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Zoltek reports net loss in Q3

Zoltek Companies has reported financial results for the third quarter of its 2013 fiscal year. The net revenues for the quarter ended 30 June 2013, totalled $30.3 million, compared to $48.1 million in the third quarter of fiscal 2012. On a sequential basis, net revenues for the latest quarter decreased from $33.3 million in the second quarter of fiscal 2013. “The cyclical downturn in the wind energy market that began in the fourth quarter of fiscal 2012, continued to negatively affect our sales and operating results in the third quarter. However, in recent weeks we have seen a number of signs that demand in our sector of the wind energy market – supplying carbon fibres used in the manufacture of the biggest and most advanced wind turbines – is picking up again and will show renewed strength through at least the end of calendar year 2013,” said Zsolt Rumy, Zoltek’s Chairman and Chief Executive Officer.

13th August 2013

Innovation in Textiles
 |  St Louis, MO

Transport/​Aerospace, Industrial, Civil Engineering, Construction

Zoltek Companies has reported financial results for the third quarter of its 2013 fiscal year. The net revenues for the quarter ended 30 June 2013, totalled $30.3 million, compared to $48.1 million in the third quarter of fiscal 2012. On a sequential basis, net revenues for the latest quarter decreased from $33.3 million in the second quarter of fiscal 2013.

“The cyclical downturn in the wind energy market that began in the fourth quarter of fiscal 2012, continued to negatively affect our sales and operating results in the third quarter. However, in recent weeks we have seen a number of signs that demand in our sector of the wind energy market – supplying carbon fibres used in the manufacture of the biggest and most advanced wind turbines – is picking up again and will show renewed strength through at least the end of calendar year 2013,” said Zsolt Rumy, Zoltek’s Chairman and Chief Executive Officer.

Figures

Zoltek reported a net loss of $0.9 million in the third quarter of 2013. That compared to net income of $3.3 million in the immediately preceding quarter and to net income of $5.6 million in third quarter of 2012. The company’s operating earnings were $1 million in the latest quarter, compared to $1.7 million in the second quarter of the current fiscal year, and to $6.4 million in the third quarter of fiscal 2012.

Zoltek reported a net loss of $0.9 million in the third quarter of 2013. © Zoltek

For the nine months ended 30 June 2013, Zoltek’s net sales were $99.5 million, compared to $142.1 million in the first nine months of 2012, a decrease of 30%. Operating income for the year-to-date period of 2013 was $6.3 million, compared to $20.3 million in the corresponding period of 2012. Net income for the recent nine months was $5.4 million, compared to $18.6 million in the first three quarters of 2012.

Outlook

Zsolt Rumy commented: “Despite a small third quarter net loss – our first in eight quarters – Zoltek remains cash flow positive from operating activities, with a sound balance sheet.”

“Meanwhile, we continue to invest and make solid progress in our long-term efforts to develop new applications for our low-cost, high-performance carbon fibres in other fields – with automotive leading the list. We are working closely with auto companies, their top-tier suppliers, and composite equipment companies in dozens of trials and demonstration projects,” he added.

www.zoltek.com

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