Aug 14 2006
Neo Material Technologies has reported its financial results for the second quarter ending June 30, 2006. Unless otherwise specified, all currency amounts are expressed as U.S. dollars.
For the three-month period, the Company reported increased sales to $38.7 million and net income of $6.4 million, or $0.08 per share on a basic and fully diluted basis. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) during the quarter increased to $14.4 million. This compares to previously reported first quarter 2006 sales of $37.9 million and net income, EBITDA and earnings per share of $5.3 million, $12.7 million and $0.07 per share, respectively.
For the six-month period, the Company reported sales of $76.6 million and net income of $11.7 million, or $0.15 per share. EBITDA during the six-month period was $27.1 million.
At the end of the second quarter, the Company had $8.3 million in cash and cash equivalents and reduced its long-term debt to $76.3 million, from $84.4 million at the end of the first quarter.
Volumes sold at the Magnequench and Performance Materials divisions continued to be strong during the second quarter with Magnequench posting its fourth consecutive record quarter in volumes at 949 tonnes shipped, representing an 18.5 percent year-over-year increase, while the AMR Performance Materials division shipped 1,509 tonnes, representing a 38.2 percent increase compared to the second quarter of 2005.
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