Timminco Names New CEO, Reports Q2 Results
Timminco Limited (TIM.TO), which is trading near a year low 26.5 cents, announced that it has appointed Douglas A. Fastuca as its new Chief Executive Officer. He replaces Dr. Heinz C. Schimmelbusch, who held the position since August 2007. Dr. Schimmelbusch will remain in his position as Chairman of the Board of Timminco, which he has held since April 2003.
Timminco also released its Q2 results: consolidated sales were $21.0 million in Q2-11 compared with $34.3 million in Q2-10, with the decrease reflecting the deconsolidation of Quebec Silicon's results of operations on January 1, 2011;
EBITDA was a negative $3.6 million in Q2-11 compared with negative $3 million for Q2-10; and net loss was $5.3 million, or $0.03 per share in Q2-11, compared with $9.7 million, or $0.05 per share for Q2-10.
"Our results for the second quarter reflect the continued operation of our silicon metal operations at capacity, excluding planned major maintenance shut downs, as well as sales of 87 metric tons solar grade silicon from inventories, bringing total solar grade silicon sales for the first half of 2011 to 159 metric tons," said Dr. Heinz Schimmelbusch, Chairman of the Board and Chief Executive Officer of Timminco. "Our solar grade silicon sales in the first half of 2011 reflect the ongoing interest in the product for the PV market. As we continue to test improvements to our purification process on a small scale, we plan for production-scale testing in the second half of 2011, in advance of restarting our solar grade silicon operations. Our short-term objective is to develop a customer base, with firm supply commitments, to support a decision to invest the capital required for the restart of our solar grade silicon operations."
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