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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowKokomo-based Haynes International Inc.’s efforts to consolidate operations and reduce inventory could not keep it from losing $3 million in its fiscal fourth quarter, the company announced Monday.
The loss of 25 cents per share for the period ended Sept. 30 compared with profit of $16.3 million, or $1.35 per share, in the year-ago quarter.
Four analysts that follow the company had expected a loss of 21 cents per share.
Revenue for the most recent three months fell 47 percent, to $85.6 million.
For the fiscal year, Haynes lost $52.3 million, or $4.36 cents per share, compared with a profit of $62.8 million, or $5.22 per share, in fiscal 2008. Revenue in the most recent fiscal year dropped 31.1 percent, to $438.6 million.
The company’s board of directors, however, have authorized a quarterly cash dividend to be paid to shareholders in 2010.
“Despite short-term challenges we will continue to face in fiscal 2010, we expect our long-term earnings and cash-flow capabilities of our business to support this dividend over time,” Haynes President and CEO Mark Comerford said in a prepared release.
Haynes is a maker of alloys for use in aerospace, chemical processing and gas engines.
Company shares fell 5.3 percent Tuesday morning, to $26.10 each.
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