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nanotimes
Companies Facts
• $104 Million of Liquidity at Year End; • $10 Million of Debt Repaid in Fourth Quarter; • Expected 2012 Adjusted EBITDA of $85 million to $95 million.
Total revenue from continuing operations was $592.0 million for fiscal year 2011, down 1% from $598.2 million for fiscal year 2010. Gross profit from continuing operations decreased 13% to $149.9 mil- lion in fiscal 2011 from $171.8 million in fiscal 2010. Operating income from continuing operations for fiscal 2011, adjusted for the second quarter Boynton litigation expense of $15.0 million and the restruc- turing charges described above was $24.8 million, compared to operating income of $33.9 million for fiscal 2010. Fiscal 2011 loss from continuing ope- rations increased to $(133.9) million, or $(2.21) per diluted share, from $(21.1) million, or $(0.35) per diluted share for fiscal 2010.
Moreover, Headwaters has repurchased and can- celed $6.5 million in aggregate principal amount of its 2.5% Convertible Subordinated Notes due 2014 for consideration of approximately $4.7 million pursuant to an open market transaction. After the closing of the note purchase, Headwaters has $114.4 million aggregate principal amount of the 2.5% Notes remaining.
“We continue to opportunistically repurchase our debt to strengthen our balance sheet and improve future cash flow,” stated Don P. Newman, Chief Financial Officer of Headwaters Incorporated. “Last year we repurchased over $24.4 million of debt, reducing interest expense by over $3.7 million annually. This week we repurchased $6.5 million of our 2.5% Notes reducing our annual cash interest
expense by approximately $0.2 million annually. The Notes have been trading in the 70 to 75 range and presented an attractive yield for Headwaters, as we purchase the Notes at a discount to the face amount. The Company‘s liquidity (including cash on hand and availability under its ABL Revolver) after the repurchase is approximately $86 million.“
11-10 :: October 2011
© IBM I
BM (NYSE: IBM) announced third-quarter 2011 diluted earnings of $3.19 per share, compared
with diluted earnings of $2.82 per share in the third quarter of 2010, an increase of 13%.