Horsehead Holding Corp. reported a loss for the second quarter as the company finalized shifting its zinc production from Monaca to its new facility in Mooresboro, N.C.
Pittsburgh-based Horsehead (Nasdaq: ZINC) reported a net loss of $5.1 million, or 10 cents per diluted share. This compares to a net loss of $800,000, or 2 cents per diluted share, for the second quarter of 2013. Revenue for the quarter was $126.3 million, compared to $110.5 million in the year-ago quarter.
“The second quarter represented a significant milestone in the company’s transition from Monaca to Mooresboro,” Horsehead President and CEO Jim Hensler said in a prepared statement. “Our financial results were affected by several transitional issues including the shutdown of operations of the smelter at the Monaca, Pennsylvania, facility, the startup of the Mooresboro, North Carolina, facility and the ramp-up of the new seventh furnace at Zochem.”
The company’s facility in Monaca was permanently closed at the end of April. Horsehead estimates the closure of the facility contributed $1.9 million to operating losses in the quarter, with some additional associated costs reimbursed by Shell Chemical.