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AGY Holding Corp. Announces 2009 Preliminary Second Quarter Results.

Article Excerpt
AIKEN, S.C. -- AGY Holding Corp. ("AGY" or the "Company") reports its 2009 second quarter results, excluding the impact of its recent acquisition of 70% of Main Union Industrial Ltd, which occurred on June 10, 2009. A consolidated earnings update and earnings call schedule will be released during the week of August 17, 2009. The Company anticipates it will file a Form 12b-25 with the Securities and Exchange Commission requesting a five-day extension for the filing of the Form 10-Q in order to complete the consolidated financial statements, which includes the impact of the acquisition. The Company anticipates filing the Form 10-Q on August 19, 2009.



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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 second quarter of 2009 were $31.4 million, which reflects a decrease of $32.7 million, or 50.9%, when compared to the second quarter of 2008. The global economic downturn, lower defense revenue and the de-stocking initiatives by many of our customers were the primary drivers of this decrease. The electronics, construction and industrial market revenues were down 33%, 53% and 36%, respectively, as a result of the soft demand and continued inventory adjustments within the supply chain. Aerospace sales decreased by 45% compared to the second quarter of 2008...