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Last $5.03 USD
Change Today -0.01 / -0.20%
Volume 761.6K
GTI On Other Exchanges
Symbol
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New York
As of 8:04 PM 05/22/15 All times are local (Market data is delayed by at least 15 minutes).

graftech international ltd (GTI) Key Developments

GrafTech International Ltd. Appoints Quinn Coburn as Interim Chief Financial Officer, Effective from May 15, 2015

GrafTech International Ltd. announced that Quinn Coburn, GrafTech’s Vice President of Finance and Treasurer, will assume the additional role of Interim Chief Financial Officer, effective May 15, 2015. Mr. Coburn’s appointment follows Erick R. Asmussen’s decision to accept a Chief Financial Officer role at another company. Quinn Coburn has served as GrafTech’s Vice President of Finance and Treasurer since September 2013. Prior to this role, he served as Vice President and Treasurer of GrafTech beginning in August 2010.

GrafTech International Ltd. Announces Unaudited Consolidated Earnings Results for First Quarter Ended March 31, 2015; Revises Earnings Guidance for the First Half of 2015; Provides Capital Expenditure Guidance for the Year of 2015; Reports Impairment Charges for the First Quarter Ended March 31, 2015

GrafTech International Ltd. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net sales of $207,211,000 compared to $280,791,000 a year ago. The decrease in net sales were driven by lower shipment volumes and pricing in both business segments primarily drove the reduction in sales. Operating loss was $45,833,000 compared to operating income of $7,069,000 a year ago. Loss before provision for income taxes was $55,074,000 compared to $16,804,000 a year ago. Net loss was $55,608,000 or $0.41 per basic and diluted share compared to $11,517,000 or $0.08 per diluted share a year ago. Net cash provided by operating activities was $22,718,000 compared to $22,090,000 a year ago. Capital expenditures were $13,601,000 compared to $21,728,000 a year ago. EBITDA was $17,232,000 compared to $33,015,000 a year ago. Net debt as of March 31, 2015 was $516,806,000. Adjusted net loss was $13,356,000 or $0.10 per share compared to adjusted net income of $858,000 or $0.01 per share a year ago. The company is revising its guidance for the first half of 2015 and does not expect a significant improvement in results in the second half of 2015. First half 2015 EBITDA target of $30 million to $40 million compared to previous guidance was $45 million to $55 million. First half 2015 operating cash flow of approximately $30 million to $40 million (after approximately $10 million to $15 million of cash rationalization charges) against previous guidance was $40 million to $50 million and approximately $15 million to $20 million of cash rationalization charges. For the full year, the company reducing planned capital expenditures by an additional $5 million, a total year-over-year reduction of approximately $25 million. Current capital expenditures are estimated to be in the range of $55 million to $65 million in 2015. Impairment of long-lived assets and goodwill for the first quarter ended March 31, 2015 was $35,381,000.

GrafTech International Ltd. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the First Half and Capital Expenditure Guidance for the Full Year 2015; Reports Impairment Charge of Long-Lived Assets and Goodwill for the Fourth Quarter Ended December 31, 2014

