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Horsehead Holding (NASDAQ:ZINC)

Q2 2013 Earnings Call

August 05, 2013 11:00 am ET

Executives

Gary R. Whitaker - Vice President, General Counsel and Secretary

James M. Hensler - Chairman, Chief Executive Officer and President

Robert D. Scherich - Chief Financial Officer, Principal Accounting Officer and Vice President

Analysts

Brett M. Levy - Jefferies LLC, Fixed Income Research

Ian A. Zaffino - Oppenheimer & Co. Inc., Research Division

Daniel Moore - CJS Securities, Inc.

Carter W. Driscoll - Ascendiant Capital Markets LLC, Research Division

Tom Van Buskirk - Sidoti & Company, LLC

Mitesh Thakkar - FBR Capital Markets & Co., Research Division

Operator

Welcome to the Horsehead Holding Corp. Second Quarter 2013 Earnings Release Conference Call. My name is Trish, and I will be your operator for today's call. [Operator Instructions] Please note that this conference is being recorded.

I would now like to turn the call over to Mr. Gary Whitaker. Gary, you may begin.

Gary R. Whitaker

Good morning, everyone, and thank you for joining us on our second quarter 2013 earnings release conference call. My name is Gary Whitaker, and I'm Horsehead's Vice President, General Counsel and Secretary.

Before I turn the call over to Jim Hensler, I would like to quickly remind everyone that this communication may include forward-looking statements about our company, our markets and our prospects, that are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements.

These risks and uncertainties include a variety of factors, some of which are beyond our control. These forward-looking statements speak as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after this communication.

You should refer to our filings with the U.S. Securities and Exchange Commission, including our most recent annual report on Form 10-K, filed on March 18, 2013, for a more detailed description of the risk factors that may affect our results.

With that, I am pleased to introduce Jim Hensler, our President and CEO. Jim?

James M. Hensler

Thanks, Gary. I'd like to welcome you to this conference call to discuss the results of the second quarter of 2013. I will review the performance of our operations and markets, while Bob Scherich, our CFO, will review the financial results.

The consolidated net loss for the quarter was $800,000 or a $0.02 loss per share. This compares to a loss of $1.7 million, or a $0.04 loss per share, for the second quarter of 2012. The LME zinc price was $0.04 lower in the current quarter versus the same quarter in 2012, while nickel price was roughly 13% lower in the current quarter.

Our earnings improved slightly compared with the prior year's second quarter despite lower commodity prices, as higher realized premiums to the LME zinc price partially offset the lower commodity price and the start of transition activities for the Monaca operation to Mooresboro and Zochem. Zinc product shipments were lower than the prior year's quarter as we continue to build inventory to support the transition, and production costs were unfavorably affected by reduced operating levels at Monaca as a result of temporarily idling 1 of our 6 smelting furnaces due to the previously announced column rebuilds. INMETCO and Zochem also turned in solid operating quarters.

I'd now like to discuss our operating results in more detail. We processed 157,200 tons of electric arc furnace dust during the quarter, a quantity slightly more than our receipts. EAF dust receipts decreased by 4% to 155,600 tons from the prior year's second quarter receipts of 161,700 tons.

According to industry statistics, domestic steel industry capacity utilization averaged approximately 78% during the second quarter of 2013, which is up slightly from 76% during the first quarter of 2013.

We took several planned maintenance outages in our recycling plants during the quarter, which had the effect of balancing available capacity with supply. Steel industry output remained steady as we entered the third quarter of 2013. If steel output does not increase, it is likely that we will need to idle 1 kiln before the end of the year.

Zinc product shipments decreased by 11% to 42,724 tons, compared with the prior year's second quarter, and was essentially unchanged compared with the first quarter of 2013. Total zinc metal shipments decreased by 18.2% when compared with the second quarter of 2012 and increased 3% compared with the first quarter of 2013. Total zinc oxide shipments decreased 13% compared with the second quarter of 2012, while Zochem shipments increased by 4%.

