Attached files
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 29, 2010
ZOLTEK COMPANIES, INC.
(Exact name of registrant as specified in its charter)
MISSOURI 0-20600 43-1311101
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
organization) Number)
3101 MCKELVEY ROAD
ST. LOUIS, MISSOURI 63044
(Address of principal executive offices) (Zip Code)
(314) 291-5110
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name or former address if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the Registrant under any of
the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On November 29, 2010, Zoltek Companies, Inc. (the "Registrant") issued a
press release announcing its financial results for the quarter and fiscal year
ended September 30, 2010. A copy of the press release is attached hereto and
incorporated herein as Exhibit 99.1. The information in this Item 2.02 of Form
8-K, including Exhibit 99.1 attached hereto, shall not be deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial statements of businesses acquired. Not applicable.
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(b) Pro forma financial information. Not applicable.
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(c) Exhibits. See Exhibit Index.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: December 1, 2010
ZOLTEK COMPANIES, INC.
By /s/ Zsolt Rumy
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Zsolt Rumy
Chief Executive Officer
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EXHIBIT INDEX
Exhibit
Number Description
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99.1 Press Release, dated November 29, 2010.
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ZOLTEK COMPANIES, INC.
SUMMARY FINANCIAL RESULTS
(Amounts in thousands, except share and per share data)
(Unaudited)
Fiscal Year Ended
September 30,
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2010 2009
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Net sales $128,464 $138,756
Cost of sales, excluding available unused capacity costs 102,350 100,744
Available unused capacity costs 12,822 7,352
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Gross profit 13,292 30,660
Application and development costs 8,207 7,589
Litigation charge - 238
Selling, general and administrative expenses 15,649 19,438
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OPERATING (LOSS) INCOME (10,564) 3,395
Interest income 55 350
Gain on foreign currency transactions 1,938 2,161
Other expense, net (678) (1,228)
Gain on derivative liabilities 1,753 -
Interest expense, excluding amortization of financing fees
and debt discount (395) (1,411)
Amortization of financing fees and debt discount (289) (5,364)
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LOSS BEFORE INCOME TAXES (8,180) (2,097)
Income tax (benefit) expense (1,841) 2,105
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NET LOSS ($6,339) ($4,202)
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Basic and diluted loss per share ($0.18) ($0.12)
Weighted average common shares outstanding - basic 34,411 34,402
Weighted average common shares outstanding - diluted 34,411 34,402
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ZOLTEK COMPANIES, INC.
SUMMARY FINANCIAL RESULTS
(Amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended
September 30,
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2010 2009
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Net sales $31,120 $33,815
Cost of sales, excluding available unused capacity costs 25,574 25,724
Available unused capacity costs 2,308 2,970
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Gross profit 3,238 5,121
Application and development costs 2,178 2,076
Selling, general and administrative expenses 2,950 4,950
OPERATING (LOSS) INCOME (1,890) (1,905)
Interest income 38 7
Gain on foreign currency transactions 2,335 69
Other expense, net (202) (819)
Loss on derivative liabilities (117) 0
Interest expense, excluding amortization of financing fees
and debt discount (48) (161)
Amortization of financing fees and debt discount 0 (670)
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(LOSS) INCOME BEFORE INCOME TAXES 116 (3,479)
Income tax expense (benefit) 542 302
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NET LOSS ($426) ($3,781)
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Basic and diluted loss per share ($0.01) ($0.11)
Weighted average common shares outstanding - basic 34,396 34,400
Weighted average common shares outstanding - diluted 34,396 34,400
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ZOLTEK COMPANIES, INC.
CONSOLIDATED BALANCE SHEET
(Amounts in thousands, except share and per share data)
(Unaudited)
September 30,
2010 2009
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ASSETS
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Current assets:
Cash and cash equivalents $ 21,534 $ 20,943
Accounts receivable, less allowance for doubtful
accounts of $178 and $2,356, respectively 22,816 30,507
Inventories, net 38,002 48,058
VAT receivable 5,703 4,109
Other current assets 2,251 5,991
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Total current assets 90,306 109,608
Property and equipment, net 231,661 256,910
Other assets 173 327
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Total assets $ 322,140 $ 366,845
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities:
Borrowings under credit lines $ - $ 12,277
Current maturities of long-term debt 981 4,159
Trade accounts payable 8,865 9,408
Accrued expenses and other liabilities 7,583 6,845
Construction payables 905 792
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Total current liabilities 18,334 33,481
Long-term debt, less current maturities - 981
Hungarian grant, long-term 9,020 10,228
Deferred tax liabilities 792 6,690
Derivative liabilities 1,296 -
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Total liabilities 29,442 51,380
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Commitments and contingencies
Shareholders' equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized,
no shares issued and outstanding - -
Common stock, $.01 par value, 50,000,000 shares authorized,
34,389,442 and 34,424,441 shares issued and outstanding at
September 30, 2010 and 2009, respectively 344 344
Additional paid-in capital 480,302 494,311
Accumulated other comprehensive loss (33,381) (18,405)
Accumulated deficit (154,567) (160,785)
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Total shareholders' equity 292,698 315,465
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Total liabilities and shareholders' equity $ 322,140 $ 366,845
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ZOLTEK COMPANIES, INC.
OPERATING SEGMENTS SUMMARY
(Amounts in thousands)
(Unaudited)
THREE MONTHS ENDED SEPTEMBER 30, 2010
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CARBON TECHNICAL CORPORATE/
FIBERS FIBERS OTHER TOTAL
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Net sales $24,534 $6,127 $ 459 $31,120
Cost of sales, excluding available unused
capacity costs 20,728 4,644 202 25,574
Available unused capacity costs 2,525 (217) - 2,308
Gross profit 1,281 1,700 257 3,238
Operating income (loss) (632) 1,546 (2,804) (1,890)
Depreciation 3,680 326 108 4,114
Capital expenditures 1,209 99 224 1,532
THREE MONTHS ENDED SEPTEMBER 30, 2009
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CARBON TECHNICAL CORPORATE/
FIBERS FIBERS OTHER TOTAL
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Net sales $28,707 $4,589 $ 519 $33,815
Cost of sales, excluding available unused
capacity costs 21,189 4,048 487 25,724
Available unused capacity costs 2,810 160 - 2,970
Gross profit 4,708 381 32 5,121
Operating income (loss) 668 877 (3,450) (1,905)
Depreciation 3,567 445 345 4,357
Capital expenditures 246 58 427 731
FISCAL YEAR ENDED SEPTEMBER 30, 2010
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CARBON TECHNICAL CORPORATE/
FIBERS FIBERS OTHER TOTAL
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Net sales $103,390 $23,301 $ 1,773 $128,464
Cost of sales, excluding available unused
capacity costs 83,021 18,113 1,216 102,350
Available unused capacity costs 11,874 948 - 12,822
Gross profit 8,495 4,240 557 13,292
Operating income (loss) 312 3,403 (14,279) (10,564)
Depreciation 13,762 1,567 1,132 16,461
Capital expenditures 3,175 627 608 4,410
FISCAL YEAR ENDED SEPTEMBER 30, 2009
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CARBON TECHNICAL CORPORATE/
FIBERS FIBERS OTHER TOTAL
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Net sales $115,348 $20,996 $ 2,412 $138,756
Cost of sales, excluding available unused
capacity costs 82,274 16,411 2,059 100,744
Available unused capacity costs 6,404 948 - 7,352
Gross profit 26,670 3,637 353 30,660
Operating income (loss) 14,186 2,307 (13,098) 3,395
Depreciation 13,490 1,667 1,194 16,351
Capital expenditures 14,983 642 581 16,206
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