EXHIBIT 99.1

 

 

NEWS RELEASE

 

FOR IMMEDIATE RELEASE

 

Contact:

Marcel Martin

 

 

 

Chief Financial Officer and
Vice President of Finance

 

 

 

Haynes International, Inc.

 

 

 

765-456-6129

 

HAYNES INTERNATIONAL, INC. REPORTS

FOURTH QUARTER AND FISCAL 2011 FINANCIAL RESULTS

 

·                                Net revenues of $154.3 million and net income of $11.3 million, or $0.92 per diluted share, for the three months ended September 30, 2011, compared to net revenues of $104.6 million and net income of $5.5 million, or $0.45 per diluted share, for the same period of fiscal 2010.

 

·                                Net revenues of $542.9 million and net income of $31.1 million, or $2.54 per diluted share, for fiscal 2011, compared to net revenues of $381.5 million and net income of $8.9 million, or $0.73 per diluted share, for fiscal 2010.  Net income for fiscal 2011 excluding a non-cash tax charge was $31.9 million, or $2.60 per diluted share.

 

·                                Regular quarterly cash dividend increased 10% to $0.22 per outstanding share of the Company’s common stock.

 

 

KOKOMO, IN, November 17, 2011 — Haynes International, Inc. (NASDAQ GM: HAYN) a leading developer, manufacturer and marketer of technologically advanced high-performance alloys, today reported financial results for the fiscal fourth quarter and twelve months ended September 30, 2011.  In addition, the Company announced that its Board of Directors has authorized a quarterly cash dividend of $0.22 per outstanding share.

 

“Fiscal 2011 was marked by continuing quarter over quarter improvement in results compared to fiscal 2010. We generated net income of $31.1 million for the year, on net revenues of $542.9 million, a significant improvement over fiscal 2010, net income of $8.9 million and net revenues of $381.5 million,” said Mark Comerford, President and Chief Executive Officer. “Net revenues, volume and net income improved in each quarter, as demand in our end markets improved. We are encouraged by the positive trend in our end markets, most notably aerospace, and believe we are well-positioned to compete effectively in the coming year.”

 

Fiscal 2011 Results

 

Net Revenues. Net revenues were $542.9 million in fiscal 2011, an increase of 42.3% from $381.5 million in fiscal 2010, due to increases in volume and average selling price per pound.  Volume was 23.6 million pounds in fiscal 2011, an increase of 32.6% from 17.8 million pounds in fiscal 2010.  The total average selling price was $22.97 per pound in fiscal 2011, an increase of 7.3% from $21.41 per pound in fiscal 2010.  Average selling price increased due to improved customer demand, improved product mix and rising raw material costs, while volume increased due to improved customer demand. The Company’s consolidated backlog was $273.4 million at September 30, 2011, an increase of 84.7% from $148.0 million at September 30, 2010.  This increase reflects the combination of a 50.7% increase in backlog pounds and a 22.6% increase in backlog average selling price.

 


The following information was filed by Haynes International Inc (HAYN) on Thursday, November 17, 2011 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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