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Zoltek Companies Inc. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: November 28, 2012 10:34PM

Zoltek Companies Inc. (ZOLT) filed Annual Report for the period ended 2012-09-30. Zoltek Companies, Inc. has a market cap of $232 million; its shares were traded at around $6.98 with a P/E ratio of 10.2 and P/S ratio of 1.5.



Highlight of Business Operations:

The Company s gross profit margin increased to 24.5% for fiscal 2012 compared to 11.7% for fiscal 2011. The Company's gross profit increased $27.9 million, to $45.6 million during fiscal 2012 from $17.7 million in fiscal 2011. During fiscal 2012, available unused capacity costs decreased to $2.8 million compared to fiscal 2011 when gross margin was negatively impacted by $11.7 million of available unused capacity cost. Carbon fiber gross profit margin increased to 22.5% for fiscal 2012 compared to 10.2% for fiscal 2011. Carbon fiber gross profit increased to $34.1 million from $12.1 million in fiscal 2012 compared to fiscal 2011. The increases in carbon fiber gross profit and gross profit percentage resulted primarily from the increase in the production levels to satisfy the increase in demand indicated above. Technical fiber gross profit increased to $11.6 million, or 35.7% of sales, for fiscal 2012 from $5.0 million, or 16.3% of sales, during fiscal 2011. The increases in technical fiber gross profit and margin resulted from increased production efficiency improving capacity utilization and a decrease in ACN costs.

The Company s gross profit margin increased to 24.5% for fiscal 2012 compared to 11.7% for fiscal 2011. The Company's gross profit increased $27.9 million, to $45.6 million during fiscal 2012 from $17.7 million in fiscal 2011. During fiscal 2012, available unused capacity costs decreased to $2.8 million compared to fiscal 2011 when gross margin was negatively impacted by $11.7 million of available unused capacity cost. Carbon fiber gross profit margin increased to 22.5% for fiscal 2012 compared to 10.2% for fiscal 2011. Carbon fiber gross profit increased to $34.1 million from $12.1 million in fiscal 2012 compared to fiscal 2011. The increases in carbon fiber gross profit and gross profit percentage resulted primarily from the increase in the production levels to satisfy the increase in demand indicated above. Technical fiber gross profit increased to $11.6 million, or 35.7% of sales, for fiscal 2012 from $5.0 million, or 16.3% of sales, during fiscal 2011. The increases in technical fiber gross profit and margin resulted from increased production efficiency improving capacity utilization and a decrease in ACN costs.

The Company's gross profit increased by 33.2%, or $4.4 million, to $17.7 million during fiscal 2011 from $13.3 million in fiscal 2010. Carbon fiber gross profit margin increased to 10.2% for fiscal 2011 compared to 8.2% for fiscal 2010. Carbon fiber gross profit increased to $12.1 million from $8.5 million in fiscal 2011 compared to fiscal 2010. The increases in carbon fiber gross profit and gross profit percentage resulted primarily from the increase in the production levels to satisfy the increase in demand noted above. Technical fiber gross profit increased to $5.0 million, or 16.3% of sales, for fiscal 2011 from $4.2 million, or 18.2% of sales, during fiscal 2010. The increases in technical fiber gross profit and margin resulted from increased production efficiency from improved capacity utilization.

Operating loss was $4.7 million for fiscal 2011 compared to operating loss of $10.6 million in fiscal 2010. Carbon fiber operations reported an increase of $2.6 million in operating income to $2.9 million for fiscal 2011 compared to income of $0.3 million in fiscal 2010. The increase in operating income in the carbon fiber operation in fiscal 2011 related to the increase in production and sales. Operating income from technical fibers increased $0.3 million, to $3.7 million for fiscal 2011 from $3.4 million for fiscal 2010.

We are party to a long-term supply contract with our wind energy customer Vestas Wind Systems. In fiscal year 2012, 2011 and 2010, we reported net sales of $86.6 million, $42.7 million and $49.5 million to Vestas Wind Systems, which represented 46.5%, 28.1% and 38.6%, respectively, of our net sales. This was the only customer with whom we have a long-term supply agreement that represented greater than 10% of consolidated net sales during any of these three years. In fiscal 2011, we reported net sales of $15.8 million, which represented 10.4% of our total consolidated net sales to Saertex GMBH & Company, a manufacturer of fabrics for the composite industry, including materials for production of wind turbine blades. We do not have a long-term supply agreement with this customer.

Read the The complete Report



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