16.05.03

16.5.2003: Meldung: Zoltek Reports Second Quarter Results

Zoltek Companies, Inc. (Nasdaq: ZOLT - News) today reported results for the second quarter of fiscal year 2003.Zoltek reported a net loss of $4.3 million on revenues of $16.0 million for the quarter ended March 31, 2003, compared to a net loss of $2.0 million on revenues of $17.5 million, excluding discontinued operations, in the second quarter of fiscal 2002. For the first six months of fiscal 2003, Zoltek reported a net loss of $7.4 million on revenues of $32.9 million, compared with a net loss of $6.4 million on revenues of $34.0 million, excluding discontinued operation, in the comparable period of fiscal 2002.
"While we continue to make progress in the three major targeted application areas with great near-term potential, we still have not reached a point where they are providing a positive impact to our reported results," Zsolt Rumy, Zoltek"s Chairman and Chief Executive Officer, said. "Our concentration on these markets continues to hurt our current performance but I believe our efforts will be rewarded soon. We think that we can begin to generate significant sales in the thermal insulation and fire retardant market by the end of this fiscal year, followed by significant carbon fiber sales in the wind energy and automotive applications beginning during fiscal 2004 year."
"As previously reported, a leading supplier of components to the mattress and bedding industry, selected our fiber for a new line of products designed to meet stricter flammability regulations for mattresses and bedding that is expected to go into effect in 2004. We are partners in the development of carbon fiber reinforced wind blades that are expected to start production in 2004. And our joint development efforts with BMW and several other auto companies should result in significant product introductions in 2004 as well."
However, Rumy added that Zoltek faces significant challenges in improving its operating results during the remainder of fiscal year 2003 and early fiscal year 2004. Management will seek that improvement by meeting current customer indication for products generating cash by aggressively selling the Company"s existing inventory. However, the Company anticipates that markets will continue to be adversely affected by a number of factors, including weak demand in the European textile/acrylic market served by Zoltek Rt. in Hungary, overcapacity and distressed price selling in existing markets for carbon fiber. The downturn in the aircraft brake market due to the airline industry recession has also affected the Company"s short-term performance (Zoltek is the world"s leading supplier of carbon fibers used in advanced commercial and military aircraft braking systems).
Zoltek was not in compliance with the debt coverage covenant under its credit agreements on March 31, and is seeking to obtain a waiver of this covenant from the bank. There can be no assurance that the waiver will be obtained on favorable terms or at all.
The forward-looking statements contained in this press release are inherently subject to risks and uncertainties. Zoltek"s actual results could differ materially from those currently anticipated due to a number of factors, including the Company"s ability to return to operating on a profitable basis, comply with its obligations under its credit agreements, manage its excess carbon fiber production capacity and inventory levels, continue investing in application and market development, manufacture low-cost carbon fibers and profitably market them at decreasing price points and penetrate existing, identified and emerging markets.
Zoltek is an applied technology and materials company. Zoltek"s Carbon Fiber Business Unit is primarily focused on the manufacturing and application of carbon fibers used as reinforcement material in composites, oxidized acrylic fibers for heat/fire barrier applications and aircraft brakes, and composite design and engineering to support the Company"s materials business. Zoltek"s Hungarian-based Specialty Products Business Unit manufactures and markets acrylic fibers, nylon products and industrial materials.

ZOLTEK COMPANIES, INC.
SUMMARY FINANCIAL RESULTS
(Amounts In Thousands Except Per Share Data)
(Unaudited)
Three Months Ended
March 31
2003 2002
Net sales $15,944 $17,448
Gross profit 1,134 2,459
Unused capacity costs 1,431 1,462
Application and development costs 910 964
Operating loss from continuing operations (3,735) (2,601)
Income tax expense 91 27
Net loss from continuing operations (4,282) (2,927)
Discontinued operations:
Operating loss, net of taxes - (382)
Net gain on discontinued operations,
net of taxes - 937
Net loss (4,282) (1,990)
Basic and diluted net loss per share:
Continuing operations (0.26) (0.18)
Discontinued operations - 0.06
Total $(0.26) $(0.12)
Weighted average common and common equivalent
shares outstanding 16,297 16,285
Six Months Ended
March 31
2003 2002
Net sales $32,903 $34,005
Gross profit 3,191 4,411
Unused capacity costs 2,757 3,216
Application and development costs 1,780 1,994
Operating loss from continuing operations (6,563) (5,827)
Income tax expense (benefit) (43) 72
Net loss from continuing operations (7,453) (6,650)
Discontinued operations:
Operating loss, net of taxes - (1,030)
Net gain on discontinued operations,
net of taxes - 289
Net loss (7,453) (6,361)
Basic and diluted net loss per share:
Continuing operations (0.46) (0.41)
Discontinued operations - 0.02
Total $(0.46) $(0.39)
Weighted average common and common equivalent
shares outstanding 16,297 16,285

Source: Zoltek Companies, Inc.
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