04 Jul 13. Kyrgyzstan’s parliament has voted to allow the government to sell off the Dastan torpedo factory, with Russia being the most likely buyer it emerged on 4 July. Negotiations between the central Asian state and Russia have been ongoing for several years, but stalled due to Russian insistence on the acquisition of a controlling stake in the plant. Bishkek, for its part, has previously said it wants to sell just a 48% stake in exchange for cancelling its debts to Russia of USD180m. Dastan manufactures the Shkval high-speed cavitating torpedo, used in Russian attack submarines.
“Until today the government has only controlled 48% of the shares,” Kyrgystan’s Economics Minister Temir Sariev said, in comments reported by the Kommersant news service. (Source: Jane’s)
09 Jul 13. GenCorp Inc. (GY) reported results for the second quarter ended May 31, 2013. The Company provides Non-GAAP measures as a supplement to financial results based on accounting principles generally accepted in the United States (“GAAP”). A reconciliation of the Non-GAAP measures to the most directly comparable GAAP measures is included at the end of the release. Net sales for the second quarter of fiscal 2013 totaled $286.6m compared to $249.9m for the second quarter of fiscal 2012. Net loss for the second quarter of fiscal 2013 was $11.8m, or $0.20 loss per share, compared to net income of $1.7m, or $0.03 diluted income per share, for the second quarter of fiscal 2012. Adjusted EBITDAP (Non-GAAP measure) for the second quarter of fiscal 2013 was $30.6m or 10.7% of net sales, compared to $26.7m or 10.7% of net sales, for the second quarter of fiscal 2012. Segment performance (Non-GAAP measure) before environmental remediation provision adjustments, retirement benefit plan expense, and unusual items was $37.4m for the second quarter of fiscal 2013, compared to $28.5m for the second quarter of fiscal 2012. Cash provided by operating activities in the second quarter of fiscal 2013 totaled $12.0m, compared to $29.3 m in the second quarter of fiscal 2012. Free cash flow (Non-GAAP measure) in the second quarter of fiscal 2013 totaled ($0.6)m, compared to $23.6m in the second quarter of fiscal 2012. As of May 31, 2013, the Company had $102.8m in net debt (Non-GAAP measure) compared to $99.8 m as of May 31, 2012. As of May 31, 2013, the Company had $707.4m of debt outstanding. Funded backlog was $1,014 m as of May 31, 2013 compared to $1,018m as of November 30, 2012. The net loss for the second quarter of fiscal 2013 compared to the comparable prior year period was primarily driven by the following: (i) $6.8 m increase in interest expense primarily related to the financing of the acquisition of United Technologies Corporation’s (“UTC”) Pratt & Whitney Rocketdyne (the “Rocketdyne Business”); (ii) expenses of $6.4 m incurred in the second quarter of fiscal 2013 related to the acquisition the Rocketdyne Business; (iii) $5.8m increase in non-cash retirement benefit expense; and (iv) $1.8m increase in stock-based compensation primarily due to increases in the fair value of the Company’s stock appreciation rights. (Source: Yahoo!/GLOBE NEWSWIRE)
09 Jul 13. Firan Technology Group Corporation (FTG.TO) announced financial results for the second quarter 2013. Grew Aerospace sales by more than 30% in Q2 2013, compared to Q2 2012, Invested $0.7m in R&D, and $0.3m in start-up losses in the quarter and returned to profitability Shipped four sets of cockpit control panel assemblies to SAVIC for C919 single aisle aircraft program for use in their ground test program Established a joint venture with Tianjin Printronics Circuits Corp (TPC) to expand and enhance its circuit offering to Aerospace customers. Second Quarter Results: (three months ended May 31, 2013 compared with three months ended June 1, 2012). For FTG overall, sales decreased by $0.2m (1%), from $14.4m in Q2 2012 to $14.2m in Q2 2013. For the first six months, sales were $27.3m, a decrease of $0.6m or 2% ove