06 January 2003
06 January 2003
Zoltek has announced fourth quarter and full fiscal year results for the periods ended September 30, 2002.
For the fourth quarter of fiscal 2002, including discontinued operations, Zoltek reported a net loss of $1.3 million, which included a $0.6 million gain on discontinued operations, compared to a net loss of $10.5 million in the prior year fourth quarter, which included a $6.9 million loss on discontinued operations.
For the full fiscal year, Zoltek reported a net loss from continuing operations of $8.7 million on revenues of $68.4 million, compared to a net loss from continuing operations of $21.3 million on revenues of $76.5 million in fiscal 2001. Including discontinued operations, Zoltek reported a net loss of $7.8 million for fiscal 2002, compared to a net loss of $31.6 million for fiscal 2001.
Zoltek reported a net loss from continuing operations of $1.9 million on revenues of $16.6 million for the quarter ended September 30, 2002, which compared to a net loss from continuing operations of $3.6 million on revenues of $17.2 million in the fourth quarter of fiscal 2001. Results of operations from the carbon fiber business unit were negatively impacted by unused capacity costs totaling $1.3 million during the recently completed quarter, compared to $1.9 million in the prior year quarter, and carbon fiber sales and results continued to be adversely affected by depressed industry conditions. Zoltek's improved results for the fourth fiscal quarter reflected tightened operating budgets across the Company, concentration of production in certain plants and reductions in the workforce in both the United States and Hungary.
""The good news is that we had improved gross margins in the fourth quarter, and indeed during the last three quarters of the year compared to the corresponding prior year quarters,"" said Zsolt Rumy, Zoltek's Chairman, President and Chief Executive Officer. ""Operating losses from continuing operations also were lower in each of the last three fiscal 2002 quarters compared to the prior year. We continue to work to reduce costs and generate additional cash from our existing businesses. At the same time, we continue to invest selectively in targeted high-potential development projects in keeping with Zoltek's long-term strategy of commercializing carbon fibers as an affordable, high-performance and high-volume structural material.""
The Company also announced that it now expects to file its Form 10-K for the fiscal year ended September 30, 2002 on or before January 14, 2003, due to the timing of the proposed refinancing of its bank credit facilities and additional financing which the Company is seeking to complete before finalizing its audited financial statements. The Company believes that these financing transactions, if completed, should provide the financial resources to enable it to pursue identified initiatives for increased sales of carbon fiber products for growing applications beginning in the current fiscal year.