Download Globe Specialty Metals, Inc. Reports Preliminary Fiscal 2007 Earnings

 Globe Specialty Metals, Inc. Reports Preliminary Fiscal 2007 Earnings New York, NY, December 31, 2007 Globe Specialty Metals, Inc. today reported preliminary results from operations for its fiscal year ended June 30, 2007. Fiscal 2007 is the first fiscal year in which Globe is reporting results as an operating company. The Company began Fiscal 2007 as a blank check company and completed three acquisitions during the fiscal year. Fiscal 2007 results include the operating results of the three acquisitions from their respective acquisition dates: •
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Globe Metallurgical, Inc., a US manufacturer of silicon metal and silicon‐based alloys from November 12, 2006 Globe Metales S.A., an Argentinean based manufacturer of silicon‐based alloys from November 20, 2006 Globe Metais Industria e Comercio S.A., a Brazilian based manufacturer of silicon metal from January 31, 2007 Globe reported Sales for Fiscal 2007 of $221.9 million, operating income of $19.1 million and net income attributable to common stock of $12.1 million. Basic earnings per share were $0.24, or $0.23 on a fully diluted basis. Globe is a leading global manufacturer of silicon metal and silicon‐based alloys with operations in the United States, Argentina and Brazil. Globe’s corporate offices are located in New York, NY. Globe Specialty Metals, Inc.
Condensed Consolidated Balance Sheet
Year Ended June 30, 2007
($000s)
Assets
Current Assets:
Cash and Cash Equivalents
Trade Accounts Receivable, Net
Inventories
Other Current Assets
Total Current Assets
$
$
67,741
38,092
38,806
7,622
152,261
Property, Plant and Equipment, Net
150,272
Other Assets:
Investments
Goodwill and Intangible Assets, Net
Deferred Taxes
Other Assets
7,552
56,260
31,539
10,252
Total Assets
$
408,136
$
40,495
23,450
6,370
15,045
85,360
Liabilities
Current Liabilities:
Accounts Payable
Short-Term Debt
Current Portion of Long-Term Debt
Accrued Expenses and Other Liabilities
Total Current Liabilities
$
Long-Term Debt, Net of Current Portion
Deferred Tax Liability
Other Long-Term Liabilities
Total Liabilities
46,057
38,392
15,438
$
Common Stock
Paid-In Capital
Retained Earnings
Other Comprehensive Income
185,247
5
211,861
10,446
577
Total Stockholders' Equity
$
222,889
Total Liabilities and Stockholders' Equity
$
408,136
Globe Specialty Metals, Inc.
Condensed Consolidated Income Statement
Year Ended June 30, 2007
($000s)
Net Sales (a)
Cost of Goods Sold
Selling, General and Administrative Expenses
$
221,928
184,176
18,664
Operating Income (b)
$
19,088
Other Income (Expense)
Interest Income
Interest (Expense)
Other Income (Loss)
Income Before Provision for Income Taxes and Deferred
Interest Attributable to Common Stock Subject to Redemption
5,851
(5,228)
(252)
$
Provision for Income Taxes
Net Income Before Deferred Interest Attributable to Common Stock Subject to Redemption
19,459
6,589
$
Deferred Interest Attributable to Common Stock Subject to Redemption
12,870
(768)
Net Income Attributable to Common Stock
$
12,102
Earnings Per Common Share:
Basic
Diluted
$
$
0.24
0.23
(a) Net sales includes $3,849 from the amortization of liabilities for customer contracts established
in the purchase accounting for our 2007 acquisitions.
(b) Depreciation and amortization expense included in operating income is $10,699. This balance is
exclusive of the aforementioned adjustment to sales.