OUCH! Closed the day at $25.94 down 20.5%
Zoltek Reports First Quarter Results
Monday February 11, 7:30 pm ET
ST. LOUIS, Mo., Feb. 11, 2008 (PRIME NEWSWIRE) -- Zoltek Companies, Inc. today reported results for the first quarter of its 2008 fiscal year ended December 31, 2007.
Zoltek's net sales for the quarter totaled $40.1 million, compared to $30.3 million in the first quarter of fiscal 2007 and to $43.6 million in the fourth quarter of fiscal 2007. Operating income from continuing operations before litigation charge totaled $4.8 million, compared to $3.0 million in the first quarter of fiscal 2007 and to $7.9 million in the fourth quarter of fiscal 2007. Zoltek's net income was $2.6 million in the first quarter of fiscal 2008, which compared to net losses of $5.7 million and $1.8 million reported for the first and fourth quarters of fiscal 2007, respectively.
Zsolt Rumy, Zoltek's Chairman and Chief Executive Officer, said that although management had expected sales in the recent quarter to approximate the level reported for the immediately preceding quarter, volume was constrained by customer plant shutdowns in Europe over the holiday season and by year-end inventory adjustments by several customers who previously had built up their inventories to address concerns regarding possible shortages. ``With our increasing capacity, our customers are more confident that we will be able to supply all their requirements and, consequently, they worked down some safety stocks. Overall demand for our low-cost, high-performance carbon fibers remains strong and we are optimistic that we can reach our sales objective for fiscal 2008,'' Rumy said.
``Longer term, we expect that over the next few years our growth trends will continue and we will achieve our sales and profitability targets,'' Rumy said.
Zoltek will host a conference call to review first quarter results and answer questions on Tuesday, February 12, 2008, at 10:00 am CT. The conference dial-in number is (800) 795-1259. The confirmation code is 4179867. Individuals who wish to participate should dial in 5 to 10 minutes prior to the scheduled start time. |
