With more than 10,000 employees worldwide, GenCorp is a major technology-based manufacturing company headquartered in Sacramento, California. GenCorp’s four businesses, Aerojet,
Real Estate, Aerojet Fine Chemicals and GDX Automotive, concentrate on four principal market areas: aerospace and defense, real estate, pharmaceutical fine chemicals, and automotive.
GenCorp has been in business for the better part of a century. Established in 1915, GenCorp was formerly the General Tire & Rubber Company. The name change was implemented in 1984
when GenCorp was formed as a parent holding company. In a subsequent restructuring, the company exited the tire business by divesting General Tire. In 1999, GenCorp spun off its Decorative  & Building Products and Performance Chemicals businesses into a separate, publicly-traded company called OMNOVA Solutions, Inc.
Today, GenCorp’s family of businesses, Aerojet, Real Estate,Aerojet Fine Chemicals and GDX Automotive, work toward theCompany's vision to be one of the most respected, diversified companies in the world.

http://www.gencorp.com

GenCorp Reports 2009 Third Quarter Results 
SACRAMENTO, Calif., Oct. 8 /PRNewswire-FirstCall/ -- GenCorp Inc. (NYSE: GY) today reported results for the third quarter of 2009.
Sales for the third quarter of 2009 totaled $201.4 million compared to $172.5 million for the third quarter of 2008. The increase in sales is primarily the result of growth in the various Standard Missile programs and increased deliveries on the Patriot Advanced Capability - 3 and Atlas V programs.
Sales for the first nine months of 2009 totaled $555.3 million compared to $543.8 million for the first nine months of 2008. The Company reports its fiscal year sales under a 52/53 week accounting convention. Fiscal 2008 was a 53 week year with the extra week of sales totaling $19.1 million reported in the first quarter of that fiscal year.
The Company reported a cash balance of $158.3 million at August 31, 2009, an increase of $65.6 million from November 30, 2008. The increase in cash is primarily due to improvements in the operating performance and working capital of the Aerospace and Defense operating segment and the receipt of $10.4 million from the grantor trust. Subsequent to August 31, 2009, the Company received $26.3 million of cash from federal income tax refunds, including interest of $2.1 million.
Net income for the third quarter of 2009 was $12.1 million, or $0.20 diluted earnings per share on 66.6 million weighted average shares outstanding, compared to a net loss of $2.7 million, or $0.05 diluted loss per share on 57.4 million weighted average shares outstanding, for the third quarter of 2008. The increase in net income was primarily due to higher net sales and lower charges for future estimated environmental remediation obligations and retirement benefit costs in the third quarter of 2009 compared to the third quarter of 2008.
Net income for the first nine months of 2009 was $44.3 million, or $0.72 diluted earnings per share on 66.5 million weighted average shares outstanding, compared to net income of $7.2 million, or $0.13 diluted earnings per share on 57.1 million weighted average shares outstanding, for the first nine months of 2008. Net income for the first nine months of 2009 includes an income tax benefit of $19.7 million, primarily as a result of new guidance clarifying which costs qualify for ten-year carryback of tax net operating losses for refund of prior years' taxes, and lower retirement benefit costs compared to 2008. Net income for the first nine months of 2008 included a $13.8 million charge related to the second amended and restated shareholder agreement (Shareholder Agreement) with respect to the election of Directors at the 2008 Annual Meeting and other related matters.
"We are very pleased to report continued improvement in our quarterly and year-to-date results, said Scott Neish, GenCorp's interim chief executive officer. "Aerojet had another strong quarter in both its space and defense programs, and we continue to work on our re-zoning efforts in anticipation of a real estate market recovery," concluded Mr. Neish.

