Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - SPARTON CORP | d433281d8k.htm |
Exhibit 99.1
| Analyst Contact: | Greg Slome | |||
| Sparton Corporation | ||||
| Email: gslome@sparton.com | ||||
| Office: (847) 762-5812 | ||||
| Media Contact: | Mike Osborne | |||
| Sparton Corporation | ||||
| Email: mosborne@sparton.com | ||||
| Office: (847) 762-5814 | ||||
| Investor Contact: | John Nesbett/Jennifer Belodeau | |||
| Institutional Marketing Services | ||||
| Email: jnesbett@institutionalms.com | ||||
| Office: (203) 972-9200 | ||||
FOR IMMEDIATE RELEASE
Sparton Corporation Reports $0.09 EPS for Fiscal 2013 First Quarter
SCHAUMBURG, IL. — November 6, 2012 — Sparton Corporation (NYSE: SPA) today announced results for the first quarter of fiscal 2013 ended September 30, 2012. The Company reported first quarter sales of $49.0 million, or a decrease of 5.4 %, from $51.8 million for the first quarter of fiscal 2012. Reported net income for the first quarter of fiscal 2013 was $1.0 million or $0.09 per share, compared to net income of $1.5 million, or $0.15 per share, in the same quarter a year ago.
Cary Wood, president & CEO, commented, “While consolidated revenue and earnings declined in comparison to the prior year quarter, this decrease is due to the timing of U.S. Navy lot deliveries from our DSS business as well as a shift of known demand within our CS segment from the first fiscal quarter into the remainder of fiscal 2013. We continue to be optimistic with the outlook for both the second quarter and the remainder of the fiscal year.”
Consolidated results for the quarters ended September 30, 2012 and 2011:
| For the Three Months Ended September 30, |
||||||||
| ($ in 000’s, except per share) |
2012 | 2011 | ||||||
| Net sales |
$ | 49,020 | $ | 51,833 | ||||
| Gross profit |
7,213 | 8,344 | ||||||
| Operating income |
1,344 | 2,389 | ||||||
| Net income |
953 | 1,509 | ||||||
| Income per share – basic and diluted |
0.09 | 0.15 | ||||||
| EBITDA |
1,933 | 2,911 | ||||||
First Quarter Financial Highlights
| • | Awarded 14 new business programs during the first quarter of fiscal 2013 with estimated future annualized revenue $13.4 million. |
| • | Quarter end sales backlog of approximately $156.1 million, representing a 6% increase over the previous quarter and a 7% increase over a year ago. |
| • | Medical business continued sales growth of 2.2% and gross profit percentage improvement to 14.9% compared to 13.2% in the prior year quarter. |
| • | July 2012 amendment and extension of the Company’s revolving credit facility. |
Page 1 of 11
Segment Results
Medical Device (“Medical”)
Medical sales increased approximately $0.6 million in the three months ended September 30, 2012 as compared with the same quarter last year. Reflected within the increase is $3.2 million of increased sales to this business unit’s largest customer, reflecting expanded demand for its programs and additional refurbishment service revenue which began in the second half of fiscal 2012. Additionally reflected is $1.4 million of increased sales to another customer to meet increased demand for its product in both the U.S. and Japan. Partially offsetting these increases were decreased sales to three customers totaling $4.0 million dollars. Decreased sales to one customer reflect the dual sourcing of certain of its programs with the Company during fiscal 2012. Decreased sales to the remaining two customers reflect these customers’ disengagements during fiscal 2012. Mr. Wood stated, “Medical won three new projects from existing customers during the first quarter with estimated future annualized revenue $3.4 million.”
The gross profit percentage on Medical sales increased to 14.9% from 13.2% for the three months ended September 30, 2012 and 2011, respectively. This improvement in margin on Medical sales reflects certain favorable product mix between the two periods and increased capacity utilization at the Strongsville, Ohio facility. Mr. Wood continued, “Medical’s gross margin improvement is indicative of the replacement of less profitable programs in the prior period with more profitable sales from newer programs.”
