Haynes International, Inc. Provides Update on Fourth Quarter Earnings
KOKOMO, Ind., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Haynes International, Inc.
(Nasdaq:HAYN), a leading developer, manufacturer and marketer of
technologically advanced high-performance alloys (the "Company"), reported
today that, based on currently available information, revenue for the
Company's fourth fiscal quarter ended September 30, 2013 is expected to be
approximately $115 million and earnings for that period are expected to be in
the range of $0.30 to $0.32 per share. The Company expects that its cash
balance at September 30, 2013 will increase from the end of its third fiscal
quarter to approximately $68 million as the Company adjusts its inventory
levels and production schedules to current market conditions. "Market
conditions remain challenging as major customers continue to clear out the
supply chain," said Mark Comerford, President and Chief Executive Officer. "We
are managing through this difficult period by controlling costs, adjusting our
production schedules and reducing inventory. We continue to believe in the
long-term growth potential of the aerospace, land-based gas turbine and
chemical processing markets, and we are continuing to implement our capital
spending projects in line with our plans to meet the long-term growth
requirements of those target markets. In the short term, we do not expect an
increase in demand in the first quarter of fiscal 2014, and we expect to take
advantage of this period of lower demand to perform maintenance at our
manufacturing facilities over the holidays. As a result, we expect the first
quarter of fiscal 2014's results to be below results for the fourth quarter of
About Haynes International
Haynes International, Inc. is a leading developer, manufacturer and marketer
of technologically advanced, nickel- and cobalt-based high-performance alloys,
primarily for use in the aerospace, chemical processing and land-based gas
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. All statements other than statements of
historical fact, including statements regarding industry prospects and future
results of operations or financial position, made in this press release are
forward-looking. In many cases, you can identify forward-looking statements by
terminology, such as "may", "should", "expects", "intends", "plans",
"anticipates", "believes", "estimates", "predicts", "potential" or "continue"
or the negative of such terms and other comparable terminology. Readers are
cautioned that any such forward-looking statements are not guarantees of
future performance and involve risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements as a result of
various factors, many of which are beyond the Company's control.
The Company has based these forward-looking statements on its current
expectations and projections about future events. Although the Company
believes that the assumptions on which the forward-looking statements
contained herein are based are reasonable, any of those assumptions could
prove to be inaccurate. As a result, the forward-looking statements based upon
those assumptions also could be incorrect. Risks and uncertainties, some of
which are discussed in Item 1A. of Part 1 to the Company's Annual Report on
Form 10-K for the fiscal year ended September 30, 2012, may affect the
accuracy of forward-looking statements.
The Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
CONTACT: Daniel Maudlin
Vice President - Chief Financial Officer
Haynes International, Inc.
Press spacebar to pause and continue. Press esc to stop.