GLOBE SPECIALTY METALS INC - FORM 8-K - EX-99.1 - PRESS RELEASE Q4 FY15 - August 25, 2015

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Globe Specialty Metals Reports Increased Sales, Continued Margin Expansion,
Strong Cash Generation In Fourth Quarter;
Merger with FerroAtlantica Expected to be Completed during the Fourth Quarter
 

·
Adjusted EBITDA for Q4 of fiscal 2015 of $33.0 million.
·
Adjusted EBITDA Q4 margin increased by 1% to 16%.
·
Sales volume of 72,151 MT and net sales of $202.0 million - a 4% increase over Q3 2015.
·
Cash generated through operations in Q4 was $59.0 million as the net debt position moved to a net cash position of $19.9 million as of June 30, 2015.
·
Adjusted diluted earnings per share for fiscal 2015 attributable to GSM shareholders increased 43% to $0.76 from last year.
·
Adjusted EBITDA and adjusted EBITDA margin for fiscal year 2015 increased 30% and 22% respectively from last year, with adjusted EBITDA and adjusted EBITDA margin increasing from $110.3 million and 15%, to $143.0 million and 18%.
·
Sales volume and net sales for fiscal year 2015 were up 3% and 6% respectively, compared to prior year.
·
The Board of Directors authorized a quarterly dividend of $0.08 per share to be paid on September 24, 2015 to Shareholders of Record as of September 13, 2015.
·
Business combination with FerroAtlantica is expected to be completed during the fourth quarter of 2015.
 
MIAMI, August 25, 2015 – Globe Specialty Metals, Inc. (NASDAQ: GSM) (the “Company”), a leading silicon metal and silicon-based alloy producer, today announced results for the fourth quarter and full year ended June 30, 2015.

For the fiscal year 2015, sales volume was 285,587 metric tons (“MT”), an increase of 3% compared to fiscal year 2014, as demand for silicon metal remained strong.  Net sales of $800.8 million for the period were up 6% compared to the prior year.

In Q4, sales volume and net sales both increased by 4% to 72,151 MT and $202.0 million, respectively, as compared to Q3.

Adjusted EBITDA for fiscal 2015 was $143.0 million, increasing 30% from last year, and adjusted EBITDA margin increased 22% to 18% from last year. Adjusted diluted earnings per share for fiscal 2015 attributable to GSM increased 43% to $0.76 from last year.

Adjusted EBITDA of $33.0 million was flat compared to the fourth quarter of last year; however, adjusted EBITDA margin increased 1% to 16%, due to improved sales mix. On a reported basis, EBITDA for the fourth quarter was $19.9 million, compared to $30.2 million in the prior year and $29.1 million in the third quarter of fiscal 2015.

Reported diluted EPS for fiscal 2015 was $0.42 per share compared to $0.29 per share for fiscal 2014.  Reported diluted EPS for the fourth quarter of fiscal 2015 was $0.03 per share, compared to $0.10 per share in the prior quarter and $0.08 per share in the fourth quarter of fiscal 2014.

Reported net income attributable to GSM for fiscal 2015 was $31.3 million compared to $21.7 million for fiscal 2014.  Reported net income attributable to GSM for the fourth quarter of fiscal 2015 was $1.9 million, compared to $7.7 million in the prior quarter and $6.2 million in the fourth quarter of fiscal 2014.

Adjusted diluted EPS was $0.16 in the fourth quarter, down 11% from the fourth quarter of last year.

Globe CEO Jeff Bradley commented, “Once again GSM’s flexible business model has allowed us to adapt quickly to changing market conditions resulting in strong sales, further margin improvements and significant cash generation.” He added, “We expect to complete our proposed business combination with Grupo FerroAtlántica during the fourth quarter of 2015, which we expect will enable us to capitalize on fast-growing global end-markets such as automotive and solar, while continuing to reduce our cost base and executing on synergies.”

