Dépêches

Breeze-Eastern Reports Second Quarter Financial Results

Dépèche transmise le 27 octobre 2011 par Business Wire

WHIPPANY, N.J.--(BUSINESS WIRE)--Breeze-Eastern Corporation (NYSE Amex: BZC) today reported its Fiscal 2012 Second Quarter financial results.

  • Net sales: $17.9 million, a new record for second quarter sales, up 18% over $15.1 million for the Fiscal 2011 second quarter.
  • Net income: $1.1 million, or $0.12 per diluted share, up 73% over the Fiscal 2011 second quarter.
  • Adjusted EBITDA, as described under “Non-GAAP Financial Measures” in this press release: $2.4 million, versus $1.9 million in the Fiscal 2011 second quarter.
  • Total debt: $10.7 million, $4.9 million lower than a year ago.
  • Cash: $10.6 million, versus $4.9 million a year ago.
  • Bookings: $15.6 million, versus $18.4 million in the Fiscal 2011 second quarter. The book-to-bill ratio for the Fiscal 2012 second quarter was 0.9.

For the Fiscal 2012 first six months, the financial results follow.

  • Net sales: $36.1 million, a new record for first six months sales, up 14% over $31.6 million for the Fiscal 2011 first six months.
  • Net income: $1.7 million, or $0.18 per diluted share, up 39% from $1.2 million, or $0.13 per diluted share, for the first six months of Fiscal 2011.
  • Adjusted EBITDA, as described under “Non-GAAP Financial Measures” in this press release: $4.0 million, versus $3.9 million in the Fiscal 2011 first six months.
  • Bookings: $29.2 million, versus $38.1 million in the Fiscal 2011 first six months. The book-to-bill ratio for the Fiscal 2012 first six months was 0.8.

Mike Harlan, President and Chief Executive Officer, said, "We continued to achieve strong sales with our third consecutive quarter of record sales. Our cash flow also continues to be strong and our net debt at the end of the quarter was down to only $51,000. We have generated this cash while continuing to invest in product development. We completed development of the new Cargo Winch for the C-27J JCA aircraft for Alenia/L-3 and the U.S. Air Force during our second quarter and expect to make production shipments later this year. We also delivered a prototype weapons handling system for the Predator-C program. We have been strategically increasing inventory levels in ways that we expect will improve customer service and satisfaction. Despite this investment in inventory, our balance sheet has ample liquidity with a very strong cash position and we remain well clear of our debt covenants."

The Company’s earnings conference call is at 10:00 a.m. EDT on Thursday, October 27, 2011 with the following numbers: (866) 831-5605 or (617) 213-8851 and passcode 51257161.

Breeze-Eastern Corporation (http://www.breeze-eastern.com) is the world’s leading designer and manufacturer of high performance lifting and pulling devices for military and civilian aircraft, including rescue hoists, winches and cargo hooks, and weapons-lifting systems. The Company employs approximately 165 people at its facilities in Whippany, New Jersey.

Non–GAAP Financial Measures

In addition to disclosing financial results that are determined in accordance with Generally Accepted Accounting Principles (“GAAP”), the Company also discloses Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, other income/expense, loss on debt extinguishment, and relocation expense). The Company presents Adjusted EBITDA because it considers it an important supplemental measure of performance. Measures similar to Adjusted EBITDA are widely used by the Company and by others in the Company's industry to evaluate performance and valuation. The Company believes Adjusted EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structure (affecting relative interest expense), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense). The Company also presents Adjusted EBITDA because it believes it is frequently used by investors and other interested parties as a basis for evaluating performance.

Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP. Some of the limitations of Adjusted EBITDA are that (i) it does not reflect the Company's cash expenditures for capital assets, (ii) it does not reflect the significant interest expense or cash requirements necessary to service interest or principal payments on the Company's debt, and (iii) it does not reflect changes in, or cash requirements for, the Company's working capital. Furthermore, other companies in the aerospace and defense industry may calculate these measures differently than the manner presented above. Accordingly, the Company focuses primarily on its GAAP results and uses Adjusted EBITDA only supplementally. A reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure, for the three and six months ended September 30, 2011 is shown in the tables below.

