Zoltek Reports Strong 43.2% Growth in First Quarter Revenues and Earnings

february 7 2012

Zoltek Companies, Inc. has reported financial results for the first quarter of its 2012 fiscal year. Zoltek's net revenues for the quarter ended December 31, 2011, totaled $47.0 million, compared to $32.9 million in the first quarter of fiscal 2011, an increase of 43.2%. On a sequential quarter basis, net sales for the latest quarter increased $3.9 million, or 9.1%, from the fourth quarter of fiscal 2011.

Zoltek reported net income of $9.7 million ($0.28 per share) in this year's first quarter, compared to a net loss of $1.6 million ($0.05 per share) in the first quarter of fiscal 2011. The Company's operating income was $8.2 million in the first quarter of fiscal 2012, compared to an operating loss of $1.2 million in the previous year's first quarter. Zoltek reported operating income of $1.0 million in the fourth quarter of fiscal 2011.

"We are pleased to report strong gains on both the top and bottom lines in the first quarter and continuation of the momentum we experienced in the fourth quarter of fiscal 2011," said Zsolt Rumy, Zoltek's Chairman and Chief Executive Officer. "Our performance resulted from several internal and external factors. Our net revenues were up almost a third, despite the drag on our reported sales from the decline in the value of the Euro during the quarter, reflecting our expanded customer base in the wind energy business and increased sales of composite intermediate products. Our margins were positively impacted by a more profitable product mix, higher utilization of our production capacity, better operational performance, lower raw material costs and the decline in the values of the Hungarian Forint and Mexican Peso. We believe our first quarter results evidence that our carbon fiber business is on a path to increase significantly this year."

Zoltek believes that the prospects globally for wind energy will continue to be positive since it is the only clean zero CO2 emission renewable energy sources that are cost-competitive with fossil fuels. Moreover, carbon fiber is the only material that delivers the necessary stiffness and strength per pound of weight to ensure the structural integrity of the super-long blades that power these turbines.

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