The decline in zinc product shipments compared with the prior year's quarter was the result of continued implementation of our plan to build inventory to support the transition to Mooresboro and as a result of our move toward a higher-margin, lower-volume strategy in our zinc oxide business.

In April, we idled 1 of the 6 smelting furnaces in Monaca due to the unplanned shutdown of 2 SSHG columns and 1 oxide refining column, which reduced downstream capacity to process smelter -- metal from the smelter. We returned to a 6-furnace operation in early May and continue to operate at that level.

The Monaca facility is beginning to experience an increase in employee turnover, as some employees have decided to take jobs elsewhere in anticipation of the closure of the facility in the near future. This trend may continue, however, we intend to keep a 6-furnace operation online as long as possible through the shutdown date.

Furthermore, in anticipation of the closure, we have significantly curtailed the purchase of secondary feed materials for the smelter, as we begin consuming the inventory of zinc-bearing materials in the Monaca plant. Both of these factors could have an impact on smelter production rates during the final months of operation.

Moving on to discuss the zinc pricing environment. The LME zinc price averaged $0.83 per pound during the second quarter of 2013, which was $0.04 lower than the second quarter of 2012 and $0.09 lower than the first quarter of 2013. We continue to have downside protection on zinc prices in the form of put options with a strike price of $0.85 per pound through the first quarter of 2014.

The realized premiums on zinc metal averaged $0.074 during the quarter, which was up $0.02 from the second quarter of last year. The change in realized premiums reflects both an increase in transactional premiums in the market and a decrease in the sale of zinc metal into lower premium export markets in the current quarter.

Realized premiums for zinc oxide in the quarter were approximately $0.16 per pound, which is an increase of $0.08 compared with the prior year's second quarter and an increase of $0.04 compared with the first quarter of 2013. This increase was due primarily to the price increase we implemented at the start of this year, and in part, due to the lag effect on zinc oxide pricing as a result of the decline in zinc prices in the current quarter. We recently announced another price increase on our zinc oxide product line.

INMETCO's results for the quarter were comparable to the prior year's quarter, after excluding an insurance settlement of approximately $1.9 million, despite a 13% reduction in the price of nickel. The results were helped by a 5% increase in shipments, a higher proportion of tolling and a favorable hedge benefit on a portion of the nickel contained in our excess metal sales. Tolling receipts increased by 12% compared with the second quarter of 2012, as a result of new contracts that we entered into at the end of last year.

In late July, we experienced a problem with the electrical transformer that supplied the submerged arc furnace at INMETCO, which resulted in a 7-day production outage while we installed the spare. Zochem made another positive contribution to earnings during the quarter, posting a 4% increase in shipments and a doubling of net earnings compared with the second quarter of 2012. The expansion project remains on schedule to be completed by the end of 2013.

We have received the building permit from the City of Brampton to begin the expansion of the warehouse building. We have gradually started ramping up production at Zochem, with a nearly 20% increase in production in the second quarter compared with the first quarter of 2013.

We continue to believe that we will ramp up production to a 72,000-ton per year annualized rate at the completion of the expansion project. Zinc oxide shipments from both Monaca and Zochem locations during the first half of 2013 were at an annualized rate of 88,000 tons per year.

Lastly, we have started the commissioning process in parallel with completing the final stages of construction on our new zinc plant in Mooresboro, North Carolina. We continue to believe that first zinc production will occur before the end of this year. We are projecting this will take place in the fourth quarter of this year. The lead-silver recovery circuit is still expected to start up in early 2014. Our workforce in Mooresboro has grown to roughly 75 employees, all of whom are actively engaged in training and commissioning. And we expect to hire an additional 45 people this week.

I'll now turn it over to Bob Scherich to review the financial results. Bob?

Robert D. Scherich

Thanks, Jim. The net loss for the quarter was $0.8 million or $0.02 per share, compared to a loss of $0.04 per share for the second quarter of 2012. Noncash charges related to hedge mark-to-market adjustments reduced the prior year earnings $0.02 when compared to the current quarter. Detail of the quarter's performance versus the same quarter last year reflects the decrease in revenue of $7 million, or 6%, to $110.5 million. The decrease reflected the effect of lower shipments and lower commodity prices, partially offset by an increase in price realization above the LME price.