INFORMATION ABOUT FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding our future operating performance, financial results, events, trends and plans. All statements in this news release other than statements of historical facts are forward-looking statements. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as “anticipates,” “believes,” “could,” “expects,” “intends,” “may,” “should” and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within the forward-looking statements. Such factors include, but are not limited to competition from other companies; changes in applicable laws, rules, and regulations affecting the Company in the locations in which it conducts its business; interest rate trends; a decrease in the United States government defense spending, changes in spending allocation or the termination, postponement, or failure to fund one or more significant contracts by the United States government or other customers; changes in our sales strategy and product development plans; changes in the marketplace; developments in environmental proceedings that we are involved in; continued services of our executive management team; status of labor relations; competitive pricing pressures; market acceptance of our products under development; delays in the development of products; determination by us to dispose of or acquire additional assets; general industry and economic conditions; events impacting the U.S. and world financial markets and economies; and those specific risks disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2011, and other filings with the Securities and Exchange Commission. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information or future events.

     
BREEZE-EASTERN CORPORATION
STATEMENTS OF CONSOLIDATED OPERATIONS
(In Thousands of Dollars Except Share Data)
 

 

 

Three Months Ended

 

Six Months Ended

9/30/11   9/30/10 9/30/11   9/30/10
 
Net sales $ 17,880 $ 15,106 $ 36,128 $ 31,646
Cost of sales   9,921     8,930       20,785     19,337
Gross profit 7,959 6,176 15,343 12,309
 
Selling, general, and administrative expenses 3,851 3,517 7,755 6,591
Engineering expense 2,063 1,299 4,348 2,855
Relocation expense   -     -       -     211
Operating income 2,045 1,360 3,240 2,652
 
Interest expense 102 170 236 383
Other expense-net   20     81       50     145
Income before income taxes 1,923 1,109 2,954 2,124
 
Provision for income taxes   808     466       1,241     892
Net income $ 1,115   $ 643     $ 1,713   $ 1,232
 
Basic earnings per share: $ 0.12   $ 0.07     $ 0.18   $ 0.13
Diluted earnings per share: $ 0.12   $ 0.07     $ 0.18   $ 0.13
 
 
Weighted average basic shares 9,470,000 9,400,000 9,457,000 9,398,000
Weighted average diluted shares 9,628,000 9,412,000 9,596,000 9,412,000
 
       
BALANCE SHEET INFORMATION
(In Thousands of Dollars)
 
9/30/11 3/31/11
 
Current assets $ 49,069 $ 47,756
Fixed assets – net 8,195 8,351
Other assets   22,097       22,041
Total assets $ 79,361     $ 78,148
 
Current portion of long-term debt

and short term borrowings

$ 821 $ -
Other current liabilities   16,688       15,380
Total current liabilities 17,509 15,380
Long-term debt 9,858 11,500
Other non-current liabilities 16,292 17,835
Stockholders' equity   35,702       33,433
Total liabilities and stockholders' equity $ 79,361     $ 78,148
 
     
Reconciliation of Reported Income to Adjusted EBITDA
(In Thousands of Dollars)
 
Three Months Ended     Six Months Ended
9/30/11   9/30/10     9/30/11   9/30/10
   
Net sales $ 17,880 $ 15,106 $ 36,128 $ 31,646
Cost of sales   9,921     8,930       20,785     19,337
Gross profit 7,959 6,176 15,343 12,309
 
Selling, general and administrative expenses 3,851 3,517 7,755 6,591
Engineering expense 2,063 1,299 4,348 2,855
Relocation expense

-

   

-

      -     211
Operating income 2,045 1,360 3,240 2,652
 
Add back: Depreciation and amortization 391 528 767 998
Relocation expense   -     -       -     211
Adjusted EBITDA $ 2,436   $ 1,888     $ 4,007   $ 3,861

 

Net income $ 1,115 $ 643 $ 1,713 $ 1,232
Provision for income taxes 808 466 1,241 892
Depreciation and amortization 391 528 767 998
Relocation expense - - - 211
Interest expense 102 170 236 383
Other expense-net   20     81       50     145
Adjusted EBITDA $ 2,436   $ 1,888     $ 4,007   $ 3,861
 

Business Wire

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