Haynes International Inc. reported unaudited earnings results for the third quarter and nine months ended June 30, 2009. For the quarter, the company reported net loss of $10,944,000 or $0.91 per diluted share and net revenues of $98,325,000 against net income of $17,564,000 or $1.46 per diluted share and net revenues of $166,340,000 for the same period a year ago. Operating loss was $17,762,000 against loss before income taxes of $17,807,000 against operating loss of $28,291,000 and income before income taxes was $28,269,000 for the same period a year ago. For the nine months, the company reported net loss of $49,309,000 or $4.11 per diluted share and net revenues of $353,042,000 against net income of $46,470,000 or $3.87 per diluted share and net revenues of $476,188,000 for the same period a year ago. Operating income was $56,273,000 against loss before income taxes of $56,769,000 against operating loss of $76,617,000 and income before income taxes was $75,815,000 for the same period a year ago. Net cash provided by operating activities was $30,492,000 against net cash provided by operating activities of $97,028,000 for the same period a year earlier. Additions to property, plant and equipment was $15,041,000 against $7,463,000 for the same period a year earlier. An impairment charge to goodwill of $43.7 million was recorded in the second quarter of fiscal 2009 due to weakening of the U.S. economy and the global credit crisis resulting in a reduction of the company's market capitalization below its total shareholder's equity value for a sustained period of time. The Company also announced that it has reduced its worldwide workforce by 6%, temporarily reduced salaries between 5% and 15% for salaried employees, and eliminated the cash bonus component of the fiscal 2009 management incentive plan. These measures follow actions on January 16, 2009 which reduced the Company's workforce by 12% and froze salaries for all employees. Planned capital spending in fiscal 2009 is expected to be between $10.0 to $12.0 million, compared to an original target of approximately $15.1 million. The Company evaluated planned spending, postponing certain projects and spending until such time as financial conditions improve.

Haynes International Inc. expected to Report Fiscal Year 2009 Results on November 23, 2009. This event was calculated by Capital IQ (Created on August 6, 2009).

Haynes International Inc., Q3 2009 Earnings Call, Aug-07 2009