EXHIBIT 99.1

untitled

NEWS RELEASE

FOR IMMEDIATE RELEASE

Contact:

Daniel Maudlin

Vice President of Finance and Chief Financial Officer

Haynes International, Inc.

765-456-6102

HAYNES INTERNATIONAL, INC. REPORTS

FOURTH QUARTER AND FISCAL 2020 FINANCIAL RESULTS

Increase in net cash of $11.8 million during the fourth quarter. Combined third and fourth quarter net cash increase of $24.8 million.  The Company is expecting to continue to generate cash through inventory reductions during fiscal 2021.
Sequentially, gross margins improved from 3.3% in the third quarter to 4.9% in the fourth quarter, despite lower volumes.  The Company continues to successfully focus on cost, yield and pricing improvement initiatives.  Fourth quarter gross margins were below fourth quarter of fiscal 2019 gross margins of 16.4% with significant gross margin compression due to unfavorable fixed cost absorption caused by the low volumes produced in our facilities.  
Fourth quarter net revenues of $79.9 million compared to net revenues of $129.6 million for the same period of fiscal 2019, driven by the continued impact of the COVID-19 pandemic which is most pronounced in the aerospace market.  Fiscal year 2020 net revenues of $380.5 million compared to net revenues of $490.2 million for fiscal 2019.
Fourth quarter net loss of $(5.7) million, or $(0.46) per diluted share, compared to net income of $6.0 million, or $0.48 per diluted share, for the same period of fiscal 2019.  Fiscal year 2020 net loss of $(6.5) million, or $(0.53) per diluted share, compared to net income of $9.7 million, or $0.78 per diluted share, for fiscal 2019.
Strong total liquidity of approximately $167.2 million with cash at September 30, 2020 of $47.2 million and approximately $120 million available on the credit facility.  Subsequent to year-end, the Company replaced the $120 million credit facility with a new three year $100 million facility.
Backlog of $153.3 million at September 30, 2020, a decrease of 12.2% from $174.6 million at June 30, 2020, and a decrease of 34.8% from $235.2 million at September 30, 2019.
Capital investment in fiscal 2020 of $9.4 million and forecast for capital spending in fiscal 2021 of $10.0 million.
Regular quarterly cash dividend of $0.22 per outstanding share of the Company’s common stock declared.

The following information was filed by Haynes International Inc (HAYN) on Thursday, November 19, 2020 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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