AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) reported fourth quarter 2013 revenue of $284.0 million, a 3% increase from $275.2 million in the fourth quarter 2012.
EBITDA decreased 45% to $10.5 million in the fourth quarter 2013 from $19.2 million in the fourth quarter 2012. Net loss attributable to shareholders for the fourth quarter 2013 was $3.2 million, or ($0.12) per fully diluted share, compared to net loss of $3.3 million, or loss attributable to shareholders of ($0.12) in the fourth quarter 2012.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “The specialty metals industry experienced substantial price declines during the fourth quarter 2013, a continuation of the sharp decreases in the third quarter. Market price declines in the fourth quarter were most significant in chrome metal, tantalum and vanadium chemicals. We made significant management changes in AMG Superalloys and Titanium Alloys & Coatings during the quarter to adjust operations to these market conditions. We continue to make changes to improve operational performance and these activities should continue to create strong cash flows, which is our primary focus. During 2013, AMG generated the second highest level of operating cash flow in its history and reduced net debt by $33.7 million. Strategically, we are evaluating which combination of assets provide the highest returns and will enable AMG to create financial resources to obtain critical mass in critical materials.”