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AGY Holding Corp. Announces 2009 Second Quarter Consolidated Results and Earnings Conference Call.

Article Excerpt
AIKEN, S.C. -- AGY Holding Corp. ("AGY" or the "Company") reports its 2009 second quarter results, including the impact of the recent acquisition of 70% of Main Union Industrial Ltd ("AGY Shanghai"), which occurred on June 10, 2009. The Company filed a Form 12b-25 with the Securities and Exchange Commission to obtain a five-day extension for the filing of its quarterly report on Form 10-Q in order to complete the consolidated financial statements, which includes the preliminary determination of 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 attributable to AGY Holding Corp. excludes the portion of Adjusted EBITDA attributable to the noncontrolling interest.

(3) Adjusted EBITDA margin attributable to AGY Holding Corp. is calculated by dividing Adjusted EBITDA attributable to AGY Holding Corp. by net sales.

Net sales in the second quarter of 2009 were $32.8 million, which includes $1.4 million of revenue generated by AGY Shanghai following the recent acquisition. Not taking into account the impact of the acquisition, revenue in the second quarter decreased by $32.7 million, or 50.9%, when compared to the second quarter of 2008. The global economic downturn, lower defense revenue and the...