Net sales for the quarter decreased by $0.8 million from unrealized noncash charges related to hedging, compared to a reduction of $2.5 million in the second quarter of last year. We received $0.8 million in cash settlement for our $0.85 zinc put options, as the LME zinc price averaged $0.83 for the quarter. The average sales price realized for zinc products on a zinc-contained basis was $1.09 per pound or $0.26 per pound above the average LME price for the quarter, compared to $1.05 per pound or $0.18 above the average LME price for the prior year's quarter. This reflects an increased proportion of zinc oxide, higher premiums to the LME price for zinc product shipments, higher premiums for zinc powders related to HZP and the lag effect that Jim mentioned.

Sales of zinc metal decreased $8.5 million or 20% to $34.2 million for the quarter, reflecting a $7.8 million decrease in sales volume and a $0.7 million decrease in price realization, as a 4.5% decrease in the LME zinc price was partially offset by higher realized premiums. On a sequential quarter basis, the second quarter metal sales were off 3.4%.

Sales of zinc oxide decreased $4.5 million or 9.5% to $43.1 million for the quarter, reflecting a decrease in sales volume of $6.3 million, partially offset with a $1.8 million increase in price realization.

Sales of zinc and copper-based powders increased $5 million to $8.4 million for the quarter, reflecting an increase in sales volume of $5.4 million, partially offset with a $0.4 million decrease in price realization, reflecting primarily the addition of HZP.

EAF dust revenue for the quarter was relatively flat with the prior year quarter and on a sequential quarter basis. Sales for nickel products and services decreased $0.3 million for the quarter to $14.2 million compared to the prior year quarter, but were flat with the first quarter of this year.

Consolidated cost of sales decreased $7 million when compared to the prior year's second quarter to $100 million and were flat on a sequential quarter basis. The decrease included a $1.9 million favorable effect related to the INMETCO insurance settlement and a $13.7 million reduction related to reduced volume of zinc product shipments, partially offset by an $8.6 million increase in production costs, including costs related to HZP, which were not included in the prior year's quarter.

Depreciation increased $1.3 million and reduced earnings per share by $0.017 when compared to the second quarter of 2012. This increase in expense was primarily related to the acceleration of depreciation due to the expected shutdown of the smelting and refinery assets at the Monaca, Pennsylvania facility later this year, along with depreciation expense associated with HZP.

We have zinc put options in place for the balance of 2013, with an $0.85 strike price for 8,000 metric tons per month and the same for 4,000 metric tons per month for the first quarter of 2014.

$3.4 million of cash was used by operating activities during the quarter, as inventories increased $1.1 million. Capital spending was $75.7 million for the quarter. Project-to-date investment in the new zinc plant in Mooresboro, North Carolina, through June 30, 2013, was approximately $333 million, excluding capitalized interest. Cash interest paid was $9.3 million, and capitalized interest was $7.3 million during the quarter. Cash on hand was $127 million at the end of the quarter.

In June, we added $35 million of liquidity by adding a $15 million cash flow-based revolving credit facility at INMETCO and by selling $20 million in aggregate principal amount of our senior secured notes at 106.5%. We are currently working to add up to $10 million of additional equipment financing.

We had $77 million of unused availability under our various credit facilities and continue to believe that we have adequate liquidity to meet the capital needs of our strategic projects and to support normal operations.

Adjusted EBITDA was $6.6 million for the quarter, compared to $8.3 million for the same quarter last year, as the effect of reduced commodity prices, increased unit production cost and reduced volumes of shipments was partially offset by higher realized premiums and the insurance settlement.

On an LTM basis, adjusted EBITDA was $40.2 million, and the LME zinc price was $0.87 per pound for the 12 months ended June 30, 2013, compared to $38.8 million and a zinc price of $0.92 for the 12 months ended June 30, 2012.

At this time, I'd like to turn things back to Jim for some final comments. Jim?

