Last $19.49 USD
Change Today -0.04 / -0.20%
Volume 223.3K
GSM On Other Exchanges
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As of 4:30 PM 04/24/14 All times are local (Market data is delayed by at least 15 minutes).

globe specialty metals inc (GSM) Key Developments

Globe Specialty Metals, Inc. Announces Board Changes

Globe Specialty Metals, Inc. announced the appointment of Mr. Bruce Crockett to the company's Board of Directors effective April 9, 2014. Mr. Crockett is Chairman of the Invesco Mutual Funds Group and serves as a director of the Investment Company Institute. Mr. Crockett is the chairman of Crockett Technologies Associates and a private investor. Mr. Crockett served as President and Chief Executive Officer of COMSAT Corporation from February 1992 until July 1996 and as President and Chief Operating Officer of COMSAT from April 1991 to February 1992. The company also announced the retirement of Tom Danjczek from its board of directors effective May 15, 2014.

Globe Specialty Metals, Inc. Announces Quarterly Dividend Payable on March 12, 2014; Announces Headquarters Relocation, Effective February 11, 2014

Globe Specialty Metals, Inc. announced that its Board of Directors on February 10, 2014 authorized an annual dividend of $0.30 per share, payable quarterly. As a result, a quarterly dividend of $0.075 per share will be payable on March 12, 2014 to shareholders of record at the close of business on February 26, 2014. The company also announced that effective February 11, 2014, its Headquarters will relocate to 600 Brickell Ave, Suite 1500, Miami, Florida 33131.

Globe Specialty Eyes Acquisitions

Globe Specialty Metals, Inc. (NasdaqGS:GSM) intends to make acquisitions. Jeff Bradley, Chief Executive Officer and Chief Operating Officer of the company said: “On the business development side we continue to see a high level of deal flow and we are actively pursuing accretive acquisitions that will drive shareholder value.”

Globe Specialty Metals, Inc. Announces Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended December 31, 2013

Globe Specialty Metals, Inc. announced unaudited consolidated earnings and operating results for the second quarter and six months ended December 31, 2013. For the quarter, the company reported net sales of $178.41 million against $180 million a year ago. These increases from the prior quarter were primarily due to a 15% increase in silicon-based alloys shipments. Silicon metal prices increased 2% while silicon-based alloys average selling price decreased 2% compared to the first quarter. Aggressive pricing of imports continued to affect U.S. market prices for silicon metal and certain silicon-based alloys. Operating loss was $7.4 million against operating income of $22.6 million a year ago. Income before provision for income taxes was $13.1 million against $21.01 million a year ago. Net profit attributable to the company was $13.5 million against $15.1 million a year ago. Basic and diluted earnings per share were $0.18 against $0.20 a year ago. EBITDA was $25.6 million against $34.232 million a year ago. Net cash provided by operating activities was $23.3 million against negative net cash provided by operating activities of $3.2 million a year ago. Capital expenditures were $10.9 million against $10.2 million a year ago. Adjusted EBITDA was $26.234 million or $0.13 per diluted share against $30.188 million or $0.15 per diluted share a year ago. Second quarter fiscal 2014 results were negatively impacted by $0.2 million of after-tax due diligence expenses, a $5.3 million after-tax remeasurement expense for stock option liabilities, $1.6 million after-tax costs related to the lockout at the Becancour plant, $2.6 million after-tax in variable compensation payments to employees, and $9.8 million after-tax due to the impact of contract acquisition costs. For the quarter, the company reported net sales of $351.4 million against $380.65 million a year ago. Operating loss was $11.8 million against operating income of $16.904 million a year ago. Income before provision for income taxes was $3.6 million against $14.7 million a year ago. Net profit attributable to the company was $6.621 million against $9.4 million a year ago. Basic and diluted earnings per share were $0.09 against $0.12 a year ago. EBITDA was $32.2 million against $40.99 million a year ago. Net cash provided by operating activities was $62 million against $12.8 million a year ago. Capital expenditures were $18.1 million against $18.204 million a year ago. Adjusted EBITDA was $47.64 million or $0.21 per diluted share against $61.33 million or $0.31 per diluted share a year ago. For the quarter, the company reported total shipments were 66,616 metric tons against 61,972 metric tons a year ago. Total average selling price was $2,355 MT against $2,528 MT a year ago. Total average selling price was $1.07 lb against $1.17 lb a year ago. For the six months, the company reported total shipments were 128,651 metric tons against 132,002 metric tons a year ago. Total average selling price was $2,360 MT against $2,576 MT a year ago. Total average selling price was $1.07 lb against $1.17 lb a year ago.

Globe Specialty Metals, Inc., Q2 2014 Earnings Call, Feb 07, 2014

Globe Specialty Metals, Inc., Q2 2014 Earnings Call, Feb 07, 2014

 

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