Shipments in metric tons: Silicon metal 39,292 39,839 39,823 145,675 86,668 Silicon metal alloys 17,166 18,066 19,149 68,731 47,248 Total shipments^ 56,458 57,905 58,972 214,406 133,916 ^ Excludes By-products This information is provided by RNS The company news service from the London Stock Exchange END FR FESFSASASEES
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