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16 REINFORCEDplastics February 2003 FOR THE fourth quarter of its 2002 fiscal year (ended 30 September 2002), Zoltek, St. Louis, Missouri, recorded a net loss of US$1.3 million (includ- ing a $0.6 million gain on dis- continued operations), com- pared to a net loss of $10.5 million in the fourth quarter of fiscal 2001 (including a $6.9 million loss on discontin- ued operations). For the 2002 fourth quarter the company saw a net loss from continuing operations of $1.9 million on revenues of $16.6 million. This compares to a net loss from continuing operations of $3.6 million on revenues of $17.2 million in the 2001 fourth quarter. Results of operations from the carbon fibre business unit were hit by unused capacity costs of $1.3 million during the 2002 last quarter (they were $1.9 mil- lion in the prior year’s quarter), and carbon fibre sales and results continued to be depressed by poor industry conditions. Improved results for the fourth quarter reflected a tightening of operating budg- ets across the company, con- centration of production in cer- tain plants and reductions in its workforce in both the USA and Hungary. For the full year 2002, Zoltek saw a net loss from con- tinuing operations of $8.7 mil- lion on revenues of $68.4 mil- lion, compared to a net loss from continuing operations of $21.3 million on revenues of $76.5 million in fiscal 2001. Including discontinued opera- tions, the company reported a net loss of $7.8 million for fis- cal 2002, compared to a net loss of $31.6 million for fiscal 2001. “The good news is that we had improved gross margins in the fourth quarter, and indeed during the last three quarters of the year compared to the corre- sponding prior year quarters,” said Zsolt Rumy, Zoltek’s chair- man. “Operating losses from continuing operations also were lower in each of the last three fiscal 2002 quarters com- pared to the prior year. We con- tinue to work to reduce costs and generate additional cash from our existing businesses. At the same time, we continue to invest selectively in targeted high-potential development projects.” Zoltek; website: www.zoltek. com. RES No.315 – USE THE FAST NEW ENQUIRY SERVICE @ www.reinforcedplastics.com Next month In next month’s issue we’ll be previewing the JEC Composites Show 2003, which takes place in Paris on 1-3 April. As always we’ll be highlighting some of the new products and developments to look out for. (A review of the show will be included in the June issue.) As well as JEC, we’ll be taking a look at adhesives for use in bonding composites, and the latest developments in the use of composites in the rail and mass transit industries. Also, look out for the launch of our 2004 Industry Awards competition and your opportunity to nominate a product that you think deserves recognition. Carbon fibre sales down at Zoltek