Selling and administrative expenses relating to the Medical segment were $1.5 million and $1.6 million for the three months ended September 30, 2012 and 2011, respectively. Medical reported operating income of $2.6 million for the quarter ended September 30, 2012 compared to operating income of $1.9 million in the prior year quarter.
Complex Systems (“CS”)
Excluding an increase in intercompany sales of $1.1 million, CS sales to external customers for the three months ended September 30, 2012 decreased $1.3 million as compared with the same quarter last year, primarily reflecting decreased sales to one customer, which delayed certain of its orders into future quarters. Mr. Wood commented, “Complex Systems won five new programs from existing customers during the first quarter with estimated future annualized revenue $1.7 million and finished the quarter with its highest backlog in three years at $37.3 million. Additionally, this business segment has begun to apply the successful business development model and business to business marketing approach recently developed by our Medical business to its own sales efforts. These new program awards, backlog and business development methodologies should help drive revenue growth for this business in the second half of fiscal 2013 and well into the future.”
The gross profit percentage on CS sales increased to 8.9% for the three months ended September 30, 2012 compared to 8.7% for the three months ended September 30, 2011. The quarter over quarter comparison primarily reflects favorable product mix, partially offset by lower capacity utilization at the Company’s Vietnam facility in the current year quarter.
Selling and administrative expenses relating to the CS segment remained consistent at $0.7 million for each of the three months ended September 30, 2012 and 2011, respectively. CS reported operating income of $0.4 million for the quarter ended September 30, 2012 compared to operating income of $0.3 million in the prior year quarter.
Page 2 of 11
Defense & Security Systems (“DSS”)
DSS sales decreased approximately $2.1 million in the three months ended September 30, 2012 as compared with the same quarter last year, reflecting decreased sonobuoy sales to foreign governments which can fluctuate from quarter to quarter, partially offset by increased U.S. Navy sonobuoy production and engineering sales and increased digital compass sales in the current year quarter. Mr. Wood said, “While we anticipated sonobuoy sales to foreign governments would be minimal this quarter, we expected our U.S. Navy sonobuoy sales to be higher than was achieved. The Company had two sonobuoy lots fail under suboptimal environmental conditions which were outside of the product’s design specifications at the Navy test range in the final weeks of September 2012. While these lot failures unfavorably impacted current year first quarter revenues by approximately $3.5 million, it is anticipated that these lots will be accepted by the Navy in the Company’s fiscal 2013 second quarter with revenues being recognized at that time.”
The gross profit percentage on DSS sales decreased to 14.6% for the three months ended September 30, 2012 compared to 23.8% for the three months ended September 30, 2011. Gross profit percentage was unfavorably affected in the current year quarter by a significant decrease in foreign sonobuoy sales and increased overhead expenses, partially offset by the positive impact from increased digital compass sales as compared to the prior year quarter. Mr. Wood continued, “Fluctuations in foreign sonobuoy sales can have a significant impact on our gross profit percentage as was demonstrated this past quarter. Foreign orders totaling $8.2 million were received during the first quarter which we expect to ship during fiscal 2013.”
Selling and administrative expenses relating to the DSS segment were $1.1 million and $1.0 million for the three months ended September 30, 2012 and 2011, respectively, primarily reflecting increased business development efforts in the current fiscal quarter. The Company incurred $0.3 million and $0.4 million of internally funded research and development expenses in the three months ended September 30, 2012 and 2011, respectively. DSS reported operating income of $0.5 million for the quarter ended September 30, 2012 compared to operating income of $2.2 million in the prior year quarter.
Liquidity and Capital Resources
As of September 30, 2012, the Company had approximately $43.1 million in cash and cash equivalents, including $23.3 million of advance billings received under U.S. Navy contracts in excess of the funding of production to date under those contracts. The Company had no outstanding borrowings against available funds on its $20 million revolving credit facility. The credit facility is subject to certain customary covenants with which the Company was in compliance at September 30, 2012.
