Business
5N Plus Inc. Reports Net Earnings of $34 million and $0.41 per Share for the Second Quarter Ended June 30, 2013
MONTREAL , July 31, 2013 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP), the leading producer of s...
About this update from 5n Plus Inc.
[{"type":"text","content":"\n\n\nMONTREAL, July 31, 2013 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP), the\n leading producer of specialty metal and chemical products, today\n reported financial results for the second quarter ended June 30, 2013.\n\n\n\nNet earnings were $34.3 million in the quarter or $0.41 per share\n compared to ($22.1) million or ($0.30) per share in Q2 2012. The\n non-recurring gain recorded in Q2 2013 related to the settlement of the\n purchase price of MCP announced on June 18, 2013 was partially offset\n by an inventory impairment charge of $10.2 million. Net earnings for\n YTD 2013 were $39.8 million or $0.47 per share compared to ($17.2) or\n ($0.24) per share for YTD 2012.\n\n\n\n\nNet debt1 decreased to $84.7 million down from $136.5 million on December 31,\n 2012 and $175.8 million on June 30, 2012. Total debt also decreased to\n $102.5 million down from $148.4 million on December 31, 2012 and $187.6\n million on June 30, 2012.\n\n\n\n\nAdjusted EBITDA1 was $6.5 million in the quarter and $16.7 million for the six-month\n period ended June 30, 2013 which compares with $5.6 million and $22.5\n million for the corresponding periods of the previous fiscal year.\n\n\n\n\nRevenues for the second quarter and the six-month period ending June 30,\n 2013 were $112.6 million and $231.0 million which compares with $140.1\n million and $302.3 million for the corresponding periods of the\n previous fiscal year following a trend of decreasing underlying\n commodity pricing.\n\n\n\n\nThe backlog1 decreased to $153.3 million as at June 30, 2013 compared to $189.0\n million one year ago also following a trend of decreasing underlying\n commodity pricing.\n\n\n\n\nOn June 11, 2013, 5N Plus announced that it will invest in a new gallium\n chemicals facility to be located in South Korea, one of the fastest\n growing regions for electronics manufacturing in the world. This\n initiative is being taken to meet the growing demand for gallium in LED\n manufacturing in North East Asia.\n\n\n\n\nOn July 9, 2013, 5N Plus announced that it had signed an exclusive\n option to acquire all of the issued and outstanding shares in the\n capital of AM&M Advanced Machine and Materials Inc., an Ontario based\n corporation specialized in the manufacturing of micron size metallic\n powders which can be used in a variety of electronic markets, including\n solder powd...