GenCorp Inc. (GY, Financial) filed Quarterly Report for the period ended 2009-02-28.
GenCorp is a major technology-based manufacturing company headquartered in Sacramento California. Its businesses are concentrated in three principal industries: aerospace and defense pharmaceutical fine chemicals and automotive. As GenCorp moves toward its vision to be one of the most respected diversified companies in the world it is currently focused on two priorities: operational excellence and value-creating growth. GenCorp Inc. has a market cap of $142.5 million; its shares were traded at around $2.44 with a P/E ratio of 8.2 and P/S ratio of 0.2.
On December 1, 2007, we adopted the provisions of Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48). As of December 1, 2007, we had $3.2 million of unrecognized tax benefits, $3.0 million of which would impact our effective tax rate if recognized. The adoption resulted in a reclassification of certain tax liabilities from current to non-current, a reclassification of certain tax indemnification liabilities from income taxes payable to other current liabilities, and a cumulative effect adjustment benefit of $9.1 million that was recorded directly to our accumulated deficit. We recognize interest and penalties related to uncertain tax positions in income tax expense. Interest and penalties are immaterial at the date of adoption and are included in unrecognized tax benefits. As of February 28, 2009, our accrued interest and penalties related to uncertain tax positions is immaterial. The tax years ended November 30, 2005 through November 30, 2008 remain open to examination for U.S. federal income tax purposes. For our other major taxing jurisdictions, the tax years ended November 30, 2004 through November 30, 2008 remain open to examination.
As of February 28, 2009, our total contract backlog was $1,018.9 million compared with $1,034.5 million as of November 30, 2008. Funded backlog was $743.5 million and $674.9 million at February 28, 2009 and November 30, 2008, respectively.
Read the The complete ReportGY is in the portfolios of Michael Price of MFP Investors LLC.
GenCorp is a major technology-based manufacturing company headquartered in Sacramento California. Its businesses are concentrated in three principal industries: aerospace and defense pharmaceutical fine chemicals and automotive. As GenCorp moves toward its vision to be one of the most respected diversified companies in the world it is currently focused on two priorities: operational excellence and value-creating growth. GenCorp Inc. has a market cap of $142.5 million; its shares were traded at around $2.44 with a P/E ratio of 8.2 and P/S ratio of 0.2.
Highlight of Business Operations:
In November 2003, we announced the closing of a GDX manufacturing facility in Chartres, France owned by Snappon SA, a subsidiary of the Company. The decision resulted primarily from declining sales volumes with French automobile manufacturers. In June 2004, we completed the legal process for closing the facility and establishing a social plan. In fiscal 2004, an expense of approximately $14.0 million related to employee social costs was recorded in accordance with SFAS No. 146, Accounting for Costs Associated with Exit or Disposal Activities. An expense of $1.0 million was recorded during fiscal 2005 primarily related to employee social costs that became estimable in fiscal 2005. During the first quarter of fiscal 2009, we recorded $3.7 million related to employee social costs that became estimable in the first quarter of fiscal 2009 (see Note 8(a) of the Unaudited Condensed Consolidated Financial Statements).On December 1, 2007, we adopted the provisions of Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48). As of December 1, 2007, we had $3.2 million of unrecognized tax benefits, $3.0 million of which would impact our effective tax rate if recognized. The adoption resulted in a reclassification of certain tax liabilities from current to non-current, a reclassification of certain tax indemnification liabilities from income taxes payable to other current liabilities, and a cumulative effect adjustment benefit of $9.1 million that was recorded directly to our accumulated deficit. We recognize interest and penalties related to uncertain tax positions in income tax expense. Interest and penalties are immaterial at the date of adoption and are included in unrecognized tax benefits. As of February 28, 2009, our accrued interest and penalties related to uncertain tax positions is immaterial. The tax years ended November 30, 2005 through November 30, 2008 remain open to examination for U.S. federal income tax purposes. For our other major taxing jurisdictions, the tax years ended November 30, 2004 through November 30, 2008 remain open to examination.
As of February 28, 2009, our total contract backlog was $1,018.9 million compared with $1,034.5 million as of November 30, 2008. Funded backlog was $743.5 million and $674.9 million at February 28, 2009 and November 30, 2008, respectively.
Read the The complete ReportGY is in the portfolios of Michael Price of MFP Investors LLC.