GenCorp Reports 2009 Second Quarter Results 
SACRAMENTO, Calif., July 7 /PRNewswire-FirstCall/ -- GenCorp Inc. (NYSE: GY) today reported results for the second quarter of 2009.
Sales for the second quarter of 2009 totaled $183.0 million compared to $194.7 million for the second quarter of 2008. The decrease in sales is primarily the result of the sale of 400 acres of land for $10.0 million in the second quarter of 2008.
Sales for the first half of 2009 totaled $353.9 million compared to $371.3 million for the first half of 2008. The Company reports its fiscal year sales under a 52/53 week accounting convention. Fiscal 2008 was a 53 week year with the extra week of sales totaling $19.1 million reported in the first quarter of fiscal 2008.
Net income for the second quarter of 2009 was $11.0 million, or $0.18 diluted earnings per share on 66.6 million weighted average shares outstanding, compared to net income of $6.9 million, or $0.12 diluted earnings per share on 57.1 million weighted average shares outstanding, for the second quarter of 2008. Net income for the first half of 2009 was $32.2 million, or $0.52 diluted earnings per share on 66.5 million weighted average shares outstanding, compared to net income of $9.9 million, or $0.17 diluted earnings per share on 57.0 million weighted average shares outstanding, for the first half of 2008. Net income for the first half of 2009 includes an income tax benefit of $19.0 million, primarily as a result of new guidance clarifying which costs qualify for ten-year carryback of tax net operating losses for refund of prior years' taxes, and lower retirement benefit costs compared to 2008. Net income for the first half of 2008 included a $13.8 million charge related to the second amended and restated shareholder agreement (Shareholder Agreement) with Steel Partners II L.P. with respect to the election of Directors at the 2008 Annual Meeting and other related matters. In addition, during the second quarter of 2008, the Company recorded a gain of $6.8 million on the sale of the 400 acres of land.
"The Company achieved strong growth in backlog and operating income," said Scott Neish, GenCorp's interim chief executive officer. "During the quarter, Aerojet strengthened its position in Standard Missile programs, and we continue to work on our real estate re-zoning efforts in anticipation of a market recovery," concluded Mr. Neish.

GenCorp Reports 2009 First Quarter Results 
SACRAMENTO, Calif., March 27, 2009 /PRNewswire-FirstCall via COMTEX/ -- GenCorp Inc. (NYSE: GY) today reported results for the first quarter 2009. 
Sales for the first quarter of 2009 totaled $170.9 million compared to $176.6 million for the first quarter of 2008. The Company reports its fiscal year sales and income under a 52/53 week accounting convention. Fiscal 2008 was a 53 week year with the extra week of sales totaling $19.1 million reported in the first quarter of fiscal 2008. 
Net income for the first quarter of 2009 was $21.2 million, or $0.34 diluted earnings per share, compared to net income of $3.0 million, or $0.05 diluted earnings per share for the first quarter of 2008. The increase in net income was primarily due to an income tax benefit of $20.5 million primarily as a result of new guidance clarifying which costs qualify for ten-year carryback of tax net operating losses for refund of prior years' taxes and lower retirement benefit costs, partially offset by an executive severance agreement and a legal matter related to the Company's former automotive business. 
"The Company's sales and operating income were comparable on a year-over-year basis given one less week than what was reported in the first quarter of 2008," said Scott Neish, GenCorp's interim chief executive officer. "With the major regulatory approvals behind us on our 1,400 acre Glenborough project, we continue to press forward with respect to our re-zoning efforts for our other three projects, with the goal of being poised to monetize the projects when the real estate market recovers," concluded Mr. Neish. 