James M. Hensler

Thanks, Bob. In summary, before we open the call for questions, I'd like to say that while we continue to be disappointed with our overall financial results, I am pleased that earnings improved slightly compared with the second quarter of 2012, despite a further decline in commodity prices.

The solution to our lackluster earnings performance in this weak commodity price environment is nearly at hand as we approach the startup of our new zinc plant in Mooresboro, North Carolina. Concurrent with continuing construction activities in Mooresboro, commissioning has begun in parts of the plant, and we remain on schedule for startup before the end of the year. Project construction costs are not materially different from our previous estimate of $450 million, with nearly all of the project cost estimates based on either firm quotes or actual expenditures to date. I'm also happy to report that our expansion project in Brampton is proceeding on schedule.

Our focus at this stage is to manage the final construction and startup of Mooresboro and the Zochem expansion and the transition with the Monaca smelter shutdown, and we're working to maximize cash flow and liquidity through the full ramp-up of these strategic investments. Thank you, and we'll now open the call for questions.

Question-and-Answer Session

Operator

[Operator Instructions] Our first question comes from Brett Levy from Jefferies.

Brett M. Levy - Jefferies LLC, Fixed Income Research

With the new bank line, the add-on tranche and the capital leases and the remaining spending on Mooresboro, sort of at what point in late 2013, early 2014, do you hit trough liquidity? And with all those additional financing items, about what level of liquidity do you think trough liquidity is, given that you also have all these hedges in place?

Robert D. Scherich

We think that trough is first -- is actually fourth quarter and first quarter, fourth quarter this year and first quarter next year. And based on our look at the spend profile, we would expect to continue to have cash on hand and the availability under our credit facility. So in combination, probably $80 million to $90 million of liquidity during that timeframe.

Operator

Our next question comes from Ian Zaffino from Oppenheimer.

Ian A. Zaffino - Oppenheimer & Co. Inc., Research Division

On the zinc oxide price increases, when do those kick in or have they kicked in? How sticky are they, and how do we think about it?

James M. Hensler

Yes. Well, we implemented a price increase in our -- with our contract customers last year, and those went into effect January 1, and from what we can see now, have stuck pretty much in the market. We just went out with another increase announcement and would expect to see or realize about a 5% increase. And hopefully, that carries through in the contract negotiations going into next year. And time will tell whether that's fixed. We think that -- there have been some pricing, some cost increases in the market and with higher premiums for metal. And we believe that with the further reduction we're going to take in our output next year, there'll be a tightening of the market and that the market will support another price increase.

Operator

Our next question comes from Daniel Moore from CJS Securities.

Daniel Moore - CJS Securities, Inc.

Big picture timing hasn't changed much. It does sound like maybe a few weeks or a month, of a little bit of slippage. What are the biggest factors pushing startup from maybe the end of Q3 towards some time in Q4 at this stage?

James M. Hensler

Yes. There are really 2 things that we're looking at right now that have been affecting us. One, I think, we've talked about in the past, which is that there are some deliveries, or a delivery, on critical piece of equipment, filter press, that right now we don't see that arriving until early September. And it's behind schedule, and so we got to get that installed and up and running to be able to start the plant up. The other factor that now has sort of become an issue for us is the weather. We need to be in applying acid-resistant coatings on the structures in the cell house, and we need to have dry weather to do that. And July has just been a very rainy month in North Carolina, and we haven't been able to get that work completed. It's about -- it's maybe a little bit more than 50% completed, but it is holding up other work we need to do in the cell house, and so we probably lost about 30 days. We're just waiting for the weather to be right to get the coatings done now. And we try to mitigate that by working double shifts when we do get good weather, but that has held us up. So I think what we've been saying all along is we want to get this up and running before the end of this year. We had a pretty wide band on that, second half of the year. But now, it's looking more like it will be fourth quarter.

Operator

Our next question comes from Carter Driscoll from Ascendiant Capital.

