Haynes International, Inc. Announces Compensation Restorations for Chief Executive Officer and Directors

Rhea-AI Summary

On April 19, 2021, Haynes International, Inc. (NASDAQ GM: HAYN) announced the restoration of its CEO's cash salary and outside directors' fees to pre-pandemic levels, effective April 1, 2021. This follows the earlier reinstatement of other executive salaries to their pre-pandemic amounts as of January 1, 2021, after a temporary 10% reduction during the pandemic. The company specializes in high-performance alloys for aerospace, industrial gas turbines, and chemical processing sectors.

Positive

• Restoration of CEO's salary to pre-pandemic level, indicating recovery and confidence in business stability.
• Restoration of cash fees for outside directors suggests improved financial health and governance.

Negative

• None.

KOKOMO, Ind., April 19, 2021 (GLOBE NEWSWIRE) -- Haynes International, Inc. (NASDAQ GM: HAYN) (the “Company”) a leading developer, manufacturer and marketer of technologically advanced high performance alloys, announced, effective April 1, 2021, a restoration of the cash salary of the Chief Executive Officer to its pre-pandemic level as well as a restoration of the cash fees paid to outside directors to their pre-pandemic level. As previously disclosed, the pre-pandemic levels of the executive team’s salaries, other than that of the Chief Executive Officer, were restored as of January 1, 2021. In April of 2020, as part of an attempt to mitigate the impact of the COVID-19 pandemic on the Company’s business, the Company temporarily reduced by 10% the base salaries of its Chief Executive Officer, its Vice Presidents and other members of the executive team. Additionally, at the same time, the Board of Directors temporarily reduced its total cash compensation by 10%.

About Haynes International

Haynes International, Inc. is a leading developer, manufacturer and marketer of technologically advanced, nickel- and cobalt-based high-performance alloys, primarily for use in the aerospace, industrial gas turbine and chemical processing industries.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. All statements other than statements of historical fact, including statements regarding market and industry prospects and future results of operations or financial position, made in this press release are forward-looking. In many cases, you can identify forward-looking statements by terminology, such as “may”, “should”, “expects”, “intends”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of such terms and other comparable terminology. The forward-looking information may include, among other information, statements concerning the Company's outlook for fiscal year 2021 and beyond, overall volume and pricing trends, cost reduction strategies and their anticipated results, market and industry trends, capital expenditures and dividends.  There may also be other statements of expectations, beliefs, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts.  Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including, without limitation, those risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended September 30, 2020. Actual results may differ materially from those in the forward-looking statements as a result of various factors, many of which are beyond the Company's control.

The Company has based these forward-looking statements on its current expectations and projections about future events.  Although the Company believes that the assumptions on which the forward-looking statements contained herein are based are reasonable, any of those assumptions could prove to be inaccurate. As a result, the forward-looking statements based upon those assumptions also could be incorrect.  Risks and uncertainties may affect the accuracy of forward-looking statements.

The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:	Daniel Maudlin
	Vice President of Finance and Chief Financial Officer
	Haynes International, Inc.
	765-456-6102

FAQ

What recent changes were announced by Haynes International regarding executive salaries?

Haynes International announced a restoration of the CEO's cash salary and outside directors' fees to pre-pandemic levels effective April 1, 2021.

When were executive salaries restored to pre-pandemic levels at Haynes International?

Other executive salaries were restored to pre-pandemic levels as of January 1, 2021, while the CEO's salary restoration occurred on April 1, 2021.

What triggered the temporary salary reductions at Haynes International?

The temporary salary reductions of 10% were implemented in April 2020 to mitigate the impacts of the COVID-19 pandemic.

What industries does Haynes International serve with its products?

Haynes International specializes in high-performance alloys primarily for the aerospace, industrial gas turbine, and chemical processing industries.