GrafTech International Ltd. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net sales of USD 259,871,000 against USD 308,502,000 a year ago. Operating loss was USD 86,012,000 against USD 25,718,000 a year ago. Loss before provision for income taxes was USD 96,316,000 against USD 35,606,000 a year ago. Net loss was USD 83,483,000 against USD 28,221,000 a year ago. Basic and diluted net loss per share was USD 0.61 against USD 0.21 a year ago. Net cash provided by operating activities was USD 38,014,000 against USD 51,659,000 a year ago. Capital expenditures were USD 15,667,000 against USD 23,646,000 a year ago. Total adjusted operating income was USD 14,018,000 against USD 8,075,000 a year ago. EBITDA was USD 36,969,000 against USD 32,582,000 a year ago. Adjusted net income was USD 7,922,000 against adjusted net loss of USD 4,079,000 a year ago. Adjusted net income per share was USD 0.06 against adjusted net loss per share of USD 0.03 a year ago. For the year, the company reported the company reported net sales of USD 1,085,304,000 against USD 1,166,674,000 a year ago. Operating loss was USD 255,620,000 against USD 2,570,000 a year ago. Loss before provision for income taxes was USD 294,792,000 against USD 40,102,000 a year ago. Net loss was USD 285,376,000 against USD 27,259,000 a year ago. Basic and diluted net loss per share was USD 2.10 against USD 0.20 a year ago. Net cash provided by operating activities was USD 120,903,000 against USD 116,837,000 a year ago. Capital expenditures were USD 84,981,000 against USD 86,344,000 a year ago. Total adjusted operating income was USD 30,676,000 against USD 48,773,000 a year ago. EBITDA was USD 121,429,000 against USD 143,844,000 a year ago. Adjusted net loss was USD 8,979,000 against adjusted net income of USD 10,251,000 a year ago. Adjusted net loss per share was USD 0.07 against adjusted net income per share of USD 0.08 a year ago. Net debt was USD 512,169,000 as on December 31, 2014 against USD 540,321,000 as on December 31, 2013. For the first half of 2015, the company expects EBITDA target of USD 45 million to USD 55 million; operating cash flow of approximately USD 40 million to USD 50 million (after approximately USD 15 million to USD 20 million of cash rationalization charges); depreciation and amortization of USD 44 million; operating loss to be in the range of USD 12 million to USD 2 million; interest expense of USD 18 million to USD 2 million and net loss to be in the range of USD 37 million to USD 27 million. For the full year 2015, the company expects capital expenditures of approximately USD 60 million to USD 70 million. For the quarter, the company recorded USD 75.650 million non-cash impairment charge of long-lived assets and goodwill, against the goodwill associated with the 2010 acquisition of Seadrift. On an after tax basis, the charge equates to USD 66 million, or approximately USD 0.48 per diluted share. The impairment was a result of the Company's reassessment of estimated future cash flows and triggered by continued pricing declines in the needle coke market and a re-evaluation of future expectations.

GrafTech International Ltd. Amends its Revolving Credit Facility to Provide Additional Flexibility

GrafTech International Ltd. announced that it has amended its revolving credit facility to provide additional flexibility, resulting in access to the full $400 million revolver. In addition, the company established a new $40 million senior secured term loan facility. The primary purpose of the credit facility amendment and the term loan facility is to further enhance its capital structure and to provide more than ample liquidity to repay its $200 million senior subordinated notes due in November 2015 while comfortably funding its ongoing operations and initiatives. The term loan is a delayed draw facility, which is to be used in connection with the repayment of the company's senior subordinated notes. The term loan facility was provided by a group of financial institutions led by J.P. Morgan and Bank of America. The interest rate on the facilities is a spread over the London Interbank Offered Rate and will vary based on leverage. The initial interest rate at closing is LIBOR plus 225 basis points.

GrafTech International Announces New Ohio Locations for Headquarters and Technology Center

GrafTech International Ltd. has announced two new Northeast Ohio locations for its global headquarters and innovation and technology center. The company previously announced its decision to relocate its headquarters and redesign its R&D function in September 2014 as part of its ongoing cost savings initiatives to improve profitability and competitive positioning. GrafTech's global headquarters will relocate to Independence, Ohio and will house approximately 50 employees working in the Company's corporate functions, including finance, legal and human resources. The decision to downsize corporate functions by approximately 25% has enabled the relocation to a smaller, more cost effective, corporate headquarters. The newly established Innovation & Technology Center will be located in Brooklyn Heights, Ohio and will include scientists, lab technicians and marketing professionals focused on driving innovation to support new product development. The redesigned R&D function will be focused on commercializing next generation technologies in carbon and graphite material science. The transition is expected to be completed by the end of the first quarter of 2015.

 

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