USA, FORT LAUDERDALE: Materials USA Holdings Corp. (NYSE: MUSA) these days revealed its outcomes for the three and nine 30 days times finished Sept 30, 2012 and declared that it is starting an every three months cash outcomes on its typical stock.
Net sales for the third quarter of 2012 were $483.7 million, in comparison to net sales of $492.3 million for the third quarter of 2011. Third quarter 2012 deliveries of 381,000 plenty were 11.7% greater than the 341,000 plenty provided during the third quarter of 2011 and considerably above the -1.0% industry figure revealed by the Materials Assistance Middle Institution. Net income for the third quarter of 2012 was $13.7 million, in comparison to net income of $16.7 million in the third quarter of 2011. Earnings per watered down discuss were $0.37 in the third quarter of 2012 in comparison to $0.45 in the third quarter of 2011. Third quarter 2012 outcomes include non-recurring pre-tax costs of $0.01 per watered down discuss, suffered in relationship with the Aug 2012 additional providing of stocks of typical stock by certain investment funds associated with Apollo International Management LLC.
Net sales for the first nine several weeks of 2012 were $1,546.1 million, up 8.1% from net sales of $1,430.2 million for the first nine several weeks of 2011. Shipments for the first nine several weeks of 2012 destroyed 1,197,000 plenty, 12.0% greater than the 1,069,000 plenty provided during the first nine several weeks of 2011. Net income for the first nine several weeks of 2012 was $49.0 million, in comparison to net income of $50.6 million for the first nine several weeks of 2011. Earnings per watered down discuss were $1.31 for the first nine several weeks of 2012, in comparison to $1.36 for the first nine several weeks of 2011.
Lourenco Goncalves, the Organization's Chair, Chief executive and C.E.O., stated: "Despite a third quarter recognized by a poor global company environment and no significant enhancement in the household economic system, Materials USA conducted well and yet again provided powerful outcomes. Our accomplishment of a 12% improve in year-over-year deliveries, that partly balanced out price poor point and related edge pressure, was further proof of our growth strength. We believe our top quality value-added handling and reliable service, along with our focus on keeping sufficient levels of stock to provide current and new clients while other service center companies are out of stock, are driving our ongoing company growth."
Mr. Goncalves continued: "As organized, we repositioned our funds during the third quarter, which led to a loss of net financial debt of more than $50 million, and a rise in our assets to $230 million as of Sept 30. In the process, we prepared our stock mix for a 4th quarter that we do not anticipate to be more intense than the third quarter, other than the normal impact of more slowly periodic activity around Christmas and year-end vacations."
Mr. Goncalves concluded: "As Materials USA is constantly on the provide the right clients in the right end marketplaces, we anticipate to provide another powerful and successful quarter. In addition to further reducing our funds and net financial debt in Q4, we will also keep perform on our growth technique by looking for out natural growth and purchase possibilities that highlight our value including features."
Adjusted EBITDA (as described and determined in the connected table), a non-GAAP economical assess used by Materials USA and its creditors to assess the performance of the company, was $34.9 million for the third quarter of 2012 in comparison to $41.3 million for the third quarter of 2011, and $45.2 million for the second quarter of 2012. Modified EBITDA was $121.1 million for the first nine several weeks of 2012 in comparison to $128.6 million for the first nine several weeks of 2011. As of Sept 30, 2012, the Organization's following 12 30 days Pro Forma Modified EBITDA (as described and determined in the connected table) was $156.7 million.
Metals USA had $213.7 million attracted under its asset-based credit service at Sept 30, 2012 with unwanted option $213.2 million, in comparison to unwanted option $163.8 million at Dec 31, 2011. Net financial debt, a non-GAAP assess described as total excellent financial debt less money hand, was $436.7 million as of Sept 30, 2012, a loss of $50.6 million from the second quarter of 2012. The Organization's Pro Forma Modified EBITDA make use of rate as of Sept 30, 2012 was roughly 2.8x.
Net cash provided by managing activities for the first nine several weeks of 2012 was $49.8 million. Investment costs were $4.8 million for the three several weeks finished Sept 30, 2012 and $13.3 million for the first nine several weeks of 2012.
Earlier these days, the Organization's Panel of Administrators approved the initiation of a frequent yearly cash outcomes due on the Organization's typical stock. The benefits will be declared and compensated quarterly, and the Organization's Panel of Administrators these days declared its first frequent quarterly cash outcomes of $0.06 per discuss. The outcomes will be compensated on Nov 27, 2012 to stockholders of history as of the close of company on Nov 13, 2012, the history date for the outcomes.
Addressing the outcomes, Mr. Goncalves commented: "Our adopting of a frequent cash outcomes shows our ongoing strong economical performance, confidence in our company, economical leads and long-term technique, and our dedication to increase investor value. Our economical outcomes over the past several years illustrate that our company generates powerful cash moves through the pattern. Specifically, we have considerably deleveraged our balance piece and managed a powerful assets position, while simultaneously finishing a number of accretive products and natural investment strategies. We will keep function and handle our company as regular, and we are assured that our powerful free income creation will allow us to proceed deleveraging, perform on our regimented growth technique and pay cash benefits."
The announcement and payment of any upcoming benefits will be at the attention of the Panel of Administrators, subject to the Organization's economical outcomes, cash specifications, and other factors considered appropriate by the Panel of Administrators. Traders are informed that this new outcomes policy is not a assurance that a outcomes will be declared or compensated in any particular period later on.
Conference Contact and Webcast Materials USA has organized a company demand Wednesday, Oct 23, 2012 at 10 a.m. Southern Time. Anyone interested in listening to the decision stay may get accessibility via the Organization's website. A replay of the decision will be available roughly two hours after the stay transmitted finishes and will remain available for 60 days thereafter. To accessibility the replay, switch (888) 286-8010 and get into the pass value 30098804.
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