18 May 2001
18 May 2001
Zoltek reported a $12.5 million net loss for the second quarter of fiscal year 2001, which included a $7.5 million inventory write-down and $1.8 million in other special charges. Zoltek reported a $1.1 million net loss in the prior year's second quarter. Total sales for the quarter ended March 31, 2001, were $21.0 million, compared to $19.7 million in the prior year's second quarter, an increase of 6%.
For the six months ended March 31, 2001, Zoltek reported a net loss of $16.8 million, including special charges totaling $11.1 million compared to a loss of $2.3 million in the prior year period. Total sales for the six months ended March 31, 2001, were $43.6 million, compared to $37.2 million in the prior year's six months, an increase of 17%. ""We have taken aggressive action in revaluing almost a quarter of our total inventories,"" said Zsolt Rumy, Zoltek's Chairman and Chief Executive Officer. ""This action reflects intensified over-capacity and distressed pricing across most existing markets for carbon fibers. Our new management team has taken several aggressive steps toward consolidating development programs and restructuring operations to drive both cost reduction and several promising and focused top line growth strategies.""
Zoltek continues to believe that the future remains bright for development of carbon fibers as a material of choice in meeting the basic construction material challenges of the 21st century as the demands on performance change with the higher cost of energy.
Zoltek has restructured and enhanced its top management team. Under the new structure, Zoltek Companies, Inc. has six corporate vice presidents, which include the presidents of four business units, a new chief financial officer and a new head of human resources. Four of the six have recently joined Zoltek. ""Over the next few years, we expect that Zoltek will face the challenge of managing many application development projects and a smooth transition between incremental growth and accelerating growth as these projects yield the expected results,"" Rumy said. ""There are several key facets to that challenge -- operational, technical, financial and recruiting. Our new top management team brings a wealth of new talent and experience to our company. We are now better equipped to make the future happen in the commercialization of low cost, high performance carbon fibers.""
Zoltek is an applied technology and materials company. Zoltek's Carbon Fiber Business Unit is primarily focused on the manufacturing and application of carbon fibers used as reinforcement material in composites. Zoltek's Intermediates Business Unit develops, manufactures and markets reinforcements, specialty resins, consumable supplies and manufacturing equipment for the composite manufacturing industry. It also does composite design and engineering to support the Company's materials business. Zoltek's Hungarian- based Specialty Products Business Unit manufactures and markets acrylic fibers, nylon products and industrial materials.
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