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Article Excerpt
MAYFIELD HEIGHTS, Ohio -- Brush Engineered Materials Inc. (NYSE: BW) today reported second quarter 2009 results. Both sales and EPS exceeded the Company's expectations. Second quarter sales were $174.1 million, ahead of the previously announced guidance of $150.0 to $160.0 million. The reported net loss for the quarter was $0.04 per share versus the previously announced guidance of up to a $0.20 per share loss. Additionally, the Company also updated the outlook for the year, noting an improvement in order trends.
SECOND QUARTER RESULTS
Sales for the second quarter of 2009 were $174.1 million, an improvement of 29% or $38.7 million compared to the first quarter 2009 sales of $135.4 million. The significant improvement in quarter over quarter sales is due primarily to an increase in demand for the Company's materials from the consumer electronics-oriented markets. The second quarter was also stronger than the first quarter due to the negative effect that rapid supply chain inventory adjustments at its customers had on first quarter sales.
The net loss for the second quarter of 2009 was $0.8 million or $0.04 per share, diluted, an improvement of $0.36 per share, diluted, compared to the first quarter 2009 net loss of $8.1 million or $0.40 per share, diluted. The second quarter performance was significantly better than expected due both to the higher sales levels and the favorable impact of the previously reported cost reduction initiatives.
Sales of $174.1 million in the second quarter 2009 declined $72.5 million, or 29% versus sales of $246.6 million in the second quarter 2008. For the first six months of 2009, sales of $309.5 million were 35% lower than sales of $472.9 million for the first six months of 2008. The second quarter net loss of $0.8 million was a decline of $8.0 million versus the 2008 second quarter net income of $7.2 million. For the first six months of the year, the net loss of $8.9 million was down $20.7 million versus net income of $11.8 million for the same period last year.
BALANCE SHEET
The Company's already strong balance sheet improved significantly in the quarter. Cash increased by $8.1 million and debt was reduced by $14.3 million....
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