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Starmet Corporation Announces Third Quarter Fiscal 2000 Results

  • Friday, 18th August 2000
  • Reading time: about 3 minutes

Starmet Corporation a Concord, Massachusetts based manufacturer of specialized metal products, announced financial results for the third quarter which ended July 2, 2000. For the first time in a year, the Company fell below its breakeven point of approximately $5.6 million in revenues per quarter, with revenues of $5.1 million that generated a net loss of $310,000. The net income improved by $.5 million over the same quarter in fiscal 1999, on $520,000 less in sales. For the nine months ended July 2, 2000, the Company generated operating income of $812,000. This reflects the Company’s success in reengineering its cost structure to meet current revenues. The Company expects fourth quarter revenues to rebound and exceed the current quarterly breakeven point generating a small profit for the full year. Metal Matrix Composite Materials (“MMC”) continue to have the greatest potential for dynamic growth. Prototype orders, led by the requirements of a prominent manufacturer of semiconductor assembly equipment, have become production orders. Four new production prototype parts for the next generation of semiconductor assembly equipment are scheduled for production in the first quarter of 2001. New commercial customers are incorporating Beralcast(R) into their future production requirements. A second semiconductor equipment manufacturer has confirmed their intentions to use Beralcast(R) for ten parts which is expected to be in full production in the next nine months. The Company is also pursuing other commercial applications that use copper beryllium alloys, a material developed decades ago and widely used today. Currently, a facilitization program is underway and additional staff are being hired to increase capacity to handle the manufacturing of copper beryllium components for commercial aircraft for a leading commercial aerospace sensor manufacturer. The Company has negotiated a $1.1 million contract with the U.S. Army to support their efforts to remove government-furnished equipment from the Company’s Concord facility beginning in September 2000. In August, 2000, the Company will submit an amended P.L. 85-804 claim directly to the Secretary of the Army requesting payment of all past and future costs related to the remediation of the Concord holding basin which have not been previously funded, but there is no assurance that Army funding will be provided. The Company continues to invest heavily in research and development of processes to recover valuable fluorine compounds from uranium tetrafluoride and to evaluate new business opportunities. The Company continues to pursue potential expansion of its titanium powder business; development of its Beralcast(R) investment casting and MGA extrudable MMC technologies, and development of its DUCRETE(TM) shielding technology for potential radiation shielding applications. All of these have the potential of making significant contributions to the future profitability of the Company. The Company generated net losses of $310,000 and $56,000, for the quarter and nine months ended July 2, 2000, respectively. This compares with net losses of $817,000 and $2,996,000, for the quarter and nine months ended July 4, 1999, respectively. The Company continued to generate positive cash flow from operations, pay down its debt and fund necessary capital expenditures for its growth opportunities.

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