Adjusted EBITDA was as follows:

     
Fourth Quarter
  
Twelve Months
     
FY 2015
  
FY 2014
  
FY 2015
  
FY 2014
Reported EBITDA
   $
19,884
  
30,178
   $
112,360
  
86,794
 
Transaction and due diligence expenses
  
8,152
  
560
  
16,734
  
1,081
 
Siltech idling/start-up costs
  
3,414
  
1,042
  
6,474
  
1,583
 
Business interruption
  
2,900
  
(243)
  
5,252
  
2,454
 
Remeasurement of stock option liability
  
(1,342)
  
(26)
  
(3,410)
  
27,042
 
Contract acquisition cost
  
–
  
1,600
  
–
  
16,000
 
Divestiture indemnification payment
  
–
  
–
  
4,559
  
–
 
Plant relocation
  
–
  
–
  
568
  
–
 
Lease termination
  
–
  
–
  
457
  
–
 
Quebec Silicon lockout costs
  
–
  
–
  
–
  
6,645
 
Variable compensation
  
–
  
–
  
–
  
3,885
 
Remeasurement/true-up of equity compensation
  
–
  
–
  
–
  
200
 
Quebec Silicon curtailment gain
  
–
  
–
  
–
  
(5,831)
 
Bargain purchase gain
  
–
  
–
  
–
  
(29,538)
Adjusted EBITDA, excluding above items
   $
33,008
  
33,111
   $
142,994
  
110,315
 
Fourth quarter after-tax net income fiscal 2015 results were negatively impacted by $5.5 million after-tax for transaction related fees and due diligence expenses, $2.3 million after-tax for Siltech idling costs, and $2.0 million after-tax in business interruption claims, which were partially offset by a credit of $0.9 million after-tax, from the re-measurement of stock option liability.

Cash increased by $43.9 million; as a result of working capital initiatives of $40.3 million, contributing to the decrease in net debt of $44.0 million from the end of the third quarter fiscal 2015 to net cash of $19.9 million.  Cash flow from operating activities in the fourth quarter was $59.0 million, capital expenditures totalled $8.9 million, and dividends totalled $5.9 million.  Capital expenditures were primarily related to maintenance and unplanned outage repairs.  Total debt outstanding increased $0.3 million in the fourth quarter compared to the prior quarter to $101.0 million.  Total cash and cash equivalents and marketable securities were $120.9 million as of June 30, 2015.

Adjusted diluted earnings per share, which excludes the items listed below, were as follows:
     
Fourth Quarter
  
Twelve Months
     
FY 2015
  
FY 2014
  
FY 2015
  
FY 2014
Reported Diluted EPS
   $
0.03
  
          0.08
   $
          0.42
  
          0.29
 
Tax rate adjustment
  
          0.01
  
          0.07
  
0.06
  
0.10
 
Transaction and due diligence expenses
  
          0.07
  
          0.01
  
0.15
  
0.01
 
Siltech idling/start-up costs
  
          0.03
  
          0.01
  
0.06
  
0.01
 
Business interruption
  
          0.03
  
             -
  
0.05
  
0.02
 
Remeasurement of stock option liability
  
         (0.01)
  
             -
  
(0.03)
  
0.25
 
Contract acquisition cost
  
             -
  
          0.01
  
             -
  
0.15
 
Divestiture indemnification payment
  
             -
  
             -
  
0.04
  
             -
 
Plant relocation
  
             -
  
             -
  
0.01
  
             -
 
Quebec Silicon lockout costs
  
             -
  
             -
  
             -
  
0.06
 
Variable compensation
  
             -
  
             -
  
             -
  
0.04
 
Quebec Silicon curtailment gain
  
             -
  
             -
  
             -
  
(0.03)
 
Bargain purchase gain
  
             -
  
             -
  
             -
  
(0.40)
 
Deferred financing fees write-off
  
             -
  
             -
  
             -
  
0.03
Adjusted diluted EPS, excluding above items
   $
0.16
  
0.18
   $
0.76
  
0.53
 
 
 
 
 
