Zoltek has reported a net loss of $2.3 million in this year’s first quarter, compared to net income of $3 million in the first quarter of fiscal 2013 and a net loss of $0.2 million 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.

Zoltek has also reported a loss in sales that amounted to $35 million for the first quarter of its 2014 fiscal year, ended 31 December 2013. This compares to $35.9 million in the first quarter of fiscal 2013.

Plan of merger

Zoltek entered into an Agreement and Plan of Merger with Toray Industries on 27 September 2013. Zoltek would continue as the surviving corporation in the merger as a wholly-owned subsidiary of Toray following the agreement.

The agreement and related transactions were approved by the shareholders of Zoltek at a special meeting of held in January. The only outstanding regulatory approval condition for completion of the merger is the review of the merger by the Committee on Foreign Investment in the United States (CFIUS).

Zoltek has previously received a notice from CFIUS that it has undertaken an investigation of the merger, which is to be completed no later than 3 March 2014. Zoltek anticipates that the merger will close as soon after completion of the CFIUS review as possible.

Zoltek

Zoltek Companies is engaged in the development, manufacture and marketing of carbon fibres for various applications, such as the primary building material in commercial products.

Zoltek sells its commercial grade carbon fibres under the Panex trade name and our oxidised acrylic fibre under the Pyron trade name.

www.zoltek.com