Business
5N Plus reports financial results for the second quarter ended June 30, 2015
MONTREAL , Aug. 4, 2015 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP),   the leading produ...
About this update from 5n Plus Inc.
[{"type":"text","content":"\n\nMONTREAL, Aug. 4, 2015 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP),  the leading producer of specialty metal and chemical products, today reported financial results for the second quarter ended June  30, 2015.\n\n\nRevenues for the second quarter and six-month period ended June 30, reached $87.3 million and $182.9 million down from $136.6 million and $279.0 million for the corresponding periods of the previous fiscal year, negatively impacted by underlying commodity pricing trends. \nAdjusted EBITDA1 for the second quarter and the six-month period ended June 30, 2015 reached $2.0 million and $2.2 million down from $10.8 million and $21.3 million for the corresponding period of the previous fiscal year, also negatively impacted by underlying commodity pricing trends. \nNet loss for the second quarter and the six-month period ended June 30, 2015 reached $20.5 million and $22.4 million compared to net earnings of $4.4 million and $9.0 million for the corresponding period of the previous fiscal year. The loss for the second quarter of 2015 is negatively impacted by an accelerated amortization of $11.8 million of selected intangible assets and an inventory impairment charge of $6.5 million associated with selenium and bismuth. \nNet debt1 decreased by $16.5M in the quarter and stood at $58.4 million as at June 30, 2015, down from $84.0 million as at December 31, 2014, positively impacted by working capital management. \nBacklog1 as at June 30, 2015 stood at 137 days of sales outstanding up by 15 days and 37 days when compared to the backlog level on December 31, 2014 and June 30, 2014. \nJacques L'Ecuyer, President and Chief Executive Officer, said \"Demand for most of our products remained strong during the second quarter with shipments, backlog and booking levels in line with expectations.  Adjusted EBITDA figures improved somewhat over the first quarter figures driven by initiatives aimed at reducing costs and inventory levels leading to a another sizeable reduction of $16.5M in net debt levels during the quarter which now stands at $58.4M. We plan on continuing to reduce debt.\"\n\nMr. L'Ecuyer continued, \"The overall financial performance of the company remains very disappointing however as relentless erosion in underlying commodity prices, which have now fallen by more than 40% since the beginning of the year, co...