Adjusted net income attributable to GSM, which excludes the items listed below, was as follows:

     
Fourth Quarter
  
Twelve Months
     
FY 2015
  
FY 2014
  
FY 2015
  
FY 2014
Reported net income attributable to GSM
   $
1,922
  
6,226
   $
31,320
  
21,703
 
Tax rate adjustment
  
691
  
5,136
  
4,395
  
7,405
 
Transaction and due diligence expenses
  
5,543
  
381
  
11,378
  
734
 
Siltech idling/start-up costs
  
2,322
  
709
  
4,403
  
1,077
 
Business interruption
  
1,972
  
(165)
  
3,571
  
1,669
 
Remeasurement of stock option liability
  
(913)
  
(18)
  
(2,318)
  
18,389
 
Contract acquisition cost
  
–
  
1,088
  
–
  
10,880
 
Divestiture indemnification payment
  
–
  
–
  
3,100
  
–
 
Plant relocation
  
–
  
–
  
386
  
–
 
Lease termination
  
–
  
–
  
311
  
–
 
Quebec Silicon lockout costs
  
–
  
–
  
–
  
4,518
 
Variable compensation
  
–
  
–
  
–
  
2,642
 
Remeasurement/true-up of equity compensation
  
–
  
–
  
–
  
136
 
Quebec Silicon curtailment gain
  
–
  
–
  
–
  
(2,022)
 
Bargain purchase gain
  
–
  
–
  
–
  
(29,538)
 
Deferred financing fees write-off
  
–
  
–
  
–
  
2,281
Adjusted net income attributable to GSM
   $
11,537
  
13,357
   $
56,546
  
39,874
 
Proposed Business Combination with Grupo FerroAtlántica

Globe announced on February 23, 2015, a proposed business combination with Grupo FerroAtlántica, a world-leading producer of silicon metal, silicon alloys and ferroalloys, to create a diversified global player better positioned for growth, along with a broader product offering.  The transaction is subject to customary closing conditions, including Globe shareholder approval and receipt of regulatory approvals in the U.S. and other jurisdictions.  The competition authorities in Germany and South Africa have cleared the transaction and, after discussion with the competition authorities in Spain, the parties determined that a filing is not required in Spain.  The regulatory process continues in the U.S.  The transaction is expected to close in the fourth quarter of 2015.

Dividend

On August 21, 2015, the Company’s board of directors approved a quarterly dividend of $0.08 per share, payable on September 24, 2015 to shareholders of record at the close of business on September 13, 2015.

Conference Call

Globe will review fourth quarter fiscal 2015 results during its quarterly conference call on August 26, 2015 at 9:00 AM Eastern Time.  The dial-in number for the call is 877-293-5491.  International callers should dial 914-495-8526.  Please dial in at least five minutes prior to the call to register.  The call may also be accessed via an audio webcast available on the GSM website at http://investor.glbsm.com.  Click on the Fourth Quarter Fiscal 2015 Earnings Call link to access the call.

About Globe Specialty Metals

Globe Specialty Metals, Inc. is among the world’s largest producers of silicon metal and silicon-based specialty alloys, critical ingredients in a host of industrial and consumer products with growing markets.  Customers include major silicone chemical, aluminum and steel manufacturers, auto companies and their suppliers, ductile iron foundries, manufacturers of photovoltaic solar cells and computer chips, and concrete producers.  The Company is headquartered in Miami, Florida.  For further information please visit our web site at www.glbsm.com.
 
Forward-Looking Statements

This release may contain ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.  Forward-looking statements can be identified by words such as ''anticipates,'' ''intends,'' ''plans,'' ''seeks,'' ''believes,'' ''estimates,'' ''expects'' and similar references to future periods, or by the inclusion of forecasts or projections.  Forward-looking statements are based on the current expectations and assumptions of Globe Specialty Metals, Inc. (the "Company") regarding its business, financial condition, the economy and other future conditions.

Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict.  The Company's actual results may differ materially from those contemplated by the forward-looking statements.  The Company cautions you therefore that you should not rely on any of these forward-looking statements as statements of historical fact or as guarantees or assurances of future performance.  Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions including, among others, changes in metals prices; increases in the cost of raw materials or energy; competition in the metals and foundry industries; environmental and regulatory risks; ability to identify liabilities associated with acquired properties prior to their acquisition; ability to manage price and operational risks including industrial accidents and natural disasters; ability to manage foreign operations; changes in technology; ability to acquire or renew permits and approvals; with respect to the proposed business combination with Grupo FerroAtlantica, the timing to complete the proposed transaction, including the receipt of shareholder approval, and that regulatory approvals required for the proposed transaction may not be obtained on the terms expected or on the anticipated schedule; and other factors identified in the Company’s periodic reports filed with the SEC.

Any forward-looking statement made by the Company or management in this release speaks only as of the date on which it or they make it.  Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them.  The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, unless otherwise required to do so under the law or the rules of the NASDAQ Global Market.

Non-GAAP Measures

EBITDA, adjusted EBITDA, adjusted net income and adjusted diluted earnings per share are non-GAAP measures.

We have included these measures to provide supplemental measures of our performance which we believe are important because they eliminate items that have less bearing on our current and future operating performance and so highlights trends in our core business that may not otherwise be apparent when relying solely on GAAP financial measures.  Reconciliations of these measures to the comparable GAAP financial measures are provided in the attached financial statements.

Important Information

Additional Information and Where to Find It
 
This communication may be deemed to be solicitation material in respect of the proposed transaction among Globe, Grupo Villar Mir, S.A.U., Grupo FerroAtlántica and VeloNewco.  In connection with the proposed transaction, VeloNewco has filed with the SEC a registration statement on Form F-4, which includes a proxy statement of Globe that also constitutes a preliminary prospectus of VeloNewco.  Investors and security holders are urged to read the definitive proxy statement/prospectus, which was filed with the SEC by Globe on August 12, 2015, together with all other relevant documents filed with the SEC, because they will contain important information about the proposed transaction. Investors and security holders are able to obtain the documents (once available) free of charge at the SEC’s website, http://www.sec.gov, or for free from Globe by contacting the Corporate Secretary, Globe Specialty Metals, 600 Brickell Avenue, Suite 3100, Miami, FL 33131, telephone: 786-509-6900 (for documents filed with the SEC by Globe) or from Grupo Villar Mir by contacting Investor Relations, Torre Espacio, Paseo de la Castellana, 259 D 49a, 28046 Madrid, Spain, +34 91 556 7347 (for documents filed with the SEC by Grupo Villar Mir, Grupo FerroAtlántica or VeloNewco).
 
 
 
 
 
 Participants in Solicitation
 
Globe, Grupo Villar Mir, FerroAtlántica and VeloNewco and their directors and executive officers and certain employees may be deemed to be participants in the solicitation of proxies from the holders of Globe common stock with respect to the proposed transaction. Information about Globe’s directors and executive officers is set forth in the proxy statement for Globe’s 2014 Annual Meeting of Stockholders, which was filed with the SEC on October 27, 2014. To the extent holdings of Globe securities have changed since the amounts contained in the proxy statement for Globe’s 2014 Annual Meeting of Stockholders, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Investors may obtain additional information regarding the interest of such participants by reading the proxy statement/prospectus regarding the acquisition (once available). These documents (when available) may be obtained free of charge from the SEC’s website http://www.sec.gov, or from Globe and Grupo Villar Mir using the contact information above.
 
Non-Solicitation
 
This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
 
INVESTOR CONTACTS: Globe Specialty Metals, Inc.