Outlook
Sparton President and CEO Cary Wood concluded, “We remain optimistic for fiscal 2013 and continue to expect year-over-year increases in both revenue and profitability. Also, we maintain guidance that the second half of fiscal 2013 will be stronger than the first half as seen in the previous two fiscal years. As stated in the form 10-Q, we have just recently signed a definitive Unit Purchase Agreement to acquire Onyx EMS, with details being covered under a separate release. We are excited with the addition of Onyx to the Sparton family and I look forward to reporting on its successful integration and the progress with our other growth initiatives in the future.”
Conference Call
Sparton will host a conference call with investors and analysts on November 7, 2012 at 10:00 a.m. CDT to discuss its fiscal year 2013 first quarter financial results, provide a general business update, and respond to investor questions. To participate, callers should dial (800) 407-3269. Participants should dial in at least 15 minutes prior to the start of the call. A Web presentation link is also available for the conference call: https://www.livemeeting.com/cc/gc_min_pro_usa/join?id=Z3M3WC&role=attend
Investors and financial analysts are invited to ask questions after the presentation is made. The presentation and a replay of the call will be available on Sparton’s Web site: http://www.sparton.com in the “Investor Relations” section for up to two years after the conference call.
Page 3 of 11
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), Sparton Corporation has provided a non-GAAP financial measure, EBITDA. EBITDA represents earnings before interest, taxes, depreciation and amortization. The Company believes EBITDA is commonly used by financial analysts and others in the industries in which the Company operates and, thus, provides useful information to investors. The Company does not intend, nor should the reader consider, EBITDA an alternative to net income, net cash provided by operating activities or any other items calculated in accordance with GAAP. The Company’s definition of EBITDA may not be comparable with EBITDA as defined by other companies. Accordingly, the measurement has limitations depending on its use.
About Sparton Corporation
Sparton Corporation (NYSE:SPA), now in its 113th year, is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, and field service. The primary market classifications served are Navigation & Exploration, Defense & Security, Medical, and Complex Systems. Headquartered in Schaumburg, IL, Sparton currently has five manufacturing locations worldwide. Sparton’s Web site may be accessed at http://www.sparton.com.
Safe Harbor and Fair Disclosure Statement
Certain statements described in this press release are forward-looking statements within the scope of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,” “project,” “plan,” “estimate,” “will” or “intend” and similar words or expressions. These forward-looking statements reflect Sparton’s current views with respect to future events and are based on currently available financial, economic and competitive data and its current business plans. Actual results could vary materially depending on risks and uncertainties that may affect Sparton’s operations, markets, prices and other factors. Important factors that could cause actual results to differ materially from those forward-looking statements include, but are not limited to, Sparton’s financial performance and the implementations and results of its ongoing strategic initiatives. For a more detailed discussion of these and other risk factors, see Part I, Item 1A, Risk Factors and Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in Sparton’s Form 10-K for the year ended June 30, 2012, and its other filings with the Securities and Exchange Commission. Sparton undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Page 4 of 11
SPARTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except share and per share amounts)
| September 30, 2012 |
June 30, 2012 (a) |
|||||||
| Assets |
