GLOBE SPECIALTY METALS INC

CIK:0001383571|SEC Filings

Condensed Consolidated Income Statements (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Condensed Consolidated Income Statements (Unaudited) [Abstract]
Net sales	$ 174,756	$ 206,083
Cost of goods sold	148,391	168,617
Selling, general, and administrative expenses	17,208	15,565
Business interruption insurance recovery	(1,665)	0
Operating income	10,822	21,901
Other income (expense):
Interest income	61	81
Interest expense, net of capitalized interest	(1,021)	(1,243)
Foreign exchange loss	(864)	(905)
Other income	638	575
Income before provision for income taxes	9,636	20,409
Provision for income taxes	3,929	7,845
Net income	5,707	12,564
Loss (income) attributable to noncontrolling interest, net of tax	283	(862)
Net income attributable to Globe Specialty Metals, Inc.	$ 5,990	$ 11,702
Weighted average shares outstanding:
Basic (in shares)	73,750,649	73,754,164
Diluted (in shares)	73,860,172	73,896,712
Earnings per common share:
Basic (in dollars per share)	$ 0.08	$ 0.16
Diluted (in dollars per share)	0.08	0.16
Cash dividends declared per common share (in dollars per share)	$ 0.08	$ 0.08

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 5,707	$ 12,564
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,277	11,273
Depletion	199	292
Share-based compensation	2,032	2,079
Unrealized foreign exchange gain	(210)	(300)
Amortization of deferred financing fees	48	46
Deferred taxes	(1,246)	3,170
Loss on disposal of fixed assets	2,172	0
Amortization of customer contract liabilities	0	(1,896)
Accretion	66	60
Changes in operating assets and liabilities:
Accounts receivable, net	6,602	8,505
Inventories	(5,244)	(13,636)
Prepaid expenses and other current assets	(1,227)	2,762
Accounts payable	(6,267)	1,989
Accrued expenses and other current liabilities	(1,950)	(893)
Other	(4,797)	(1,126)
Net cash provided by operating activities	9,162	24,889
Cash flows from investing activities:
Capital expenditures	(13,404)	(16,836)
Proceeds from sale of marketable securities	565	7,005
Net cash used in investing activities	(12,839)	(9,831)
Cash flows from financing activities:
Borrowings of short-term debt	930	0
Payments of short-term debt	0	(14)
Payments under revolving credit agreements and other long-term debt	(12)	0
Dividend payment	(5,900)	(5,532)
Proceeds from stock option exercises	60	57
Purchase of treasury shares	0	(242)
Other financing activities	(598)	(646)
Net cash used in financing activities	(5,520)	(6,377)
Effect of exchange rate changes on cash and cash equivalents	379	(78)
Net (decrease) increase in cash and cash equivalents	(8,818)	8,603
Cash and cash equivalents at beginning of period	115,944	97,792
Cash and cash equivalents at end of period	107,126	106,395
Supplemental disclosures of cash flow information:
Cash paid for interest, net of capitalized interest	294	526
Cash paid for income taxes, net of refunds totaling $276 and $281, respectively	$ 577	$ 212

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 107,126	$ 115,944
Marketable securities	4,461	4,965
Accounts receivable, net of allowance for doubtful accounts of $761 and $778 at September 30, 2015 and June 30, 2015, respectively	46,775	54,815
Inventories	121,710	119,732
Deferred tax assets	6,593	6,385
Prepaid expenses and other current assets	21,321	20,501
Total current assets	307,986	322,342
Property, plant, and equipment, net of accumulated depreciation, depletion and amortization	440,011	454,769
Deferred tax assets	744	790
Goodwill	43,343	43,343
Other intangible assets	477	477
Investments in unconsolidated affiliates	5,973	5,973
Other assets	1,517	1,667
Total assets	800,051	829,361
Current liabilities:
Accounts payable	55,324	63,807
Short-term debt	1,883	953
Share-based liabilities	3,002	4,851
Accrued expenses and other current liabilities	43,798	43,687
Total current liabilities	104,007	113,298
Long-term liabilities:
Revolving credit agreements and other long-term debt	100,083	100,095
Deferred tax liabilities	48,183	50,861
Other long-term liabilities	46,077	52,605
Total liabilities	$ 298,350	$ 316,859
Commitments and contingencies (note 9)
Stockholders' equity:
Common stock, $0.0001 par value. Authorized, 150,000,000 shares; issued, 75,647,059 and 75,637,059 shares at September 30, 2015 and June 30, 2015, respectively	$ 8	$ 8
Additional paid-in capital	405,505	403,413
Retained earnings	79,422	79,332
Accumulated other comprehensive loss	(39,393)	(27,876)
Treasury stock at cost, 1,887,069 and 1,887,069 shares at September 30, 2015 and June 30, 2015, respectively	(29,208)	(29,208)
Total Globe Specialty Metals, Inc. stockholders' equity	416,334	425,669
Noncontrolling interest	85,367	86,833
Total stockholders' equity	501,701	512,502
Total liabilities and stockholders' equity	$ 800,051	$ 829,361