5N Plus Inc. Reports Results for Quarter and Fiscal Year Ended December 31, 2012

About this update from 5n Plus Inc.

[{"type":"text","content":"\n\n\n\n\n\nMONTREAL, March 28, 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 quarter and fiscal year ended\n December 31, 2012 and announced that it has amended its senior secured\n multi-currency revolving credit facility.\n\n\nOn August 24, 2011, the Company changed its financial year-end date from\n May 31 to December 31. As a result, the year ended December 31, 2011\n comprises seven months.\n\n\n\nGenerated strong cash flow from operating activities of $101.8 million\n in 2012. Net debt amounted to $136.6 million on December 31, 2012\n compared to $260.6 million on December 31, 2011 and decreased by $4\n million in the fourth quarter 2012 and by $124 million during 2012.\n Total debt amounted to $148.4 million on December 31, 2012 compared to\n $341.9 million on December 31, 2011 and decreased by $1.4 million in\n the fourth quarter 2012 and by $193.5 million in 2012.\n\n\n\n\nAdjusted EBITDA for the fourth quarter 2012 was $6.4 million, a 10.4%\n decrease over Adjusted EBITDA of $7.1 million for the fourth quarter\n 2011. Adjusted EBITDA in 2012 was $37.9 million compared to $37.4\n million for the seven-month period ended December 31, 2011.\n\n\n\n\nThe Company recorded in the fourth quarter 2012 goodwill and other\n non-current asset impairment charges of $204.8 million due to\n longer-than-anticipated pricing softness in minor metals and a\n significant reduction in the market capitalization of the Company. This\n resulted in a net loss of $212.0 million in the quarter and a net loss\n of $227.9 million for 2012. This compares with net losses of $37.2\n million and $22.5 million for the quarter and seven-month period ended\n December 31, 2011. Excluding impairment charges and reversals,\n restructuring costs and acquisition costs net of the related income\n tax, adjusted net earnings resulted in a loss of $6.9 million in the\n fourth quarter 2012, of $2.9 million for 2012 which compares to\n adjusted net earnings (loss) of ($0.1) million and $16.5 million for\n the quarter and seven-month period ended December 31, 2011.\n\n\n\n\nRevenues for the fourth quarter 2012 were $128.6 million, a 13.9%\n decrease over revenues of $149.4 million for the fourth quarter 2011. \n Revenues for 2012 increased to $551.7 mill...

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