Last $17.91 USD
Change Today -0.10 / -0.56%
Volume 84.8K
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As of 12:18 PM 07/25/14 All times are local (Market data is delayed by at least 15 minutes).

gencorp inc (GY) Key Developments

GenCorp Inc. Reports Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended May 31, 2014

GenCorp Inc. reported consolidated unaudited earnings results for the second quarter and six months ended May 31, 2014. Net sales for the second quarter of fiscal 2014 totaled $403.1 million compared to $286.6 million for the second quarter of fiscal 2013. Net loss for the second quarter of fiscal 2014 was $50.2 million, or $0.87 loss per share, compared to a net loss of $11.8 million, or $0.20 loss per share, for the second quarter of fiscal 2013. Adjusted EBITDAP (Non-GAAP measure) for the second quarter of fiscal 2014 was $33.5 million, or 8.3% of net sales, compared to $30.6 million or 10.7% of net sales, for the second quarter of fiscal 2013. Cash provided by operating activities in the second quarter of fiscal 2014 totaled $3.0 million, compared to $12.0 million in the second quarter of fiscal 2013. Operating loss was $37.0 million against income of $2.9 million a year ago. Loss from continuing operations before income taxes was $49.6 million against $9.6 million a year ago. Loss from continuing operations was $49.4 million against $11.7 million a year ago. Net sales for the first half of fiscal 2014 totaled $732.8 million compared to $530.3 million for the first half of fiscal 2013. Net loss for the first half of fiscal 2014 was $52.3 million, or $0.89 loss per share, compared to a net loss of $25.8 million, or $0.43 loss per share, for the first half of fiscal 2013. Adjusted EBITDAP for the first half of fiscal 2014 was $74.4 million, or 10.2% of net sales, compared to $60.4 million or 11.4% of net sales, for the first half of fiscal 2013. Cash used in operating activities in the first half of fiscal 2014 totaled $22.3 million compared to cash provided by operating activities of $18.9 million in the first half of fiscal 2013. The increase in net sales in the second quarter and first half of fiscal 2014 was primarily related to activity from the Rocketdyne Business which was acquired on June 14, 2013. Operating loss was $24.7 million against income of $4.8 million a year ago. Loss from continuing operations before income taxes was $49.7 million against $18.8 million a year ago. Loss from continuing operations was $51.5 million against $25.8 million a year ago. Capital expenditures were $18.5 million against $21.7 million a year ago. Net debt was $662.3 million as at May 31, 2014 against $102.8 million as on May 31, 2013.

GenCorp Inc. Presents at Morgan Stanley Leveraged Finance Conference, Jun-12-2014

GenCorp Inc. Presents at Morgan Stanley Leveraged Finance Conference, Jun-12-2014 . Venue: Roosevelt Hotel, New Orleans, Louisiana, United States. Speakers: Glenn Mahone, Vice President of Communications, Kathy Redd, Vice President, Chief Financial Officer, Ron Samborsky, Vice President, Investor Relations.

GenCorp Closes Amended and Restated $300.0 Million Credit Facility

GenCorp Inc. announced that it entered into an amended and restated $300 million credit facility. The new credit facility amends and restates the company's prior credit agreement and, (i) extends the maturity date to May 30, 2019 (which date may be accelerated in certain cases); and (ii) replaces the existing revolving credit facility and credit-linked facility with a revolving credit facility in an aggregate principal amount of up to $200.0 million and a term loan facility in an aggregate principal amount of up to $100.0 million, among other things. In general, borrowings under the new credit facility bear interest at a rate equal to the LIBOR plus 250 basis points (subject to downward adjustment), or the base rate as it is defined in the credit agreement governing the new credit facility. In addition, the Company is charged a commitment fee of 50 basis points per annum on unused amounts of the revolving credit facility (subject to downward adjustment), along with a fronting fee of 25 basis points per annum, on the undrawn amount of all outstanding letters of credit.

Aerojet Rocketdyne and Dynetics Announce Strategic Partnership for Advanced Aerospace Technologies and Systems

Aerojet Rocketdyne and Dynetics are announcing a strategic partnership in Huntsville, Ala., to enhance collaboration in aerospace technologies and systems. Based on marked success supporting NASA's Space Launch System (SLS) Advanced Booster Engineering Demonstration and/or Risk Reduction (ABEDRR) program, AR and Dynetics plan to expand the existing partnership to include: high-temperature, lightweight materials; next generation additive manufacturing technologies; in-space propulsion systems and high performance booster rocket engine systems. Since 2012, the Dynetics-led team has executed on NASA's SLS ABEDRR contract to reduce risks for advanced boosters that could help meet SLS' future capability needs. The team has successfully manufactured its first two full-scale, 18-foot diameter cryogenic tank barrels. The team also made recent progress in its effort to create more affordable propulsion systems. In less than four months after the contract award, the team, working closely with NASA's Marshall Space Flight Center, successfully resurrected the world's most powerful rocket engine ever flown -- the F-1 that powered the Saturn V rocket -- and test fired its 30,000 pounds-force gas generator in Huntsville, Ala. Modern instruments on the test stand measured performance properties to allow engineers a starting point for creating a new generation of affordable advanced booster propulsion systems.

GenCorp Inc. Closes $100.0 Million Subordinated Delayed Draw Credit Facility

GenCorp Inc. announced that it entered into a $100 million subordinated delayed draw term loan credit facility. GenCorp intends to use borrowings under the new subordinated credit facility for a variety of purposes which may include refinancing of existing debt, repurchasing common equity, working capital and general corporate purposes. In general, borrowings under the new subordinated credit facility bear interest at a rate equal to the sum of (x) the greater of LIBOR and 1.00% per annum plus (y) 8.50%, or in the case of base rate loans, the base rate as it is defined in the credit agreement governing the new subordinated credit facility plus 7.50%.

 

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Valuation GY Industry Range
Price/Earnings 10.7x
Price/Sales 0.7x
Price/Book NM Not Meaningful
Price/Cash Flow 5.3x
TEV/Sales 0.1x
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