Announces 2009 Non-Cash Goodwill Impairment Chargeand Date for Second Fiscal Quarter 2009 Earnings Release * Goodwill impairment
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Announces 2009 Non-Cash Goodwill Impairment Chargeand Date for Second Fiscal Quarter 2009 Earnings Release * Goodwill impairment charge of $43.7 million recorded in second fiscal quarter * Earnings Release scheduled for close of business, Thursday, May 7, 2009 * Company to host conference call on May 8, 2009 at 9:00 AM ETKOKOMO, Ind., April 24, 2009 (GLOBE NEWSWIRE) -- Haynes International, Inc.(Nasdaq:HAYN) a leading developer, manufacturer and marketer of technologicallyadvanced high performance alloys, announced today that it will record a non-cashgoodwill impairment charge estimated at $43.7 million in the second fiscalquarter ended March 31, 2009. Only $2.3 million of this charge is deductible fortax purposes in future periods with the remaining $41.4 million beingnon-deductible for tax purposes. While the goodwill impairment charge willreduce fiscal 2009 operating results under U.S. generally accepted accountingprinciples, the impairment is a non-cash charge and will not affect theCompany's liquidity position, cash flows from operating activities, orcompliance with its debt covenants As required by U.S.
generally acceptedaccounting principles the Company conducted an interim test for potentialimpairment of goodwill during the second quarter of 2009 due to decliningeconomic and equity market conditions.The Company also announced that it will release second quarter results for theperiod ended March 31, 2009 on Thursday, May 7, 2009, at close of business.Management will host a conference call at 9:00 am ET on Friday, May 8, 2009 todiscuss its second quarter financial results for the quarter ended March 31,2009. Mark Comerford, President and Chief Executive Officer, and Marcel Martin,Chief Financial Officer and Vice President of Finance, will host the call and beavailable to answer questions. To participate, please dial the teleconferencingnumber shown below five minutes prior to the scheduled conference time Date:Friday, May 8, 2009 Time:9:00 a.m Eastern Time8:00 a.m Central Time7:00 a.m Mountain Time6:00 a.m. Pacific Time Dial-In Numbers:877-407-8033 (Domestic) 201-689-8033 (International)A live Webcast of the conference call will be available at those unable to participate a replay will be available from Friday, May 8,2009 at 11:00 a.m Eastern Time, through 11:59 p.m Eastern Time on Friday, May22, 2009. To listen to the replay, please dial: Domestic:877-660-6853 International: 201-612-7415 Replay Access:Account:286Conference: 320897A replay of the Webcast will also be available at Haynes InternationalHaynes International, Inc.
is a leading developer, manufacturer and marketer oftechnologically advanced, high performance alloys, primarily for use in theaerospace, land-based gas turbine and chemical processing industries.The Haynes International, Inc. logo is available at http:// Note Regarding Forward-Looking StatementsThis press release contains statements that constitute "forward-lookingstatements" within the meaning of the Private Securities Litigation Reform Actof 1995, Section 27A of the Securities Act of 1933 and Section 21E of theSecurities Exchange Act of 1934. All statements other than statements ofhistorical fact, including statements regarding industry prospects and futureresults of operations or financial position, made in this press release areforward-looking. In many cases, you can identify forward-looking statements byterminology, such as "may", "should", "expects", "intends", "plans","anticipates", "believes", "estimates", "predicts", "potential" or "continue" orthe negative of such terms and other comparable terminology. The forward-lookinginformation may include, among other information, statements concerning theCompany's outlook for fiscal year 2009 and beyond, overall volume and pricingtrends, cost reduction strategies and their anticipated results, and capitalexpenditures. There may also be other statements of expectations, beliefs,future plans and strategies, anticipated events or trends, and similarexpressions concerning matters that are not historical facts. Readers arecautioned that any such forward-looking statements are not guarantees of futureperformance and involve risks and uncertainties.
Actual results may differmaterially from those in the forward-looking statements as a result of variousfactors, many of which are beyond the Company's control.The Company has based these forward-looking statements on its currentexpectations and projections about future events. Although the Company believesthat the assumptions on which the forward-looking statements contained hereinare based are reasonable, any of those assumptions could prove to be inaccurate.As a result, the forward-looking statements based upon those assumptions alsocould be incorrect. Risks and uncertainties, some of which are discussed in Item1A. of Part 1 to the Company's Annual Report on Form 10-K for the fiscal yearended September 30, 2008, may affect the accuracy of forward-looking statements.The Company undertakes no obligation to publicly update or revise anyforward-looking statements, whether as a result of new information, futureevents or otherwise.-0-CONTACT: Haynes International, Inc. Marcel Martin, Chief Financial Officerand Vice President of Finance 765-456-6129.
ROUYN-NORANDA, QUEBEC, Apr 24 (MARKET WIRE) -- Radisson Mining Resources Inc. ("Radisson" or the "Company") (TSXVENTURE: RDS) announced today the sale of its Destor and Lepineproperties located in Destor township, Quebec, to Clifton Star ResourcesInc (Clifton Star). Consideration to Radisson for the sale of theseproperties is a total of $250,000 cash on closing. Also, Radisson willretain a 2% net smelter return on the Destor property with no right ofbuyback retained by the purchaser. Prior to this transaction, the Lepineproperty bore an underlying 3% NSR held by IAMGOLD Corporation. As partof the transaction with Clifton Star, Radisson acquired the right to buyback and cancel 1/3 of this NSR reducing it to a 2% NSR held by IAMGOLD.The cost to Radisson for this 1% NSR on the Lepine property is $10,000cash and $10,000 in Class A shares of Radisson at a price per share equalto the volume weighted average price of Radisson shares traded on the TSXVenture Exchange over the ten trading days preceding the issuance ofthese shares to IAMGOLD. The Destor and Lepine properties are notconsidered by Radisson to be core properties, but may assist Clifton Starin protecting the ongoing exploration of its nearby Duquesne Mineproperty.The proceeds of this sale will improve Radisson's working capitalposition.
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