AMSTERDAM, NETHERLANDS, Mar. 17, 2010 -
Key Highlights
* Revenue was $231.4 million in the fourth quarter 2009; full year revenue was $867.4 million
* EBITDA[1] was $12.4 million in the fourth quarter 2009; full year EBITDA was $69.1 million
* EPS on a fully diluted basis was ($1.13) in the fourth quarter 2009; full year EPS, was ($2.82); Adjusted EPS, excluding Timminco and non- recurring charges on a fully diluted basis was $0.03 in the fourth quarter 2009; full year EPS, was ($0.39)
* The Advanced Materials Division continued to recover in the second half of 2010; fourth quarter revenue was $124.3 million; EBITDA was $5.3 million
* The Engineering Systems Division fourth quarter revenue was $73.8 million; EBITDA was $5.9 million
* Graphit Kropfm hl fourth quarter revenue was $33.3 million; EBITDA was $1.2 Million
* As of 31 December 2009 cash on hand was $117.0 million, net debt of $86.8 million; $34.1 million full year 2009 free cash flow[2]
[1]EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes nonrecurring items.
[2] Free cash flow is defined as EBITDA less change in working capital and maintenance capital expenditures
Amsterdam, 17 March 2010 - AMG Advanced Metallurgical Group N.V. reported fourth quarter 2009 revenue of $231.4 million a 17% decrease from $280.1 million in the fourth quarter 2008.
EBITDA increased 264% to $12.4 million in the fourth quarter 2009 from $3.4 million in the fourth quarter 2008. Net loss attributable to shareholders for the fourth quarter 2009 was ($30.2) million, or ($1.13) per fully diluted share. Excluding non-recurring charges and Timminco, AMG's net income attributable to shareholders for the fourth quarter 2009 was $0.8 million, or $0.03 per fully diluted share. Net loss attributable to shareholders for the fourth quarter 2008 was ($54.1) million, or ($1.96) per fully diluted share.
Full year 2009 revenue decreased 32% to $867.4 million, from $1,280.1 million in 2008. EBITDA decreased 58% to $69.1 million in 2009 compared with $165.3 million in 2008. Net loss attributable to shareholders for the full year 2009 was ($75.6) million, or ($2.82) per fully diluted share. Excluding non-recurring charges and Timminco, AMG's net loss attributable to shareholders for the full year 2009 was ($10.6) million, or ($0.39) per fully diluted share. Net income attributable to shareholders for continuing operations for the full year 2008, excluding the non-recurring write down in AMG's investment in Graphit Kropfm hl, was $74.3 million, or $2.70 per fully diluted share.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, commented: "2009 was a challenging year. Our end primary markets of aerospace, energy, infrastructure and specialty metals and chemicals underwent dramatic contractions and dislocations caused by the global economic crisis. While AMG's portfolio approach to metallurgical based solutions helped stabilize the impact on revenues, we were still significantly affected across all of our business units. The Advanced Materials Division's revenues and earnings improved in the second half of 2009, driven by the recovery in the global economy. The Engineering Systems Division entered 2009 with a significant order backlog, but the market for capital equipment deteriorated as the year progressed. Graphit Kropfm hl delivered consistent results throughout the year, driven by resiliency in the energy and specialty chemicals markets, but profits were impacted by higher raw material costs. During the fourth quarter, however, demand improved with revenue increasing in both Advanced Materials and Engineering Systems. We remain focused on our long term business strategy and we expect to see a substantial improvement in market conditions in the second half of 2010."
Key Highlights
* Revenue was $231.4 million in the fourth quarter 2009; full year revenue was $867.4 million
* EBITDA[1] was $12.4 million in the fourth quarter 2009; full year EBITDA was $69.1 million
* EPS on a fully diluted basis was ($1.13) in the fourth quarter 2009; full year EPS, was ($2.82); Adjusted EPS, excluding Timminco and non- recurring charges on a fully diluted basis was $0.03 in the fourth quarter 2009; full year EPS, was ($0.39)
* The Advanced Materials Division continued to recover in the second half of 2010; fourth quarter revenue was $124.3 million; EBITDA was $5.3 million
* The Engineering Systems Division fourth quarter revenue was $73.8 million; EBITDA was $5.9 million
* Graphit Kropfm hl fourth quarter revenue was $33.3 million; EBITDA was $1.2 Million
* As of 31 December 2009 cash on hand was $117.0 million, net debt of $86.8 million; $34.1 million full year 2009 free cash flow[2]
[1]EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes nonrecurring items.
[2] Free cash flow is defined as EBITDA less change in working capital and maintenance capital expenditures
Amsterdam, 17 March 2010 - AMG Advanced Metallurgical Group N.V. reported fourth quarter 2009 revenue of $231.4 million a 17% decrease from $280.1 million in the fourth quarter 2008.
EBITDA increased 264% to $12.4 million in the fourth quarter 2009 from $3.4 million in the fourth quarter 2008. Net loss attributable to shareholders for the fourth quarter 2009 was ($30.2) million, or ($1.13) per fully diluted share. Excluding non-recurring charges and Timminco, AMG's net income attributable to shareholders for the fourth quarter 2009 was $0.8 million, or $0.03 per fully diluted share. Net loss attributable to shareholders for the fourth quarter 2008 was ($54.1) million, or ($1.96) per fully diluted share.
Full year 2009 revenue decreased 32% to $867.4 million, from $1,280.1 million in 2008. EBITDA decreased 58% to $69.1 million in 2009 compared with $165.3 million in 2008. Net loss attributable to shareholders for the full year 2009 was ($75.6) million, or ($2.82) per fully diluted share. Excluding non-recurring charges and Timminco, AMG's net loss attributable to shareholders for the full year 2009 was ($10.6) million, or ($0.39) per fully diluted share. Net income attributable to shareholders for continuing operations for the full year 2008, excluding the non-recurring write down in AMG's investment in Graphit Kropfm hl, was $74.3 million, or $2.70 per fully diluted share.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, commented: "2009 was a challenging year. Our end primary markets of aerospace, energy, infrastructure and specialty metals and chemicals underwent dramatic contractions and dislocations caused by the global economic crisis. While AMG's portfolio approach to metallurgical based solutions helped stabilize the impact on revenues, we were still significantly affected across all of our business units. The Advanced Materials Division's revenues and earnings improved in the second half of 2009, driven by the recovery in the global economy. The Engineering Systems Division entered 2009 with a significant order backlog, but the market for capital equipment deteriorated as the year progressed. Graphit Kropfm hl delivered consistent results throughout the year, driven by resiliency in the energy and specialty chemicals markets, but profits were impacted by higher raw material costs. During the fourth quarter, however, demand improved with revenue increasing in both Advanced Materials and Engineering Systems. We remain focused on our long term business strategy and we expect to see a substantial improvement in market conditions in the second half of 2010."
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