Carter W. Driscoll - Ascendiant Capital Markets LLC, Research Division

I was hoping you'd talk a little bit about Monaca as it winds down and plans for managing at least the next couple of quarters and the actual transition with maybe a little bit more specificity. You talked about, obviously, some employees starting to look for other opportunities. At what point do you get a little bit concerned that it could really bleed, at least, the second half results, keeping that in the big picture of obviously moving over your production and your full focus on commissioning the new facility? But I'm trying to get a handle on the delta about what 3Q and 4Q might look like at Monaca, just in isolation from a production standpoint, maybe a cost perspective as well?

James M. Hensler

Yes. I mean, I think that there are some puts and takes there, and it's worth talking through it. We have seen some reduction in the workforce there. We're down about 34 people since the beginning of the year, which -- 34 people out of 550 isn't a large number, but we've actually lost more people than that because we've been able to hire some folks to fill in some positions. But what we're seeing is that it's affecting productivity a bit. We measure it in tons per furnace per day, and we've seen probably a 5% or 10% reduction there. Now at these zinc prices, incremental production is really produced based upon purchased feed. And so that impact on the bottom line is not that great because it just means we don't buy that much purchased feed. Our intention would be to try to stay on a 6-furnace operation through the shutdown. We may end up having to go onto a 5-furnace operation in the last month of the facility, but more or less, staying on 6 furnaces. And I think we've also come through -- once we get through the end of August, come through some of the worst period, because we've also had to deal with vacations. So the loss of people, plus people taking vacation, kind of exacerbates the attrition issue. I think once we get into September, that will start to be less of an impact. Also, there's an incentive for people to stay on through the closure, because if they quit, they lose certain benefits that they would get if they work until the end. So we think we get to a point where the attrition rate really starts to fall off as we get closer to an announced closure date, which we haven't actually announced yet. But we will have to do that 60 days ahead of closure. The other factor is we're now starting to consume the zinc units we have on the ground. So instead of buying purchased feed, as we call it, we're taking the inventory, the work-in-process inventory we have, and we're starting to consume that. And that has a positive impact on the P&L because we're eliminating that cost. So we see Monaca being sort of, kind of a breakeven proposition between now and the end of the year, absent the severance-related costs. And as long as we can kind of maintain it in that mode, we think it's not really much of an impact. What we're trying to do is just dovetail the closure of Monaca with the startup of Mooresboro. So we'd expect to run Monaca probably through the end of the year. And then -- but we don't really see it moving into next year.

Operator

Our next question comes from Tom Van Buskirk from Sidoti & Company.

Tom Van Buskirk - Sidoti & Company, LLC

Just a question on the hedge charges. Given where LME prices were in the quarter, I kind of thought maybe you wouldn't have a charge, you might have a little bit of a benefit there. Can you walk me through that?

Robert D. Scherich

Yes, Tom, especially when we look at our zinc put options, the LME price is really based on the forward. At the end of March, actually, we're down at a fairly low level and then again at the end of June. So in both time periods, we had taken, in essence, mark-to-market adjustments at the end of March, reflecting a low zinc price, and it wasn't that much different here from a zinc price outlook. The time factor is probably the enemy here. They lose value at same zinc prices just because of time. But there's not that much remaining on those put options when it comes down to it. I think we're down to about a $6 million valuation for the second half of the year and the first half of next year, on what the value of those options are on the books.

Operator

Our next question comes from Mitesh Thakkar from FBR Capital Markets.

Mitesh Thakkar - FBR Capital Markets & Co., Research Division

Just a quick question on the premiums. Going forward, with the new facility and everything, how should we think about premiums, assuming you get the increase you get? Because I know there were a lot of moving parts this quarter. Can you help us kind of connect the dots here a little bit on how should we think about premiums over the LME price?

James M. Hensler

Well, metal premiums, we would expect to be able to move a good portion of our production to special high grade with the new facility and get the higher premium with special high grade, which in today's market, there's probably $0.03 or $0.04 premium difference between special high grade and PW. On oxide premiums, we're hoping to get this price increase through for next year. But we're realizing premiums that are in about the roughly $0.10 to $0.15 per pound range on a year-to-date basis over the LME price on oxide, so we'd expect to be there or slightly higher next year.

