Global Brass and Copper Holdings (BRSS), a leading, value-added converter, fabricator, distributor and processor of specialized copper, announced on Tuesday a 17.33 percent decline in profit for the fourth quarter of fiscal year 2013. The company earned $6.2 million or $0.29 a share in the fourth quarter compared with $7.5 million or 0.36 a share, a year ago. Analysts on average had predicted profit of $0.33 a share for the latest quarter. Revenues for the quarter grew 4.19 percent to $412.8 million from $396.2 million last year. During the quarter, gross margin contracted by 125 basis points over the previous year period to 9.3 percent. Total expenses as a percent of revenues increased to 95.11 percent from 94.37 percent in the same period last year, which resulted in contraction of 74 basis points in operating margin to 4.89 percent. The company disclosed operating income of $20.2 million, down by 9.42 percent from $22.3 million in the prior year period. Adjusted EBIDTA for the quarter stood at 21.1 million up by 0.48 percent from $21 million in the prior year period. While adjusted EBITDA margin has contracted 19 basis points over prior year period to 5.11 percent from 5.3 percent in the last year period. "For the full-year 2014, GBC expects; shipment volumes to range from 537 million to 548 million pounds; adjusted sales to range from $573 million to $584 million; and consolidated Adjusted EBITDA is expected to range from $122 million to $127 million. We are confident in the long-term fundamentals of the business and our ability to drive sustainable, profitable growth in 2014,'' said John Wasz, GBC's President and CEO. Global Brass & Copper has generated cash of $27.4 million from operating activities during the year down by 66.54 percent or $54.5 million when compared with the last year. The company has generated 1.56 cents of operating cash flow in every sales dollar during the year, down from 4.96 cents in the last year. The company used $25.4 million cash to meet investing activities during the year as against cash outgo of $20.4 million in the last year period. The company used $4.9 million cash to meet financing activities during the year as against cash outgo of $96.8 million in the last year period. Global Brass and Copper Holdings’ working capital stood at $286.9 million as at Dec. 31, 2013, up by $20.9 million or 7.86 percent from $266 million on Dec. 31, 2012. The company's current ratio moved down to 2.97 as on Dec. 31, 2013 from 2.99 as on Dec. 31, 2012. As of Dec. 31, 2013, the company's cash and cash equivalents were at $10.8 million, down by $3.1 million from $13.9 million at Dec. 31, 2012. Shares of Global Brass and Copper Holdings fell by $0.24 or 1.51 percent to close at $15.66 on Tuesday.

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