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February 13, 2013
08:40 EDTMTRNMaterion sees possible 25c charge in Q4 from theft
In January, as the year-end physical inventory was being taken, the company became aware of a potential theft of precious metal from its Albuquerque, New Mexico refinery. An internal investigation ensued, an arrest was made and a minor amount of stolen material was recovered. The company began further investigations, including an investigation of the physical inventory results and engaged an outside team of forensic experts and criminal investigators. While the results of these investigations are not yet complete, preliminary indications are that some, or all, of a year-end inventory short may be due to theft. The initial results of the physical inventory suggest that the impact on 4Q12 may be a charge of up to 25c per share. Recent inventories taken at other company facilities were all within the normal, tight tolerances. The results of the physical inventory and the potential theft remain under investigation. The Company has a specific theft insurance policy that covers theft of the suspected nature. The policy provides up to $10M of coverage with a $100,000 deductible. The underwriters of the policy have been notified
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