| |||||||
| Current Assets: |
||||||||
| Cash and cash equivalents |
$ | 43,096 | $ | 46,950 | ||||
| Accounts receivable, net of allowance for doubtful accounts of $105 and $146, respectively |
25,772 | 29,618 | ||||||
| Inventories and cost of contracts in progress, net |
38,467 | 35,102 | ||||||
| Deferred income taxes |
2,020 | 2,020 | ||||||
| Prepaid expenses and other current assets |
2,042 | 2,054 | ||||||
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|
|
|
|||||
| Total current assets |
111,397 | 115,744 | ||||||
| Property, plant and equipment, net |
14,939 | 14,260 | ||||||
| Goodwill |
7,472 | 7,472 | ||||||
| Other intangible assets, net |
1,517 | 1,618 | ||||||
| Deferred income taxes — non-current |
5,067 | 5,136 | ||||||
| Other non-current assets |
295 | 325 | ||||||
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|
|
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| Total assets |
$ | 140,687 | $ | 144,555 | ||||
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| Liabilities and Shareholders’ Equity |
||||||||
| Current Liabilities: |
||||||||
| Current portion of long-term debt |
$ | 131 | $ | 131 | ||||
| Accounts payable |
16,034 | 17,152 | ||||||
| Accrued salaries and wages |
4,727 | 5,855 | ||||||
| Accrued health benefits |
1,236 | 1,210 | ||||||
| Current portion of pension liability |
158 | 323 | ||||||
| Advance billings on customer contracts |
23,338 | 25,836 | ||||||
| Other accrued expenses |
5,864 | 5,890 | ||||||
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|
|
|
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| Total current liabilities |
51,488 | 56,397 | ||||||
| Pension liability — non-current portion |
1,055 | 990 | ||||||
| Long-term debt — non-current portion |
1,506 | 1,538 | ||||||
| Environmental remediation — non-current portion |
3,060 | 3,142 | ||||||
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| Total liabilities |
57,109 | 62,067 | ||||||
| Commitments and contingencies |
||||||||
| Shareholders’ Equity: |
||||||||
| Preferred stock, no par value; 200,000 shares authorized, none issued |
— | — | ||||||
| Common stock, $1.25 par value; 15,000,000 shares authorized, 10,233,270 and 10,105,759 shares issued and outstanding, respectively |
12,792 | 12,632 | ||||||
| Capital in excess of par value |
19,534 | 19,579 | ||||||
| Retained earnings |
52,948 | 51,995 | ||||||
| Accumulated other comprehensive loss |
(1,696 | ) | (1,718 | ) | ||||
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|
|||||
| Total shareholders’ equity |
83,578 | 82,488 | ||||||
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| Total liabilities and shareholders’ equity |
$ | 140,687 | $ | 144,555 | ||||
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| (a) | Derived from the Company’s audited financial statements as of June 30, 2012. |
Page 5 of 11
SPARTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(Dollars in thousands, except share data)
| For the Three Months Ended | ||||||||
| September 30, 2012 |
September 30, 2011 |
|||||||
| Net sales |
$ | 49,020 | $ | 51,833 | ||||
| Cost of goods sold |
41,807 | 43,489 | ||||||
|
|
|
|
|
|||||
| Gross profit |
7,213 | 8,344 | ||||||
| Operating Expense (Income): |
||||||||
| Selling and administrative expenses |
5,472 | 5,411 | ||||||
| Internal research and development expenses |
305 | 398 | ||||||
| Amortization of intangible assets |
102 | 111 | ||||||
| Other operating expenses |
(10 | ) | 35 | |||||
|
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|
|
|
|||||
| Total operating expense, net |
5,869 | 5,955 | ||||||
|
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|
|
|
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| Operating income |
1,344 | 2,389 | ||||||
| Other income (expense) |
||||||||
| Interest expense |
(81 | ) | (172 | ) | ||||
| Interest income |
28 | 24 | ||||||
| Other, net |
110 | 117 | ||||||
|
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|
|||||
| Total other income (expense), net |
57 | (31 | ) | |||||
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|
