Aerojet Rocketdyne Holdings reported results for the third quarter ended August 31, 2015. Net sales totaled $440.5 million compared to $421.2 million for the third quarter of fiscal 2014.
Article continues below
Net loss for the third quarter of fiscal 2015 was $38.1 million, or $0.62 loss per share, compared to a net loss of $9.9 million, or $0.18 loss per share, for the third quarter of fiscal 2014.
Net loss for the third quarter of fiscal 2015 included a pre-tax expense of $50.0 million associated with a legal settlement an a pre-tax expense of $29.5 million associated with higher environmental remediation reserve requirements primarily at the Baldwin Park Operable Unit BPOU site.
Net loss for the third quarter of fiscal 2014 included i a pre-tax contract loss of $17.5 million on the Antares AJ-26 program and ii a pre-tax charge of $9.8 million related to the repurchase of $9.4 million of principal of the Company's 4.0625% Convertible Subordinated Debentures "4 1/16% Debentures".
Adjusted EBITDAP Non-GAAP measure for the third quarter of fiscal 2015 was $34.8 million, or 7.9% of net sales, compared to $37.5 million, or 8.9% of net sales, for the third quarter of fiscal 2014.
Segment performance Non-GAAP measure before environmental remediation provision adjustments, retirement benefit plan expense, and unusual items was $54.9 million for the third quarter of fiscal 2015, compared to $33.7 million for the third quarter of fiscal 2014.
Cash provided by operating activities in the third quarter of fiscal 2015 totaled $42.1 million, compared to $56.4 million in the third quarter of fiscal 2014.
Free cash flow Non-GAAP measure in the third quarter of fiscal 2015 totaled $33.6 million, compared to $43.0 million in the third quarter of fiscal 2014.
As of August 31, 2015, the Company had $417.9 million in net debt Non-GAAP measure compared to $516.3 million as of November 30, 2014.
As of August 31, 2015, the Company had $2.6 billion of funded backlog compared to $2.2 billion as of November 30, 2014. ■