Joe Ragan, 786-509-6925
Chief Financial Officer
Email: jragan@glbsm.com
 
MEDIA CONTACTS: Brunswick Group

Cindy Leggett-Flynn, 212-333-3810
 
 
 

 
GLOBE SPECIALTY METALS, INC.
AND SUBSIDIARIES
Condensed Consolidated Income Statements
(In thousands, except per share amounts)
(Unaudited)
                           
          Twelve Months Ended   Three Months Ended
          June 30,   June 30,   June 30,   March 31,   June 30,
          2015   2014   2015   2015   2014
                           
Net sales
$
800,773
  
752,817
 $
202,021
  
194,653
  
205,360
Cost of goods sold
  
650,677
  
635,735
  
170,522
  
153,793
  
167,816
Selling, general, and administrative expenses
  
88,205
  
92,103
  
24,605
  
25,011
  
17,074
Contract acquisition cost
  
-
  
16,000
  
-
  
-
  
1,600
Curtailment gain
  
-
  
(5,831)
  
-
  
-
  
-
   
Operating income
  
61,891
  
14,810
  
6,894
  
15,849
  
18,870
Other income (expense):
                    
 
Bargain purchase gain
  
-
  
29,538
  
-
  
-
  
-
 
Interest income
  
267
  
67
  
60
  
69
  
34
 
Interest expense, net of capitalized interest
  
(4,343)
  
(8,022)
  
(987)
  
(983)
  
(1,082)
 
Foreign exchange loss
  
(2,669)
  
(3,121)
  
(687)
  
(992)
  
(113)
 
Other income (expense)
  
1,132
  
339
  
(277)
  
620
  
316
   
Income before provision for income taxes
  
56,278
  
33,611
  
5,003
  
14,563
  
18,025
Provision for income taxes
  
21,651
  
7,705
  
2,292
  
6,036
  
10,904
   
Net income
  
34,627
  
25,906
  
2,711
  
8,527
  
7,121
Income attributable to noncontrolling interest, net of tax
  
(3,307)
  
(4,203)
  
(789)
  
(804)
  
(895)
   
Net income attributable to Globe Specialty Metals, Inc.
$
31,320
  
21,703
 $
1,922
  
7,723
  
6,226
Weighted average shares outstanding:
                    
 
Basic
  
73,751
  
74,674
  
73,750
  
73,750
  
73,806
 
Diluted
  
73,892
  
74,793
  
73,907
  
73,881
  
73,949
Earnings per common share:
                    
 
Basic
$
0.42
  
0.29
  
0.03
  
0.10
  
0.08
 
Diluted
  
0.42
  
0.29
 $
0.03
  
0.10
  
0.08
                           
EBITDA:
                    
Net income
$
34,627
  
25,906
 $
2,711
  
8,527
  
7,121
Provision for income taxes
  
21,651
  
7,705
  
2,292
  
6,036
  
10,904
Net interest expense
  
4,076
  
7,955
  
927
  
914
  
1,048
Depreciation, depletion, amortization and accretion
  
52,006
  
45,228
  
13,954
  
13,666
  
11,105
 
EBITDA
$
112,360
  
86,794
 $
19,884
  
29,143
  
30,178
                           
 
 
 
 
 

 
GLOBE SPECIALTY METALS, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
                 
       
June 30,
  
March 31,
  
June 30,
       
2015
  
2015
  
2014
Assets
Current assets:
            
 
Cash and cash equivalents
$
115,944
  
72,067
  
97,792
 
Marketable securities
  
4,965
  
4,571
  
10,399
 
Accounts receivable, net
  
54,815
  
75,958
  
100,829
 
Inventories
  
119,732
  
122,052
  
80,924
 
Deferred tax assets
  
6,385
  
3,779
  
7,042
 
Prepaid expenses and other current assets
  
20,501
  
18,636
  
26,259
   
Total current assets
  
322,342
  
297,063
  
323,245
Property, plant, and equipment, net
  
454,769
  
450,309
  
469,169
Deferred tax assets
  
790
  
778
  
901
Goodwill
  
43,343
  
43,343
  
43,343
Other intangible assets
  
477
  
477
  
477
Investments in unconsolidated affiliates
  
5,973
  
5,973
  
5,973
Other assets
  
1,667
  
1,755
  
2,018
   
Total assets
$
829,361
  
799,698
  
845,126
                 
Liabilities and Stockholders’ Equity
Current liabilities:
            
