EXHIBIT 99.1
NEWS RELEASE
| FOR IMMEDIATE RELEASE | Contact: | Daniel Maudlin |
| Vice President of Finance and Chief Financial Officer | ||
| Haynes International, Inc. | ||
| 765-456-6102 |
HAYNES INTERNATIONAL, INC. REPORTS
FOURTH QUARTER FISCAL 2021 FINANCIAL RESULTS
| Focus initiatives driving gross margin percentage higher, improving sequentially 200 basis points to 17.5% in the fourth quarter of fiscal 2021, and 1,260 basis points higher than the fourth quarter of fiscal 2020. |
| Increased volume shipped to 4.0 million pounds and net revenue to $95.3 million, an increase of 8.1% compared to net revenues of $88.1 million for the third quarter of fiscal 2021. Aerospace growth expected to accelerate. |
| Expanded profitably in the fourth quarter with net income of $2.6 million, or $0.20 per diluted share compared to net income of $0.4 million, or $0.03 per diluted share, in the third quarter of fiscal 2021. |
| Cash on the balance sheet of $47.7 million at September 30, 2021 after outlaying $15.0 million lump-sum pension contribution and $4.2 million in share repurchases. Strong total liquidity of $147.7 million with $100.0 million available on the undrawn credit facility. |
| An impactful decrease of $92.5 million in the liability for pension and postretirement benefits at September 30, 2021, resulting in a U.S. pension plan that is currently 91% funded. Glide path actions taken to help secure improvements. Pension and... |
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