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News Breaks
May 14, 2014
09:17 EDTGTIGrafTech responds to 'misleading' claims by Milikowsky Group.
GrafTech International responded to the latest inaccurate and misleading claims outlined by the Daniel and Nathan Milikowsky Group. GrafTech says "On May 13, Nathan Milikowsky issued a press release in which he buried a corrective disclosure that he was asked to make by Royce & Associates in a letter to him dated April 24. GrafTech has had the opportunity to review a copy of the letter that Royce delivered to Mr. Milikowsky. GrafTech’s Board appreciates that Royce values integrity and candor in disclosures and took the initiative to seek corrective action by Mr. Milikowsky. GrafTech’s Board is not surprised that Mr. Milikowsky would wait until the eve of the Annual Meeting to make his 'corrective' disclosure, when he has been in possession of the letter from Royce for nearly three weeks. It is unfortunate that even Mr. Milikowsky’s 'corrective' disclosure did not provide all of the details outlined in the Royce letter. Mr. Milikowsky’s April 22, 2014 SEC filing and May 13, 2014 'corrective' SEC filing continue to misrepresent facts and mislead stockholders. The Board and management team have one goal – to execute our strategy to drive enhanced value for all stockholders. We are confident that we are well-positioned to do just that and we, and stockholders, cannot afford to be derailed. We urge stockholders to vote the WHITE proxy card today if they have not already voted. If stockholders have voted on the blue proxy card, we urge them to change their vote."
News For GTI From The Last 14 Days
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March 2, 2015
08:34 EDTGTIGrafTech sees 1H15 EBITDA $45M-$55M
The company’s expectations, excluding the impact of special charges, are as follows: First half 2015 EBITDA target of $45M-$55M; First half 2015 operating cash flow of approximately $40M-$50M; Full year 2015 inventory reduction of approximately $50M; and Full year 2015 capital expenditures of approximately $60M-$70M. GrafTech is reviewing plans to further optimize the production platform for its advanced graphite materials business and expects a potential charge of up to $10M in the first half of 2015 related to this review. Current estimates indicate that the optimization could improve operating income by $5M annually. The 2015 graphite electrode order book continues to be built, with approximately 60 percent of targeted order volumes confirmed. Of the orders booked to date, 2015 graphite electrode prices are on average lower than 2014 year-end pricing. Pricing for products in the Engineered Solutions segment is also lower. The company's previously announced cost savings programs remain on track and are anticipated to deliver $50M in cash savings to benefit 2015 EBITDA results, offsetting the impact of lower pricing. While the company expects to benefit from falling oil prices in its needle coke and graphite electrode businesses, lower near-term graphite electrode operating rates, driven by plans to further reduce inventory, are expected to largely offset this benefit.
08:32 EDTGTIGrafTech reports Q4 adjusted EPS 6c, consensus (7c)
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