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Materion Corp (MTRN) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Materion Corp

CIK: 1104657 Ticker: MTRN


Exhibit 99.1


MATERION CORPORATION REPORTS FOURTH QUARTER AND FULL-YEAR FINANCIAL RESULTS


MAYFIELD HEIGHTS, Ohio - February 26, 2014 - Materion Corporation (NYSE:MTRN) today reported fourth quarter and full-year 2013 results.

The Company today filed a current report on Form 8-K identifying a procedural error in the recording of the results of the Company’s second and third quarter 2013 physical inventory counts. Results for the quarterly and year-to-date periods ending June 28, 2013 and September 27, 2013 will be restated

Fourth quarter 2013 GAAP earnings were $0.18 per share, stronger than the Company’s previously provided guidance of $0.05 to $0.10 per share

Excluding the previously announced costs related to facility and product line rationalizations, fourth quarter adjusted earnings were $0.34 per share, also stronger than the Company’s previously provided guidance of $0.20 to $0.25 per share and sequentially stronger than third quarter 2013 earnings by $0.10 per share

Earnings for the full-year 2014 are expected to be well above those for the full-year 2013 and in the range of $1.75 to $1.95 per share, consistent with previous guidance

CURRENT REPORT ON FORM 8-K

During the year-end review and evaluation of the Company’s regular fourth quarter physical inventory results, a procedural error was identified related to the utilization of a new report from the Company’s enterprise-wide software system. This error first occurred in the recording of the results of the Company’s second quarter 2013 physical inventory count and had gone undetected by the Company’s review processes since then. As a result, operating results of the Company’s Buffalo, New York-based precious metal facility appeared to be within normal tolerance ranges and expectations while they were not.

At this time, the Company believes that the error understated the Company’s book-to-physical adjustment and therefore understated cost of sales for the three months ended June 28, 2013 and for the three months ended September 27, 2013. As a result, second quarter net income was overstated by approximately $4.8 million, or $0.23 per share. Third quarter net income was overstated by approximately $0.1 million, which did not affect reported EPS. A table attached to this press release summarizes the restated quarterly and year-to-date financial information, which is subject to change pending the finalization of the audit.

Over the past several years, the Company has been engaged in several initiatives to improve its internal practices. One such initiative has been the installation of enterprise-wide software systems to upgrade and monitor processes, provide better management information, lower operating costs and improve controls. The implementation of these systems is complete



The following information was filed by Materion Corp (MTRN) on Wednesday, February 26, 2014 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (parentheticals)
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (parenthetical)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (details)
Accumulated Other Comprehensive Income (tables)
Acquisitions
Acquisitions (details Textual)
Common Stock And Stock-based Compensation
Common Stock And Stock-based Compensation (details 1)
Common Stock And Stock-based Compensation (details 2)
Common Stock And Stock-based Compensation (details 3)
Common Stock And Stock-based Compensation (details 4)
Common Stock And Stock-based Compensation (details 5)
Common Stock And Stock-based Compensation (details 6)
Common Stock And Stock-based Compensation (details 7)
Common Stock And Stock-based Compensation (details Textual)
Common Stock And Stock-based Compensation (details)
Common Stock And Stock-based Compensation (tables)
Contingencies And Commitments
Contingencies And Commitments (details Textual)
Contingencies And Commitments (details)
Contingencies And Commitments (tables)
Debt
Debt (details 1)
Debt (details 2)
Debt (details Textual)
Debt (details)
Debt (tables)
Earnings Per Share
Earnings Per Share (details 1)
Earnings Per Share (details)
Earnings Per Share (tables)
Facility Consolidation (details)
Facility Consolidation (tables)
Facility Consolidation Facility Consolidation
Fair Value Information And Derivative Financial Instruments
Fair Value Information And Derivative Financial Instruments (details 1)
Fair Value Information And Derivative Financial Instruments (details Textual)
Fair Value Information And Derivative Financial Instruments (details)
Fair Value Information And Derivative Financial Instruments (tables)
Income Taxes
Income Taxes (details 1)
Income Taxes (details 2)
Income Taxes (details 3)
Income Taxes (details 4)
Income Taxes (details Textual)
Income Taxes (details)
Income Taxes (tables)
Intangible Assets
Intangible Assets (details 1)
Intangible Assets (details 2)
Intangible Assets (details Textual)
Intangible Assets (tables)
Interest
Interest (details Textual)
Interest (details)
Interest (tables)
Inventories
Inventories (details Textual)
Inventories (details)
Inventories (tables)
Leasing Arrangements
Leasing Arrangements (details)
Leasing Arrangements (tables)
Other-net
Other-net (details)
Other-net (tables)
Pensions And Other Post-retirement Benefits
Pensions And Other Post-retirement Benefits (details 1)
Pensions And Other Post-retirement Benefits (details 2)
Pensions And Other Post-retirement Benefits (details 3)
Pensions And Other Post-retirement Benefits (details 4)
Pensions And Other Post-retirement Benefits (details 5)
Pensions And Other Post-retirement Benefits (details 6)
Pensions And Other Post-retirement Benefits (details 7)
Pensions And Other Post-retirement Benefits (details Textual)
Pensions And Other Post-retirement Benefits (details)
Pensions And Other Post-retirement Benefits (tables)
Property, Plant And Equipment
Property, Plant And Equipment (details)
Property, Plant And Equipment (tables)
Quarterly Data (unaudited)
Quarterly Data (unaudited) (details Textual)
Quarterly Data (unaudited) (details)
Quarterly Data (unaudited) (tables)
Segment Reporting And Geographic Information
Segment Reporting And Geographic Information (details 1)
Segment Reporting And Geographic Information (details Textual)
Segment Reporting And Geographic Information (details)
Segment Reporting And Geographic Information (tables)
Significant Accounting Policies
Significant Accounting Policies (details Textual)
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (details)
Ticker: MTRN
CIK: 1104657
Form Type: 10-K Annual Report
Accession Number: 0001104657-14-000062
Submitted to the SEC: Fri Mar 14 2014 1:31:53 PM EST
Accepted by the SEC: Fri Mar 14 2014
Period: Tuesday, December 31, 2013
Industry: Metal Forgings And Stampings

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