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American Pacific Reports Fiscal 2013 First Quarter Results; Reaffirms Full Year Guidance
Date:2/7/2013

nclude:

  • An increase in cash due to the improvement in cash profits provided by our operations of approximately $1.5 million.
  • A decrease in cash used by working capital accounts of approximately $11.0 million, excluding the effects of interest and income taxes.
  • An increase in cash paid for income taxes of approximately $2.3 million.
  • An increase in cash paid for interest expense of $2.0 million.
  • An increase in cash paid for costs associated with the retirement of long-term debt of $1.6 million.
  • An increase in cash used for environmental remediation of approximately $1.6 million.
  • A decrease in cash used to fund pension obligations of approximately $4.2 million.
  • A decrease in cash provided by discontinued operations of approximately $1.0 million.
  • Other increases in cash used by operating activities of approximately $0.2 million.
  • The change in working capital cash flow is primarily due to the timing of accounts receivable balances for our Specialty Chemicals segment.  For the Fiscal 2013 first quarter, a substantial portion of the Specialty Chemicals revenues occurred early in the quarter and were also collected in the same quarter.  This compares to the Fiscal 2012 first quarter when a substantial portion of Specialty Chemicals revenues occurred late in the quarter and were collected in the subsequent quarter. 

    Cash paid for income taxes increased because our federal net operating loss carryforwards were fully utilized in Fiscal 2012.  Accordingly, we expect to pay cash taxes in Fiscal 2013. 

    Interest expense for the Fiscal 2013 first quarter decreased due to lower outstanding debt and lower interest rates.  However, the cash paid for interest in the Fiscal 2013 first quarter increased due to a change in the timing of our interest payments.  During Fiscal 2012, our interest payments were due semi-annually in February and
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    SOURCE American Pacific Corporation
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