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SECURITY: GY (Common)
EXCHANGE: New York Stock Exchange CURRENCY: US Dollar
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
Announces Appointment of President and CEO
SACRAMENTO,
Calif., Jan 06, 2010 /PRNewswire via COMTEX/ -- GenCorp Inc. (NYSE: GY)
announced that effective today, J. Scott Neish resigned from his positions
as Interim President and Interim Chief Executive Officer of GenCorp Inc.
("the Company") and President of Aerojet-General Corporation.
Also
effective, January 6, 2010, the Company entered into an employment agreement
with Scott Seymour to serve as the Company's President and Chief Executive
Officer. Mr. Seymour will also serve as President, Aerojet-General Corporation.
Mr.
Seymour has been a consultant to Northrop Grumman Corporation, a global
defense and technology company ("Northrop"), since March 2008. Mr. Seymour
joined Northrop in 1983. Prior to becoming a consultant, Mr. Seymour most
recently served as Corporate Vice President and President of Integrated
Systems Sector of Northrop from 2002 until March 2008. Mr. Seymour also
served as Vice President, Air Combat Systems, Vice President and B-2 Program
Manager and Vice President, Palmdale Operations, of Northrop, from 1998
to 2001, 1996 to 1998 and 1993 to 1996, respectively. Prior to joining
Northrop, Mr. Seymour was involved in the manufacture and flight-testing
of F-14A, EF-111A and F / A-18A aircraft for each of Grumman Aerospace
Corporation and McDonnell Aircraft Company.
In
addition, the Board of Directors of the Company (the "Board") authorized
an increase in the size of the Board to eight members and elected Mr. Seymour
to serve as a director to fill the vacancy created by the increase in the
size of the Board until the next annual meeting of shareholders when he,
or his successor, is elected and qualified.
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.
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