Operator

Our next question is from Brett Levy from Jefferies.

Brett M. Levy - Jefferies LLC, Fixed Income Research

Is there any prospects at Monaca to sell some of it, all of it? And I know there was an option that, I think, expires soon. Kind of what's the endgame potentially? And is there any cash that can be -- sort of gotten out of the remaining assets there?

James M. Hensler

Yes, well, Shell Chemical still has an option on the facility. They -- the option that was in place expired at the end of June, but we've negotiated another 6-month option through the end of the year. So we think that's a very likely outcome, that they will exercise that option. And so that's -- that does monetize Monaca. It does generate some income as we collect the purchase price from them, and they would also be responsible for the demolition and remediation of the site. If they don't exercise the option, we'll continue to operate some facilities on the site, which are income-producing facilities. And we also have some other potential uses for the site that could generate income. We haven't put a lot of focus or attention on those right now because they -- we don't want to commit any resources until we understand for sure what Shell is going to be doing. But there are some opportunities to start up some zinc oxide-producing operations we have there, the Larvik furnaces, and to find an alternate use for our sinter plant, as well as some other operations that we can operate that will generate some income for us.

Operator

Our next question comes from Daniel Moore from CJS Securities.

Daniel Moore - CJS Securities, Inc.

Of the remaining purchase price, roughly $117 million as of June 30 for Rutherford, how much of that do you expect to fall in the remainder of 2013, and how much can be pushed out to next year? And then just as a follow-up, what are your expectations for CapEx for the remainder of the year outside of the North Carolina project?

Robert D. Scherich

Dan, I think I said our total CapEx was in that $75 million range here on the second quarter. Because of the Zochem expansion, we think it might be elevated a little bit from that in the third quarter and then start winding down. But the combination of the 2 quarters probably is fairly similar, maybe a little bit less than on a quarterly basis than what we saw here in the second quarter. So we do think a piece of that defers out into next year. As Jim had indicated, we continue to believe that this lead-silver recovery circuit won't come online until beginning of the year. So some of that work and spend will occur in the first quarter. So the end result is, we still expect to remain positive with cash balance by the end of the year and still have the liquidity of our credit facilities.

Operator

Our next question comes from Carter Driscoll from Ascendiant Capital.

Carter W. Driscoll - Ascendiant Capital Markets LLC, Research Division

Just -- I don't think we talked about it. Could you just talk about the general demand picture for finished metal and for zinc oxide? I don't think you mentioned that. And as far as the rationale for a 5% increase you're trying to push through, is it a better demand environment, could you talk about the, maybe, end markets that you're seeing, strength or weakness and just overall picture, please?

James M. Hensler

On zinc oxide, we can look at the first half of the year, as I mentioned, we've been shipping at roughly an 88,000-ton per year rate, which actually exceeds what our original plan was for the year. So we've actually seen stronger demand in zinc oxide, and it's been across the board, as I'd say, tire, and on [ph] tire has been a little higher than we had expected, and metal demand has been pretty steady. The thing we've been doing this year that we haven't done in the past is we've eliminated sales or we haven't made sales to the export markets to a great extent because the premiums aren't very good there. And we've opted to accumulate that metal and build inventory to help us support the transition, which we also think will allow us to realize a higher premium on it here toward the end of the year. But if we look at the underlying markets that we're selling to, it's been pretty steady. I wouldn't say it's robust in the metal side, but it's been steady. And on the EAF dust side, steel industry capacity utilization has been sort of hovering in the 76%, 78% range this year. We don't see things changing much as we get into the third quarter. So we think EAF dust volumes are going to be about the same here in the third quarter as they were kind of the first half average.

Operator

And we have no further questions at this time.

James M. Hensler

Okay. Well, thank you very much, everybody, and we'll talk again at the end of the third quarter. Goodbye.

Robert D. Scherich

Thank you.

Operator

Thank you. Ladies and gentlemen, this concludes today's conference. Thank you for participating. You may now disconnect.

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