Zoltek reports net income of $3.3 million in this year's second quarter (ended 31 March 2012), compared to a net loss of $5.1 million in the second quarter of fiscal 2011. The company's operating income was $5.7 million in the second quarter of fiscal year 2012, compared to an operating loss of $3.3 million in the previous year's second quarter.
For the first six months of fiscal 2012, Zoltek's net sales were $94.1 million, up 34.4% on the first six months of fiscal 2011. Net income of $13.0 million for the first half of the current year compares to a net loss of $6.7 million in the corresponding period of fiscal 2011.
On a sequential quarter basis, second quarter fiscal 2012 net sales were essentially unchanged from the first quarter – at $46 million for each quarter, while operating income and net income for the latest quarter declined. These comparisons reflect the positive effects of foreign currency fluctuations in the first quarter and their negative effects in the second quarter.
"Consistent with our longstanding business strategy, we are seeing the benefits from growth in wind applications, and emergence of positive developments in automotive and other applications," says Zsolt Rumy, Zoltek Chairman and CEO.
"During the composite industry's major trade show in Paris, we announced a cooperative agreement with Magna International Inc, a major Tier 1 supplier of composite parts to the auto industry."