|
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| Income before provision for income taxes |
1,401 | 2,358 | ||||||
| Provision for income taxes |
448 | 849 | ||||||
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|
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| Net income |
$ | 953 | $ | 1,509 | ||||
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| Income per share of common stock: |
||||||||
| Basic |
$ | 0.09 | $ | 0.15 | ||||
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| Diluted |
$ | 0.09 | $ | 0.15 | ||||
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| Weighted average shares of common stock outstanding: |
||||||||
| Basic |
10,141,612 | 10,268,456 | ||||||
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| Diluted |
10,163,151 | 10,313,481 | ||||||
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Page 6 of 11
SPARTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(Dollars in thousands, except share data)
| For the Three Months Ended | ||||||||
| September 30, 2012 |
September 30, 2011 |
|||||||
| Net income |
$ | 953 | $ | 1,509 | ||||
| Other comprehensive income — Change in unrecognized pension costs, net of tax |
22 | 85 | ||||||
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| Comprehensive income |
$ | 975 | $ | 1,594 | ||||
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Page 7 of 11
SPARTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
| For the Three Months Ended | ||||||||
| September 30, 2012 |
September 30, 2011 |
|||||||
| Cash Flows from Operating Activities: |
||||||||
| Net income |
$ | 953 | $ | 1,509 | ||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
||||||||
| Depreciation and amortization |
479 | 405 | ||||||
| Deferred income tax expense |
56 | 847 | ||||||
| Pension expense |
— | 93 | ||||||
| Stock-based compensation expense |
264 | 176 | ||||||
| Other |
31 | 87 | ||||||
| Changes in operating assets and liabilities: |
||||||||
| Accounts receivable |
3,846 | (5,303 | ) | |||||
| Inventories and cost of contracts in progress |
(3,365 | ) | (3,064 | ) | ||||
| Prepaid expenses and other assets |
14 | (199 | ) | |||||
| Advance billings on customer contracts |
(2,498 | ) | 12,190 | |||||
| Accounts payable and accrued expenses |
(2,392 | ) | (3,533 | ) | ||||
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|
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| Net cash provided by (used in) operating activities |
(2,612 | ) | 3,208 | |||||
| Cash Flows from Investing Activities: |
||||||||
| Purchases of property, plant and equipment |
(1,058 | ) | (731 | ) | ||||
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|
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| Net cash used in investing activities |
(1,058 | ) | (731 | ) | ||||
| Cash Flows from Financing Activities: |
||||||||
| Repayment of long-term debt |
(35 | ) | (33 | ) | ||||
| Repurchase of stock |
(234 | ) | (10 | ) | ||||
| Proceeds from the exercise of stock options |
85 | — | ||||||
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| Net cash used in financing activities |
(184 | ) | (43 | ) | ||||
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| Net increase (decrease) in cash and cash equivalents |
(3,854 | ) | 2,434 | |||||
| Cash and cash equivalents at beginning of period |
46,950 | 24,550 | ||||||
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| Cash and cash equivalents at end of period |
$ | 43,096 | $ | 26,984 | ||||
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| Supplemental disclosure of cash flow information: |
||||||||
| Cash paid for interest |
$ | 86 | $ | 88 | ||||
| Cash paid for income taxes |
$ | 49 | $ | 4 | ||||
Page 8 of 11
SPARTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
(Dollars in thousands, except share data)
| Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
| Common Stock | Capital In Excess |
Retained | Accumulated Other Comprehensive |
|||||||||||||||||||||
| Shares | Amount | of Par Value | Earnings | Loss | Total | |||||||||||||||||||
