Zoltek Reports First Quarter Results
10 Février 2014 - 10:10PM
FOR
IMMEDIATE RELEASE
ST. LOUIS, MISSOURI - February 10, 2014 - Zoltek Companies Inc. (Nasdaq:
ZOLT) today reported financial results for the first quarter of its
2014 fiscal year.
For the first quarter
of fiscal 2014 ended December 31, 2013, Zoltek reported net sales
of $35.0 million, compared to $35.9 million in the first quarter of
fiscal 2013.
Zoltek
reported a net loss of $2.3 million ($0.07 loss per share) in this
year's first quarter, compared to net income of $3.0 million ($0.09
per share) in the first quarter of fiscal 2013 and a net loss of
$0.2 million ($0.00 per share) in the fourth quarter of fiscal
2013. Operating loss for the first quarter of fiscal 2014 was
$0.4 million, a decline from operating income of $3.6 million
reported during the first quarter of fiscal 2013.
On
September 27, 2013, Zoltek entered into an Agreement and Plan of
Merger with Toray Industries, Inc. pursuant to which a wholly-owned
subsidiary of Toray would merger with and into Zoltek, with Zoltek
continuing as the surviving corporation in the merger as a
wholly-owned subsidiary of Toray. At the effective time of
the merger, each issued outstanding share of Zoltek's common stock
will be converted automatically into the right to receive $16.75
per share in cash, without interest. The Agreement and Plan of
Merger and related transactions were approved by the shareholders
of Zoltek at a special meeting of shareholders held January 23,
2014. The only outstanding regulatory approval condition for
completion of the merger is review of the merger by the Committee
on Foreign Investment in the United States (CFIUS). As
previously disclosed, Zoltek has received a notice from CFIUS that
it has undertaken an investigation of the merger which is to be
completed no later than March 3, 2014. Zoltek anticipates
that the merger will close as soon after completion of the CFIUS
review as possible.
Zoltek will not be hosting a conference call in conjunction with
this earnings announcement.
* * *
This press release contains certain statements
that constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. The
words "expect," "believe," "goal," "plan," "intend," "estimate,"
and similar expressions and variations thereof are intended to
specifically identify forward-looking statements. Those statements
include statements regarding the intent, belief or current
expectations of us, our directors and officers with respect to,
among other things: (1) our financial prospects; (2) our growth
strategy and operating strategy, including our focus on
facilitating acceleration of the introduction and development of
mass market applications for carbon fibers; and (3) our current and
expected future revenue. This press release also contains
statements that are based on the current expectations of our
company. You are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those projected in the forward-looking statements as a result of
various factors. The factors that might cause such differences
include, among others, our ability to: (1) successfully adapt to
recessionary conditions in the global economy and substantial
volatility in order rates from our wind energy customers, including
our principal customer Vestas Wind Systems; (2) penetrate existing,
identified and emerging markets, including entering into new supply
agreements with large volume customers; (3) continue to improve
efficiency at our manufacturing facilities on a timely and
cost-effective basis; (4) successfully add new planned capacity for
the production of carbon fiber, prepregs and precursor raw
materials and meet our obligations under long-term supply
agreements; (5) operate profitably; (6) increase or maintain our
borrowing at acceptable costs; (7) manage changes in customers'
forecasted requirements for our products; (8) continue investing in
application and market development for a range of applications; (9)
manufacture low-cost carbon fibers and profitably market them
despite fluctuations in raw material and energy costs; (10)
successfully operate our Mexican facility to produce acrylic fiber
precursor and carbon fibers; (11) successfully continue operations
at our Hungarian facility if natural gas supply disruptions occur;
(12) successfully prosecute patent litigation; (13) successfully
facilitate adoption of our carbon fibers by the auto industry for
use in high-volume applications; (14) establish and grow prepreg
capacity; (15) speed development of low-cost carbon fiber sheet
molding compounds for the automotive industry pursuant to our
global collaborative partnership with Magna Exteriors and
Interiors; (16) resolve possible disputes with a group of
shareholders that filed a Schedule 13D reporting beneficial
ownership of an aggregate of approximately 10.1% of our outstanding
common stock, including the group's request for a special
shareholders meeting to remove the current Board of Directors and
elect new directors; (17) manage and respond to matters relating to
our proposed Merger with Toray Industries, Inc., including without
limitation (a) the occurrence of any event, change or other
circumstances that could give rise to termination of the Merger
Agreement before the Merger is completed; (b) the outcome of any
legal proceedings instituted against Zoltek and others following
announcement of the Merger Agreement; (c) our ability to complete
the proposed Merger due to the failure of Zoltek, Toray or Merger
Sub to satisfy the conditions to the Merger, including, but not
limited to, obtaining the approval of our shareholders, antitrust
approval and other closing conditions; (d) potential employee
retention difficulties as a result of the proposed Merger; (e)
disruption of our operations as a result of the Merger; and (f) our
ability to realize the benefits of the Merger; and; and (18) manage
the risks identified under "Risk Factors" in our filings with the
SEC. Because forward-looking statements are inherently
subject to risks and uncertainties, some of which cannot be
predicted or quantified, you should not rely upon forward-looking
statements as predictions of future events. The events and
circumstances reflected in the forward-looking statements may not
be achieved or occur and actual results could differ materially
from those projected in the forward-looking statements.
For further
information contact:
Andrew Whipple, CFO
3101 McKelvey Road
St. Louis, MO 63044
(314) 291-5110
Q1-2014 Summary
Financials
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Zoltek Companies, Inc. via Globenewswire
HUG#1760644
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