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Hexcel Corporation yesterday reported results for the fourth quarter of 2000. Net income for the 2000 fourth quarter was $1.0 million, compared with a net loss of $2.7 million for the fourth quarter of 1999. Net income adjusted to exclude business consolidation expenses was $5.0 million for the fourth quarter of 2000, versus a comparably adjusted net loss of $1.2 million for the fourth quarter of 1999. For the year, net income was $54.2 million, compared with a net loss of $23.3 million for 1999. Net income adjusted to exclude business consolidation expenses and the $44 million after-tax gain from the sale of the Bellingham aircraft interiors business was $17.2million for 2000. Comparably adjusted net income for 1999 was $9.6 million. Mr. John J. Lee, Chairman and CEO, observed, “Fourth quarter operational performance was in line with our expectations. We began to make improvements in the performance of our engineered products business, but we still have a way to go to return this business segment to its historic performance levels. Revenues from the sale of electronic glass fabrics remained buoyant and commercial aerospace revenues showed some growth compared to the fourth quarter of 1999 on a constant currency basis.” Mr- Lee continued, “In 2000 we have seen the benefits from our strategy of growth from diversification, with electronics, ballistic protection, automotive and wind energy markets all contributing to increased profitability. In addition, we have seen the benefit from cost reductions resulting from our business consolidation and lean initiatives. Meanwhile, commercial aerospace market demand has stabilized, providing us with a platform from which to grow in 2001. The Bellingham transaction earlier in the year enabled us to significantly reduce the Company’s debt. All of these factors have contributed to the strong earnings improvement during the year.” This revenue growth primarily reflects:Increased sales of composite materials for use on certain space and defense programs, including military helicopter, transport and munitions programs.Continued growth in sales of lightweight reinforcement fabrics for use in multi-layer printed wiring boards, driven by strong worldwide demand for increasingly sophisticated electronic devices. Hexcel has undertaken an expansion of its lightweight glass fabric manufacturing capacity in order to satisfy customer demand for materials used in high-performance applications.Higher sales of reinforcement fabrics for soft body armor, and growing sales of composite materials to automotive, wind energy and ski and snowboard customers.Mr. Lee continued, “Like most companies we are carefully watching to see if changes in the global economy will affect the outlook for any of our markets in 200l. The most recent aircraft delivery projections from Airbus and Boeing suggest we can expect modest growth in commercial aerospace revenues during the year. The ramp up of funded new military aircraft programs should start to make a contribution before the end of 200I, despite continued weakness in satellite and launch vehicle markets. While the industry outlook for both the electronics and automotive markets is harder to predict, we continue to expect year-on-year growth from the sale of our products to these markets as well as the wind energy market. The consolidated effect of these trends is anticipated to be a return to revenue growth for Hexcel in 2001.”Hexcel Corporation is the world’s leading advanced structural materials company. It develops, manufactures and markets lightweight, high-performance reinforcement products, composite materials and engineered products for use in commercial aerospace, space and defense, electronics and industrial applications.
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