Haynes International (HAYN) has reported an 82.62 percent plunge in profit for the year ended Sep. 30, 2014. The company has earned $3.75 million, or $0.30 a share in the year, compared with $21.58 million, or $1.74 a share for the last year. Revenue during the year dropped 5.66 percent to $455.41 million from $482.75 million in the previous year. Gross margin for the year contracted 487 basis points over the previous year to 10.39 percent. Total expenses were 98.89 percent of annual revenues, up from 93.38 percent for the last year. That has resulted in a contraction of 551 basis points in operating margin to 1.11 percent.
Operating income for the year was $5.05 million, compared with $31.96 million in the previous year.
Cash Flow Haynes International has generated cash of $26.95 million from operating activities during the year, down 63.29 percent or $46.46 million, when compared with the last year.
The company has spent $39.69 million cash to meet investing activities during the year as against cash outgo of $41.55 million in the last year.
The company has spent $9.56 million cash to carry out financing activities during the year as against cash outgo of $10.36 million in the last year period. It has raised net of $0.73 million by selling common stocks.
Cash and cash equivalents stood at $45.87 million as on Sep. 30, 2014, down 32.86 percent or $22.45 million from $68.33 million on Sep. 30, 2013.
Working Capital Haynes International has witnessed a decline in the working capital over the last year. It stood at $322.59 million as at Sep. 30, 2014, down 7.09 percent or $24.62 million from $347.21 million on Sep. 30, 2013. Current ratio was at 6.18 as on Sep. 30, 2014, down from 8.13 on Sep. 30, 2013.
Cash conversion cycle (CCC) has decreased to 246 days for the year from 260 days for the last year. Days sales outstanding went down to 63 days for the year compared with 68 days for the same period last year.
Days inventory outstanding has increased to 224 days for the year compared with 218 days for the previous year period. At the same time, days payable outstanding went up to 42 days for the year from 26 for the same period last year.
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