GenCorp Reports 2008 Fourth Quarter and Annual Results 
SACRAMENTO, Calif., Feb 12, 2009 /PRNewswire-FirstCall via COMTEX/ -- GenCorp Inc. (NYSE: GY) today reported results for the fourth quarter and fiscal year ended November 30, 2008. 
Sales for the fourth quarter of 2008 totaled $198.5 million compared to $203.8 million for the fourth quarter of 2007. Sales for 2008 were $742.3 million compared to $745.4 in 2007. 
Net loss for the fourth quarter of 2008 was $5.7 million, or $0.10 loss per share, compared to net income of $12.4 million, or $0.21 diluted earnings per share for the fourth quarter 2007. The decrease in operating results was primarily due to a charge of $14.6 million related to the freeze of the defined benefit pension plan discussed below. 
Net income for 2008 was $1.5 million, or $0.03 income per share compared to net income of $69.0 million, or $1.14 diluted earnings per share for 2007. The decrease in operating results was primarily the result of: (i) $31.2 million gain in discontinued operations from a negotiated early retirement of a seller note and an earn-out payment associated with the divestiture of the Fine Chemicals business in 2007; (ii) $18.1 million income tax benefit related to income tax settlements and the carryback of net operating losses to prior years in 2007; (iii) $16.8 million of charges in 2008 as a result of the second amended and restated shareholder agreement with Steel Partners II L.P. with respect to the election of Directors at the 2008 Annual Meeting and other related matters; (iv) a charge of $14.6 million in 2008 related to the freeze of the defined benefit pension plan as described below, partially offset by a $13.6 million decrease in retirement benefit plan expense in 2008. 
On November 25, 2008, the Company decided to amend the defined benefit pension and benefits restoration plans to freeze future accruals under such plans. Effective February 1, 2009, the Company discontinued future benefit accruals for current salaried employees. No employees lost their previously earned pension benefit. As a result of the amendment and freeze, the Company incurred a curtailment charge of $14.6 million in the fourth quarter of 2008 primarily due to the immediate recognition of unrecognized prior service costs. 
"The year 2008 was one of significant transition, change and challenge for the Company. However, we remained focused on delivering solid operational performance," said Scott Neish, GenCorp's interim chief executive officer. "Sales in 2008 were $742 million, bolstered by progress on the replacement of our highly profitable 50-year Titan business and a $10 million real estate transaction. 
"Additionally, we reached a major milestone in our real estate strategy. After more than four years of dedicated effort and without any public opposition, the Sacramento County Board of Supervisors approved the Final Environmental Impact Report and County General Plan amendments for the 1,400 acre master-planned community called Glenborough at Easton and Easton Place," concluded Mr. Neish. 
 

