Globe’s net income drops on Iceland plant write-offs

Aug 21, 2012 | 04:39 PM | Suzy Waite

Tags  Globe Specialty Metals, Malcolm Appelbaum, Timminco, Quebec Silicon, silicon, Jeff Bradley, Suzy Waite

NEW YORK — Globe Specialty Metals Inc.’s net income dropped 43.3 percent in its fiscal fourth quarter from the same period last year, partially due to a write-off related to its suspended Iceland project.

The New York-based silicon producer posted net income of $8.82 million for the three months ended June 30, down from nearly $15.55 million a year earlier and off 24.1 percent from $11.61 million in its fiscal third quarter ended March 31.

The fiscal fourth-quarter results were negatively impacted by $3 million in after-tax transaction-related and due diligence expenses, including $1 million in legal fees and a $1.3-million write off of prepaid expenses related to the Iceland project, and a $1.1-million write-off of deferred financing fees, Globe said in its earnings statement. ....

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