 
Accounts payable
$
63,807
  
42,838
  
46,613
 
Short-term debt
  
953
  
656
  
59
 
Share-based liabilities
  
      4,851
  
       5,376
  
    12,552
 
Accrued expenses and other current liabilities
  
43,687
  
39,941
  
38,758
   
Total current liabilities
  
113,298
  
88,811
  
97,982
Long-term liabilities:
            
 
Revolving credit agreements and other long-term debt
  
100,095
  
100,113
  
125,145
 
Deferred tax liabilities
  
50,861
  
48,241
  
50,845
 
Other long-term liabilities
  
52,605
  
46,995
  
50,626
   
Total liabilities
  
316,859
  
284,160
  
324,598
Stockholders’ equity:
            
 
Common stock
  
8
  
8
  
8
 
Additional paid-in capital
  
403,413
  
402,234
  
398,685
 
Retained earnings
  
79,332
  
83,310
  
70,875
 
Accumulated other comprehensive loss
  
(27,876)
  
(26,251)
  
(5,377)
 
Treasury stock at cost
  
(29,208)
  
(29,208)
  
(28,966)
   
Total Globe Specialty Metals, Inc. stockholders’ equity
  
425,669
  
430,093
  
435,225
 
Noncontrolling interest
  
86,833
  
85,445
  
85,303
   
Total stockholders’ equity
  
512,502
  
515,538
  
520,528
   
Total liabilities and stockholders’ equity
$
829,361
  
799,698
  
845,126
 

 
 
 
 



GLOBE SPECIALTY METALS, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
                             
           
Twelve Months Ended
  
Three Months Ended
             June 30,    June 30,    June 30,    March 31,    June 30,
             2015    2014    2015    2015    2014
                             
Cash flows from operating activities:
                    
 
Net income
$
   34,627
  
    25,906
   $
       2,711
  
       8,527
  
       7,121
 
Adjustments to reconcile net income
                    
 
to net cash provided by operating activities:
                    
   
Depreciation, depletion, amortization and accretion
  
   52,006
  
    45,228
  
     13,954
  
     13,666
  
     11,105
   
Share-based compensation
  
     4,648
  
       (729)
  
       1,179
  
          432
  
          546
   
Curtailment gain
  
           -
  
(5,831)
  
             -
  
             -
  
             -
   
Bargain purchase gain
  
           -
  
  (29,538)
  
             -
  
             -
  
             -
   
Amortization of deferred financing fees
  
        191
  
      3,668
  
            61
  
            42
  
            47
   
Unrealized foreign exchange loss (gain)
  
        183
  
         373
  
           (59)
  
          206
  
         (100)
   
Deferred taxes
  
     4,117
  
      3,731
  
       1,127
  
     (1,655)
  
          386
   
Amortization of customer contract liabilities
  
    (3,727)
  
    (7,183)
  
             -
  
             -
  
      (1,890)
   
Changes in operating assets and liabilities:
                    
     
Accounts receivable, net
  
   43,309
  
  (16,673)
  
     21,430
  
   (10,177)
  
      (4,967)
     
Inventories
  
  (45,000)
  
    21,973
  
       1,259
  
     (6,926)
  
      (3,254)
     
Prepaid expenses and other current assets
  
     1,798
  
      4,074
  
      (1,309)
  
       3,664
  
          148
     
Accounts payable
  
   15,116
  
      7,251
  
     17,596
  
       1,339
  
       3,277
     
Accrued expenses and other current liabilities
  
       (486)
  
      6,080
  
            166
  
        (516)
  
       6,125
     
Other
  
     2,467
  
      4,226
  
          850
  
     (1,086)
  
       2,796
       
Net cash provided by operating activities
  
109,249
  
62,556
  
58,965
  
7,516
  
21,340
Cash flows from investing activities:
                    
