Headwaters Incorporated, a diversified growth company dedicated to improving sustainability by transforming underutilised resources into valuable products, has announced its Q4 and fiscal year results ended 30 September 2009. Total revenue for the fourth fiscal quarter of 2009 was US$ 187.6 million, compared to US$ 235.1 million for the September 2008 quarter. Gross profit was US$ 50.1 million in the September 2009 quarter as compared to US$ 64.1 million in the September 2008 quarter. Net loss in the September 2009 quarter was US$ 19.7 million, which compares to a net loss of US$ 184.1 million in the September 2008 quarter. The September 2009 quarter includes a pre-tax loss of US$ 22.4 million related to the company’s convertible debt for equity exchange, and the September 2008 quarter includes a goodwill impairment charge of US$ 205 million.
- Completed balance sheet restructuring creating up to US$ 140 million of liquidity and extending debt maturities.
- Implemented three new flyash contracts that should generate US$ 14 million of revenue in 2010.
- 2009 fourth quarter EBITDA for accessory and block product categories exceeded 2008 by 16%, a sign of stabilisation and cost savings in its light building products group.
- Reduced total fixed costs in our coal cleaning business by 40%, positioning the business for positive cash flow contribution in 2010.
The company’s total revenue for the year ended 30 September 2009 was US$ 666.7 million, compared to US$ 886.4 million for the corresponding 2008 period. Gross profit was US$ 146.5 million for 2009, down from US$ 232.8 million 2008. The net loss for 2009 was US$ 415.6 million, against a net loss of US$ 169.7 million for 2008.
BITDA for the twelve months ended 30 September 2009 of US$ 105.4 million was within the range that was previously forecasted: US$ 100 - US$ 120 million. Excluding the effects of the March 2009 goodwill impairment and the July 2009 expense associated with the exchange of equity for convertible debt, Headwaters’ fully diluted loss per share for the Company’s fiscal 2009 year would have been US$ 0.07 per diluted share. The primary difference between the low end of the forecasted loss per share range and the reported amount of US$ 0.07 was primarily the effect of the decrease in the effective tax rate and actual results being at the low end of the company’s EBITDA range.
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