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AGY Holding Corp. Announces 2009 First Quarter Results and Bondholder and Investor Conference Call.

Article Excerpt
AIKEN, S.C. -- AGY Holding Corp. (Pink Sheets: AGYH) ("AGY" or the "Company") reports its 2009 first quarter results.

* First quarter 2009 revenue of $39.6 million reflects a 31.7% decrease over the first quarter of 2008 due to lower demand across a number of market segments.

* Income from operations for the first quarter of 2009 was $0.3 million, compared to $4.3 million for the same quarter last year.

* Adjusted EBITDA of $8.8 million for the first quarter of 2009 decreased 17.8% when compared to the first quarter of 2008 primarily as a result of lower volumes. EBITDA margin increased to 22.2% of net sales primarily due to a favorable product mix and a continued focus on cost-reduction initiatives and productivity improvements.

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See Appendix D where EBITDA and Adjusted EBITDA are defined and reconciled from net income (loss) determined under GAAP.

(1) Management uses EBITDA and Adjusted EBITDA, which are non-GAAP financial measures, to measure operating performance.

(2) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by net sales.

Net sales in the first quarter of 2009 were $39.6 million, which reflects a decrease of $18.4 million, or 31.7%, when compared to the first quarter of 2008. The global economic downturn and the necessity to lower inventory levels by our customers were the primary drivers of this decrease. The electronics, construction and industrial market revenues were down 67%, 49% and 33%, respectively, as...