Headwaters Inc. (HW:NYSE)

Headwaters Inc. expected to Report Q1 2010 Results on February 1, 2010. This event was calculated by Capital IQ (Created on November 13, 2009).

Headwaters Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended September 30, 2009. For the quarter, the company's total revenues were $187,611,000 against $235,072,000 a year ago. Operating income was $14,012,000 against operating loss of $183,426,000 a year ago. Loss before income taxes was $20,631,000 against $190,619,000 a year ago. Net loss was $19,694,000 or $0.40 per basic and diluted share against $184,086,000 or $4.46 per basic and diluted share a year ago. Net loss adjusted for goodwill impairment was $17,877,000 or $0.08 per diluted share against net income adjusted for goodwill impairment of $10,331,000 or $0.17 per diluted share a year ago. For the year, the company's total revenues were $666,676,000 against $886,404,000 a year ago. Operating loss was $468,142,000 against $152,881,000 a year ago. Loss before income taxes was $500,087,000 against $170,183,000 a year ago. Net loss was $415,550,000 or $9.59 per basic and diluted share against $169,680,000 or $4.10 per basic and diluted share a year ago. Net loss adjusted for goodwill impairment was $17,004,000 or $0.07 per diluted share against net income adjusted for goodwill impairment of $24,737,000 or $0.12 per diluted share a year ago. EBITDA was $105.4 million. Adjusted EBITDA was $76.1 million. The company reported goodwill impairment of $205,000,000 for the fourth quarter ended September 30, 2009. The company forecast 2010 EBITDA to be in the range of $95 million to $105 million. For 2010, the company expects capital expenditures of $30 million. Forecasted EBITDA was $100.8 million.

Headwaters Inc. announced the closing of its offering of $328,250,000 aggregate principal amount of 11-3/8% Senior Secured Notes due 2014 in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended. The principal amount of the Notes was increased from the previously announced $280 million aggregate principal amount. The Notes are senior secured obligations of Headwaters and are guaranteed by certain of Headwaters' existing and future domestic subsidiaries. Net proceeds of the Notes were approximately $317.0 million, which are intended to be used by Headwaters (i) to repay its existing senior secured credit facility, (ii) to fund the previously announced tender offer for all of its $71.8 million aggregate outstanding principal amount of 2-7/8% senior subordinated convertible notes and (iii) for general corporate purposes, including working capital and repayment of indebtedness. Headwaters also announced the entry into a new senior secured first lien asset-based revolving credit facility by certain direct wholly owned subsidiaries of Headwaters as borrowers and Headwaters as a guarantor. This new credit facility was a condition to the closing of the Notes. The new senior secured first lien asset-based revolving credit facility will provide up to $70 million of revolving loans, subject to borrowing base limitations, and will have a four-year maturity.