Globe Specialty Metals, Inc. (Nasdaq:GSM) (the "Company") today announced results for the second quarter fiscal 2015 ended December 31, 2014.

Adjusted EBITDA of $37.4 million in the second quarter was up 43% from the second quarter of last year and up 8% compared to the prior quarter, while adjusted diluted earnings per share attributable to GSM for the second quarter were $0.21, up 62% from the second quarter of last year and up 11% compared to the prior quarter. Adjusted net income of $15.5 million for the second quarter of fiscal 2015 was up 7% compared to the prior quarter. Reported net income of $10.8 million for the second quarter of fiscal 2015 was down 14% compared to the prior quarter. Net sales of $198.0 million in the second quarter were up 11% from the second quarter of last year and down 4% compared to the first quarter of fiscal 2015.  

Excluding certain items, detailed in the table below, adjusted EBITDA was $37.4 million in the second quarter, compared to $26.2 million in the prior year and $34.6 million in the first quarter. On a reported basis, EBITDA for the second quarter was $30.1 million, compared to $32.9 million in the prior year and $33.2 million in the first quarter of fiscal 2015. 

Globe CEO Jeff Bradley commented, "As a result of the strong demand in our key end markets, and as we approached the end of the year in a near sold out position for 2015, we successfully increased our silicon metal production capacity. We completed the proprietary conversion process before the end of December and entered 2015 with more than 120,000 metric tons of annual capacity to enable us to be active on the spot market. We are offsetting the impact to our silicon alloy business of this conversion, with the increasing output of our South African operation."

Reported Diluted EPS for the second quarter of fiscal 2015 was $0.13 per share, compared to $0.16 per share in the prior quarter and $0.28 per share in the second quarter of fiscal 2014.

• [Editor:tianxiao]