October 8, 2009 / 3:27 PM / 10 years ago

UPDATE 1-Gencorp swings to Q3 profit; shares hit 52-week high

* Q3 EPS $0.20 vs loss/shr $0.05 year ago * Sales rise 17 pct

* Says seeks to amend $280 mln credit facility

* Shares up 11 pct

Oct 8 (Reuters) - Aerospace and defense supplier GenCorp Inc GY.N swung to a quarterly profit helped by increased deliveries on its missile programs, and said it was seeking an amendment to its senior credit facility.

Shares of the company rose 11 percent to touch a new 52-week high of $6.18 Thursday morning on the New York Stock Exchange. They pared some gains and were up 9 percent at $6.04 later in the session.

GenCorp is seeking an amendment to its $280 million senior credit facility to allow the repurchase of its 4 percent convertible subordinated notes before January 2010, when they are due, it said in a statement.

The company said it believes it has the liquidity to immediately repay the note holders and has engaged Imperial Capital LLC to facilitate efforts to amend the senior credit facility.

For the third quarter ended Aug. 31, the company reported a profit of $12.1 million, or 20 cents a share, compared with a loss of $2.7 million, or a 5 cents-a-share loss, a year ago.

Sales rose 17 percent to $201.4 million, helped by growth in the various missile programs and increased deliveries on the Patriot Advanced Capability-3 and Atlas V programs.

Total debt decreased to $438.7 million as of Aug. 31, from $440.6 million on Nov. 30, 2008. (Reporting by Divya Sharma in Bangalore; Editing by Unnikrishnan Nair)

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