Exhibit 99.1

 

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AGY Holding Corp. Reports 2012 Second Quarter

Consolidated Results

AIKEN, SOUTH CAROLINA – (August 14, 2012)

– AGY Holding Corp. (“AGY” or the “Company”) today announced consolidated results for the three months ended June 30, 2012.

“During the second quarter, our AGY US business segment was able to maintain the EBITDA pace set during the first quarter, while we continued to execute with sound fundamentals and implement significant operational improvements,” said Richard Jenkins, Interim CEO, AGY Holding Corp. “We have made a deliberate effort to improve our product mix by focusing on our more profitable product sets. We also maintained our focus on improving production performance through the implementation of better planning and processes, measures to ensure production quality and continued cost cutting.” In looking to the future, Mr. Jenkins added, “Our New Business Development and Science and Technology teams are focused on further development of our high end specialty product portfolio with a focus on the market demands of our specialty material customer needs. AGY has also successfully implemented several financial measures to improve liquidity.” Lastly, Mr. Jenkins added, “we have stabilized our operating performance and prepared ourselves for the second half of 2012.”

 

Summary Financial Performance    Three months ended
June 30,
    Six months ended
June 30,
 
($ in millions)    2012     2011     2012     2011  

Net Sales

   $ 46.5     $ 50.0     $ 93.6     $ 94.9  

Income (loss) from operations

     1.1       (0.3     (1.5     (1.6

Net loss

     (4.9     (6.2     (13.3     (13.2

Net loss attributable to AGY Holding Corp.

     (4.8     (6.1     (13.2     (13.0

Non-GAAP measures:

        

EBITDA(1)

     3.9       3.8       4.2       6.5  

Adjusted EBITDA(1)

     8.0       6.2       14.9       10.8  

Adjusted EBITDA attributable to AGY Holding Corp.(2)

     7.5       5.5       14.0       9.7  

Adjusted EBITDA margin attributable to AGY Holding Corp.(3)

     16.1     11.0     15.0     10.2

See Appendix D where EBITDA and Adjusted EBITDA are defined and reconciled from net loss (income) determined under GAAP.

 

(1)

Management uses EBITDA and Adjusted EBITDA, which are non-GAAP financial measures, to measure operating performance.

(2)

Adjusted EBITDA attributable to AGY Holding Corp. excludes the portion of Adjusted EBITDA attributable to the non-controlling interest.

(3)

Adjusted EBITDA margin attributable to AGY Holding Corp. is calculated by dividing Adjusted EBITDA attributable to AGY Holding Corp by net sales.

 

-1-


The following information was filed by Agy Holding Corp. (AGYH) on Tuesday, August 14, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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