5N Plus Inc. (VNP.TO: Quote), a producer of specialty metal and chemical products, reported fourth-quarter net loss of $212.0 million, compared to a net losses of $37.2 million in the year-ago quarter.
During the fourth quarter of 2012, the company recorded goodwill and other non-current asset impairment charges of $204.8 million due to longer-than-anticipated pricing softness in minor metals and a significant reduction in market capitalization.
Excluding impairment charges and reversals, restructuring costs and acquisition costs net of the related income tax, adjusted net earnings resulted in a loss of $6.9 million in the fourth quarter 2012.
Revenues for the fourth quarter 2012 were $128.6 million , a 13.9% decrease over revenues of $149.4 million for the fourth quarter 2011.
For full-year 2012, net loss was $227.9 million. For the seven-month period ended December 31, 2011, net loss totaled $22.5 million.
On August 24, 2011, the company changed its financial year-end date from May 31 to December 31 . As a result, the year ended December 31, 2011 comprises seven months.
The company said it has amended its senior secured multi-currency revolving credit facility.
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by RTT Staff Writer
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