Last $17.34 USD
Change Today +0.58 / 3.46%
Volume 761.1K
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As of 3:59 PM 04/16/14 All times are local (Market data is delayed by at least 15 minutes).

gencorp inc (GY) Key Developments

GenCorp Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended February 28, 2014

GenCorp Inc. reported unaudited consolidated earnings results for the first quarter ended February 28, 2014. For the quarter, the company's net sales were $329.7 million compared to $243.7 million a year ago. The increase in Net Sales were primarily due to sales from the Rocketdyne Business which was acquired on June 14, 2013 and contributed $161.4 million of net sales in the first quarter of fiscal 2014. The increase in Net Sales were partially offset by the following a decrease of $38.5 million in the various Standard Missile programs primarily from the transitioning of the Standard Missile-3 Block IB program from development activities to production, decreased development activities for the Throttling Divert and Attitude Control System for the Standard Missile-3 Block IIA program, and lower deliveries on the Standard Missile-1 Regrain program as a result of near completion of the program and an additional week of operations in the first quarter of fiscal 2013 resulting in $27.8 million in net sales. Operating income was $12.3 million compared to $1.9 million a year ago. Loss from continuing operations before income taxes was $0.1 million compared to $9.2 million a year ago. Loss from continuing operations was $2.1 million or $0.03 per basic and diluted share compared to $14.1 million or $0.24 per basic and diluted share a year ago. Net loss was $2.1 million or $0.03 per basic and diluted share compared to $14.0 million or $0.24 per basic and diluted share a year ago. Net cash used in operating activities was $25.3 million compared to net cash provided by operating activities of $6.9 million a year ago. Capital expenditures was $9.3 million compared to $9.1 million a year ago. Adjusted EBITDAP was $40.9 million compared to $29.8 million a year ago. Net debt as on February 28, 2014 was $550.0 million compared to $101.4 million a year ago.

GenCorp Inc. Announces to Lay Off 61 Workers in Rancho Cordova

GenCorp Inc. announced that it is laying off 61 workers at its Rancho Cordova headquarters as part of a nationwide downsizing. The layoffs were needed to eliminate overlap between the company and its subsidiary, Rocketdyne. The combined subsidiary is called Aerojet Rocketdyne.

GenCorp Inc., Annual General Meeting, Mar 20, 2014

GenCorp Inc., Annual General Meeting, Mar 20, 2014., at 09:00 US Eastern Standard Time. Location: The Omni Berkshire Place. Agenda: To elect eight directors to Board of Directors to serve until the 2015 annual meeting of shareholders; to consider and approve the reincorporation of the company from the State of Ohio to the State of Delaware; to consider and approve an advisory resolution to approve executive compensation; to ratify the appointment of PricewaterhouseCoopers LLP, an independent registered public accounting firm; and to consider and act on such other business as may properly be brought before the meeting or any adjournments or postponements thereof.

GenCorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended November 30, 2013

GenCorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended November 30, 2013. For the quarter, the company reported net sales of $485.3 million compared to $298.2 million a year ago. Operating income was $14.1 million compared to $10.0 million a year ago. Income from continuing operations before income taxes was $1.6 million compared to $4.4 million a year ago. Net loss was $3.7 million or $0.06 per basic and diluted share compared to net income of $2.8 million or $0.05 per basic and diluted share a year ago. Adjusted EBITDAP was $53.3 million compared to $34.0 million a year ago. Free cash flow was $26.6 million compared to $4.8 million a year ago. Cash provided by operating activities in the fourth quarter of fiscal 2013 totaled $51.1 million, compared to $23.2 million in the fourth quarter of fiscal 2012. The increase in net sales were primarily due to the acquisition of the Rocketdyne Business which contributed net sales of $182.6 million in the quarter. For the year, the company reported net sales of $1,383.1 million compared to $994.9 million a year ago. Operating income was $22.3 million compared to $34.9 million a year ago. Loss from continuing operations before income taxes was $26.2 million compared to income from continuing operations before income taxes of $13.2 million a year ago. Net income was $167.9 million or $2.11 per diluted share compared to net loss of $2.6 million or $0.04 per basic and diluted share a year ago. Net cash provided by operating activities was $77.6 million compared to $86.2 million a year ago. Capital expenditures were $63.2 million compared to $37.2 million a year ago. Adjusted EBITDAP was $155.6 million compared to $110.9 million a year ago. Free cash flow was $14.4 million compared to $49.0 million a year ago. Net debt as at November 30, 2013 was $501.6 million compared to $86.6 million a year ago. Net cash provided by operating activities was $77.6 million compared to $86.2 million a year ago.

GenCorp Inc. to Cut 5% Employees Nationwide

GenCorp Inc. has notified employees the company is reducing its workforce by 5% nationwide. The cuts work out to 225 employees across the country. The move follows subsidiary Aerojet's $550 million acquisition in June of Pratt & Whitney Rocketdyne to create Aerojet Rocketdyne. The reduction in staff is a result of the merger as the company has found redundancies in the combined company. The reductions will occur by the end of March, and the company anticipates a cost of $15.7 million related to severance, employee-related benefits and other associated expenses.

 

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