HAYNES INTERNATIONAL INC

CIK:0000858655|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenues	$ 153,923	$ 143,901	$ 453,738	$ 429,360
Cost of sales	128,384	117,839	376,477	349,382
Gross profit	25,539	26,062	77,261	79,978
Selling, general and administrative expense	12,749	11,832	38,581	35,486
Research and technical expense	1,081	1,008	3,281	3,028
Operating income	11,709	13,222	35,399	41,464
Nonoperating retirement benefit income	(497)	(366)	(1,493)	(1,097)
Interest income	(27)	(17)	(76)	(33)
Interest expense	1,713	2,156	5,960	5,522
Income before income taxes	10,520	11,449	31,008	37,072
Provision for income taxes	2,395	2,690	6,630	8,225
Net income	$ 8,125	$ 8,759	$ 24,378	$ 28,847
Net income per share:
Basic (dollars per share)	$ 0.64	$ 0.69	$ 1.91	$ 2.28
Diluted (dollars per share)	$ 0.63	$ 0.68	$ 1.88	$ 2.24
Weighted Average Common Shares Outstanding
Basic (in shares)	12,660,857	12,611,020	12,653,582	12,551,889
Diluted (in shares)	12,883,613	12,795,844	12,841,203	12,775,535
Dividends declared per common share (dollars per share)	$ 0.22	$ 0.22	$ 0.66	$ 0.66

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 24,378	$ 28,847
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	12,866	13,480
Amortization	297	479
Pension and post-retirement expense	1,634	1,961
Change in long-term obligations	(35)	(50)
Stock compensation expense	2,962	2,410
Deferred revenue	(1,875)	(1,875)
Deferred income taxes	138	(549)
Loss on disposition of property	266	65
Change in assets and liabilities:
Accounts receivable	2,657	10,955
Inventories	27,941	(47,167)
Other assets	(696)	(31)
Accounts payable and accrued expenses	(11,115)	(4,620)
Income taxes	(646)	(3,685)
Accrued pension and postretirement benefits	(6,234)	(6,285)
Net cash (used in) provided by operating activities	52,538	(6,065)
Cash flows from investing activities:
Additions to property, plant and equipment	(17,207)	(11,770)
Net cash used in investing activities	(17,207)	(11,770)
Cash flows from financing activities:
Revolving credit facility borrowings	84,141	101,294
Revolving credit facility repayments	(108,353)	(77,350)
Long term debt borrowings	520
Long-term debt repayments	(520)
Dividends paid	(8,518)	(8,397)
Proceeds from exercise of stock options		8,228
Payment for purchase of treasury stock	(1,541)	(925)
Payment for debt issuance cost		(1,320)
Payments on long-term obligations	(239)	(211)
Net cash provided by (used in) financing activities	(34,510)	21,319
Effect of exchange rates on cash	226	1,007
Increase in cash and cash equivalents:	1,047	4,491
Cash and cash equivalents:
Beginning of period	10,723	8,440
End of period	11,770	12,931
Supplemental disclosures of cash flow information:
Interest (net of capitalized interest)	5,647	4,890
Income taxes paid, net	7,016	12,245
Capital expenditures incurred but not yet paid	1,062	308
Dividends declared but not yet paid	$ 164	$ 239

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 11,770	$ 10,723
Accounts receivable, less allowance for credit losses of $459 and $522 at September 30, 2023 and June 30, 2024, respectively	104,467	106,292
Inventories	388,269	414,077
Income taxes receivable	3,090	2,372
Other current assets	6,304	5,702
Total current assets	513,900	539,166
Property, plant and equipment, net	146,446	142,540
Deferred income taxes	4,074	3,608
Other assets	11,190	10,523
Goodwill	4,789	4,789
Other intangible assets, net	5,358	5,655
Total assets	685,757	706,281
Current liabilities:
Accounts payable	43,744	52,812
Accrued expenses	16,820	18,201
Income taxes payable	377	336
Accrued pension and postretirement benefits	2,940	2,940
Deferred revenue-current portion	2,500	2,500
Total current liabilities	66,381	76,789
Revolving credit facilities - Long-term	90,631	114,843
Long-term obligations (less current portion)	7,145	7,448
Deferred revenue (less current portion)	3,454	5,329
Deferred income taxes	3,763	3,686
Operating lease liabilities	910	362
Accrued pension benefits (less current portion)	10,437	14,019
Accrued postretirement benefits (less current portion)	50,838	49,481
Total liabilities	233,559	271,957
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value (40,000,000 shares authorized, 13,124,401 and 13,208,307 shares issued and 12,731,661 and 12,782,892 shares outstanding at September 30, 2023 and June 30, 2024, respectively)	13	13
Preferred stock, $0.001 par value (20,000,000 shares authorized, none issued)
Additional paid-in capital	280,675	277,713
Accumulated earnings	181,718	165,825
Treasury stock, (392,740 and 425,415 shares at September 30, 2023 and June 30, 2024, respectively)	(17,141)	(15,600)
Accumulated other comprehensive income	6,933	6,373
Total stockholders' equity	452,198	434,324
Total liabilities and stockholders' equity	$ 685,757	$ 706,281