 
Capital expenditures
  
  (50,019)
  
  (47,075)
  
      (8,856)
  
   (10,529)
  
    (19,057)
 
Acquisition of businesses, net of cash acquired
  
           -
  
    (3,800)
  
             -
  
             -
  
             -
 
Proceeds from sale (purchase) of marketable securities
  
     7,776
  
  (13,396)
  
         (550)
  
          971
  
      (7,555)
       
Net cash used in investing activities
  
  (42,243)
  
  (64,271)
  
      (9,406)
  
     (9,558)
  
    (26,612)
Cash flows from financing activities:
                    
 
Net borrowings (payments) of short-term debt
  
        844
  
       (225)
  
          279
  
          575
  
            44
 
Net (payments) borrowings on revolving credit agreements
  
  (25,000)
  
  (14,105)
  
             -
  
   (25,000)
  
          145
 
Debt issuance costs
  
           -
  
    (1,080)
  
             -
  
             -
  
             -
 
Dividend payment
  
  (22,863)
  
  (21,456)
  
      (5,900)
  
     (5,900)
  
      (5,541)
 
Proceeds from stock option exercises
  
          80
  
         180
  
             -
  
             -
  
             -
 
Purchase of treasury shares
  
       (242)
  
  (28,962)
  
             -
  
             -
  
      (2,348)
 
Other financing activities
  
(2,572)
  
    (2,960)
  
         (647)
  
        (633)
  
      (1,043)
       
Net cash used in financing activities
  
(49,753)
  
  (68,608)
  
      (6,268)
  
   (30,958)
  
      (8,743)
Effect of exchange rate changes on cash and cash equivalents
  
899
  
    (1,561)
  
          586
  
          534
  
      (1,115)
       
Net increase (decrease) in cash and cash equivalents
  
18,152
  
  (71,884)
  
     43,877
  
   (32,466)
  
    (15,130)
Cash and cash equivalents at beginning of period
  
97,792
  
  169,676
  
     72,067
  
   104,533
  
   112,922
Cash and cash equivalents at end of period
$
115,944
  
    97,792
   $
   115,944
  
     72,067
  
     97,792
                             
Supplemental disclosures of cash flow information:
                    
 
Cash paid for interest, net
$
     1,855
  
      3,938
   $
          423
  
          372
  
       1,155
 
Cash paid (refunded) for income taxes, net
  
   11,513
  
    (6,212)
  
          347
  
       1,254
  
         (230)
 
 

 
 
 


GLOBE SPECIALTY METALS, INC.
AND SUBSIDIARIES
Supplemental Statistics
(Unaudited)
                           
         
Twelve Months Ended
  
Three Months Ended
     June 30,    June 30,    June 30,    March 31,    June 30,
     2015    2014    2015    2015    2014
Shipments in metric tons:
                    
 
Silicon metal
  
155,673
  
136,664
  
39,536
  
38,285
  
36,884
 
Silicon-based alloys
  
129,914
  
141,327
  
32,615
  
30,949
  
38,530
   
Total shipments*
  
285,587
  
277,991
  
72,151
  
69,234
  
75,414
                           
Average selling price ($/MT):
                    
 
Silicon metal
   $
2,896
  
2,766
   $
2,927
  
2,934
  
2,797
 
Silicon-based alloys
  
2,011
  
2,002
  
1,957
  
2,008
  
2,009
   
Total*
   $
2,493
  
2,378
   $
2,489
  
2,520
  
2,395
Average selling price ($/lb.):
                    
 
Silicon metal
   $
1.31
  
1.25
   $
1.33
  
1.33
  
1.27
 
Silicon-based alloys
  
0.91
  
0.91
  
0.89
  
0.91
  
0.91
   
Total*
   $
1.13
  
1.08
   $
1.13
  
1.14
  
1.09
                           
* Excludes by-products and other
                    

 
 
 

GLOBE SPECIALTY METALS INC Reports