Ormet Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2012. For the quarter, the company reported net loss of $13.9 million or $0.74 per share on net sales from continuing operations of $152 million compared to net income of $137.4 million or $7.38 per share on net sales from continuing operations of $148.1 million a year ago. Operating loss was $16.4 million compared to operating income of $21.9 million a year ago. Loss before income taxes was $21.5 million compared to income before income taxes of $16.2 million a year ago. Loss from continuing operations was $13.9 million or $0.74 per share compared to income from continuing operations of $126.2 million or $6.78 per share a year ago.

For the six months, the company reported net loss of $15 million or $0.80 per share on net sales from continuing operations of $290.5 million compared to net income of $142.9 million or $7.70 per share on net sales from continuing operations of $272.3 million a year ago. Operating loss was $13.2 million compared to operating income of $32 million a year ago. Loss before income taxes was $23.2 million compared to income before income taxes of $21.9 million a year ago. Loss from continuing operations was $15 million or $0.80 per share compared to income from continuing operations of $131.9 million or $7.11 per share a year ago. Net cash provided by operating activities was $9.1 million compared to $25.9 million a year ago. Capital spending was $6.9 million compared to $13.7 million a year ago.

Jeffrey Marshall notified the Board of Directors on October 17, 2012 that he was resigning as a Director and Chairman of the Board, immediately, due to health reasons. The Board has accepted his resignation with regret and extended its thanks for his many years of service. In his capacity as Vice Chairman, Robert Prusak, will assume the responsibilities of Chairman, effective immediately.