| Balance at June 30, 2012 |
10,105,759 | $ | 12,632 | $ | 19,579 | $ | 51,995 | $ | (1,718 | ) | $ | 82,488 | ||||||||||||
| Issuance of stock |
131,108 | 164 | (164 | ) | — | — | — | |||||||||||||||||
| Repurchase of stock |
(20,564 | ) | (25 | ) | (209 | ) | — | — | (234 | ) | ||||||||||||||
| Exercise of stock options |
16,967 | 21 | 64 | — | — | 85 | ||||||||||||||||||
| Stock-based compensation |
— | — | 264 | — | — | 264 | ||||||||||||||||||
| Comprehensive income, net of tax |
— | — | — | 953 | 22 | 975 | ||||||||||||||||||
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| Balance at September 30, 2012 |
10,233,270 | $ | 12,792 | $ | 19,534 | $ | 52,948 | $ | (1,696 | ) | $ | 83,578 | ||||||||||||
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| Three Months Ended September 30, 2011 | ||||||||||||||||||||||||
| Common Stock | Capital In Excess |
Retained | Accumulated Other Comprehensive |
|||||||||||||||||||||
| Shares | Amount | of Par Value | Earnings | Loss | Total | |||||||||||||||||||
| Balance at June 30, 2011 |
10,236,484 | $ | 12,796 | $ | 20,635 | $ | 42,487 | $ | (871 | ) | $ | 75,047 | ||||||||||||
| Issuance of stock |
141,376 | 177 | (177 | ) | — | — | — | |||||||||||||||||
| Forfeiture of restricted stock |
(13,290 | ) | (17 | ) | 17 | — | — | — | ||||||||||||||||
| Repurchase of stock |
(1,260 | ) | (2 | ) | (8 | ) | — | — | (10 | ) | ||||||||||||||
| Stock-based compensation |
— | — | 176 | — | — | 176 | ||||||||||||||||||
| Comprehensive income, net of tax |
— | — | — | 1,509 | 85 | 1,594 | ||||||||||||||||||
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| Balance at September 30, 2011 |
10,363,310 | $ | 12,954 | $ | 20,643 | $ | 43,996 | $ | (786 | ) | $ | 76,807 | ||||||||||||
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Page 9 of 11
SPARTON CORPORATION AND SUBSIDIARIES
SELECT SEGMENT INFORMATION
(UNAUDITED)
(Dollars in thousands)
Sales:
| ($ in 000’s) |
For the Three Months Ended September 30, | |||||||||||
| SEGMENT |
2012 | 2011 | % Chg | |||||||||
| Medical |
$ | 28,059 | $ | 27,460 | 2.2 | % | ||||||
| CS |
12,347 | 12,560 | (1.7 | ) | ||||||||
| DSS |
13,206 | 15,287 | (13.6 | ) | ||||||||
| Eliminations |
(4,592 | ) | (3,474 | ) | 32.2 | |||||||
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| Totals |
$ | 49,020 | $ | 51,833 | (5.4 | ) | ||||||
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Gross profit:
| ($ in 000’s) |
For the Three Months Ended September 30, | |||||||||||||||
| SEGMENT |
2012 | GP % | 2011 | GP % | ||||||||||||
| Medical |
$ | 4,194 | 14.9 | % | $ | 3,614 | 13.2 | % | ||||||||
| CS |
1,096 | 8.9 | 1,088 | 8.7 | ||||||||||||
| DSS |
1,923 | 14.6 | 3,642 | 23.8 | ||||||||||||
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| Totals |
$ | 7,213 | 14.7 | $ | 8,344 | 16.1 | ||||||||||
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Operating income:
| ($ in 000’s) |
For the Three Months Ended September 30, | |||||||||||||||
| SEGMENT |
2012 | % of Sales |
2011 | % of Sales |
||||||||||||
| Medical |
$ | 2,622 | 9.3 | % | $ | 1,887 | 6.9 | % | ||||||||
| CS |
386 | 3.1 | 343 | 2.7 | ||||||||||||
| DSS |
538 | 4.1 | 2,241 | 14.7 | ||||||||||||
| Other Unallocated |
(2,202 | ) | — | (2,082 | ) | — | ||||||||||
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| Totals |
$ | 1,344 | 2.7 | $ | 2,389 | 4.6 | ||||||||||
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Page 10 of 11
SPARTON CORPORATION AND SUBSIDIARIES
RECONCILIATON OF NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
(Dollars in thousands)
| For the Three Months Ended | ||||||||
| September 30, 2012 |
September 30, 2011 |
|||||||
| Net income |
$ | 953 | $ | 1,509 | ||||
| Interest expense |
81 | 172 | ||||||
| Interest income |
(28 | ) | (24 | ) | ||||
| Provision for (benefit from) income taxes |
448 | 849 | ||||||
| Depreciation and amortization |
479 | 405 | ||||||
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| EBITDA |
$ | 1,933 | $ | 2,911 | ||||
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Page 11 of 11