GenCorp Reports 2008 Third Quarter Results 
SACRAMENTO, Calif., Sept. 26 /PRNewswire-FirstCall/ -- GenCorp Inc. (NYSE: GY) today reported results for the third quarter ended August 31, 2008.
Sales for the third quarter of 2008 totaled $172.5 million compared to $198.5 million for the third quarter of 2007. Sales for the first nine months of 2008 were $543.8 million compared to $541.6 million for the first nine months of 2007.
Net loss for the third quarter of 2008 was $2.7 million, or $0.05 loss per share. Net income for the third quarter of 2007 was $15.6 million, or $0.26 diluted earnings per share, including a $12.4 million income tax benefit.
Net income for the first nine months of 2008 was $7.2 million, or $0.13 diluted earnings per share, including a $13.8 million charge as a result of the second amended and restated shareholder agreement (Shareholder Agreement) with Steel Partners II L.P. with respect to the election of Directors at the 2008 Annual Meeting and other related matters. Net income for the first nine months of 2007 was $56.6 million, or $0.94 diluted earnings per share, including a $31.2 million gain in discontinued operations from a negotiated early retirement of a seller note and an earn-out payment associated with the divestiture of the Fine Chemicals business in November 2005, and a $15.6 million income tax benefit.
"During the third quarter and through the first nine months of the year we continued to work toward replacing the business volume of our Titan program which was completed in 2007," said Scott Neish, GenCorp's interim president and chief executive officer. "With respect to our re-zoning efforts for our excess Sacramento land, the Sacramento County Policy Planning Commission voted unanimously in July to recommend approval of our Glenborough at Easton and Easton Place project to the Board of Supervisors. We expect the Board to certify the Environmental Impact Report and approve the project by the end of 2008," concluded Mr. Neish.
Operations Review
Aerospace and Defense Segment
Sales for the third quarter of 2008 decreased to $171.0 million compared to $197.1 million for the third quarter of 2007, reflecting lower overall volume in defense programs and the close-out of the Titan program in 2007. Sales for the first nine months of 2008 decreased to $528.6 million compared to $536.9 million for the first nine months of 2007, reflecting the close-out activities of the Titan program in 2007, partially offset by growth in the Orion program and higher overall volume in defense programs. Aerojet reports its fiscal year sales and income under a 52/53 week accounting convention. Fiscal 2008 is a 53 week year with the extra week accounted for in the first nine months of 2008, or one more week than as reported in the first nine months of 2007.
Segment performance for the third quarter of 2008 was income of $8.8 million compared to income of $15.0 million in the third quarter of 2007. Segment performance in the first nine months of 2008 was income of $37.0 million compared to income of $41.5 million in the first nine months of 2007. The decrease in segment performance for both 2008 periods is primarily the result of: (i) the favorable performance on the Titan program close-out in 2007 and (ii) higher charges for future environmental remediation obligations in 2008, partially offset by decreased retirement benefit plan expense in 2008.
As of August 31, 2008, funded contract backlog, which includes only those contracts for which money has been directly authorized by the U.S. Congress, or for which a firm purchase order has been received from a commercial customer, was $690 million. As of August 31, 2008, total contract backlog was approximately $1.0 billion.
Real Estate Segment
Sales for the third quarter of 2008 were $1.5 million compared to $1.4 million for the third quarter of 2007. Segment performance was $1.0 million and $1.4 million for the third quarters of 2008 and 2007, respectively. Sales for the third quarter of 2008 and 2007 consist of rental property operations.

Sales for the first nine months of 2008 were $15.2 million compared to $4.7 million for the first nine months of 2007. Segment performance was $9.4 million and $2.8 million for the first nine months of 2008 and 2007, respectively. The increases in sales and segment performance are primarily due to the sale of 400 acres of the Rio Del Oro property to Elliott Homes Inc. for $10 million in cash during the second quarter of 2008.

Additional Information
Retirement benefit plan expense, which is mostly non-cash, for the third quarter of 2008 was $1.8 million compared to $5.6 million in the third quarter of 2007. Retirement benefit plan expense decreased to $5.7 million in the first nine months of 2008 from $16.2 million in the first nine months of 2007. These decreases are primarily related to an increase in the discount rate used to determine benefit obligations and a reduction in the impact of amortizing prior years' actuarial losses.

Corporate and other expenses for the third quarter of 2008 were $7.9 million compared to $6.2 million for the third quarter of 2007. The increase was primarily related to higher charges for future environmental remediation obligations, partially offset by lower costs in the third quarter of 2008 associated with legacy matters. Corporate and other expenses decreased to $13.1 million in the first nine months of 2008 from $15.8 million in the first nine months of 2007 primarily related to the reversal of previously recognized stock-based compensation due to the lower fair value of the stock appreciation rights and management incentive expenses, partially offset by higher charges for future environmental remediation obligations in the third quarter of 2008.

Total debt decreased to $440.7 million at August 31, 2008 from $446.3 million at November 30, 2007. Cash balances at August 31, 2008 decreased to $57.7 million compared to $92.3 million at November 30, 2007. Total debt less cash increased to $383.0 million at August 31, 2008 from $354.0 million at November 30, 2007. The $29.0 million increase in debt less cash primarily represents cash of $35.2 million used to fund a grantor trust as a result of the Shareholder Agreement. As of August 31, 2008, the Company had $73.0 million in outstanding letters of credit issued under the $125.0 million letter of credit subfacility, and the Company's $80.0 million revolving credit facility was unused.