Haynes International Inc. (HAYN) reported a fourth-quarter net loss of $3.0 million or $0.25 per share compared to net income of $16.3 million or $1.35 per share last year.
On average, 5 analysts polled by Thomson Reuters expected the company to report a loss of $0.12 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues were $85.6 million compared to $160.8 million a year ago. Analysts expected revenue of $93.08 million for the quarter.
Fiscal 2009 net loss was $52.3 million or $4.36 per share compared to net income of $62.8 million or $5.22 per share last year. Net loss was $9.5 million or $0.78 per share, for fiscal 2009 after excluding a non-cash charge for goodwill impairment.
Net revenues were $438.6 million compared to $637.0 million prior year.
The company also announced that the Board of Directors has initiated a regular quarterly cash dividend of $0.20 per outstanding share of the company's common stock. The dividend is payable December 15, 2009 to stockholders of record at the close of business on December 3, 2009.
The company expects that revenues, for at least the first two quarters of fiscal 2010, will be below the revenue of the fourth quarter of fiscal 2009.
The company believes that its performance through the first two quarters of fiscal 2010 will range from break-even to small losses in each quarter. The company expects that the weakest results will occur in the first quarter of fiscal 2010.
For comments and feedback: editorial@rttnews.com