EnerSys Reports Second Fiscal Quarter of 2010 Results
Net earnings for the second fiscal quarter of 2010 were
This compares to diluted net earnings per share of
Adjusted net earnings for the second fiscal quarter of 2010, on a non-GAAP basis, were
Net sales for the second fiscal quarter of 2010 were
The Company's operating results for its reporting segments for the second fiscal quarters of 2010 and 2009 are as follows (in millions):
Reserve Motive Power Power Consolidated ------- ------ ------------ Three months endedSeptember 27, 2009 : Net sales $198.0 $169.3 $367.3 ====== ====== ====== Operating earnings before highlighted items $24.5 $4.6 $29.1 Restructuring charges (0.7) (2.5) (3.2) Acquisition activity expense (0.8) - (0.8) --- - ---- Total operating earnings $23.0 $2.1 $25.1 ===== ==== ===== Three months endedSeptember 28, 2008 : Net sales $246.1 $280.7 $526.8 ====== ====== ====== Operating earnings before highlighted items $26.6 $18.3 $44.9 Restructuring charges (0.2) (0.8) (1.0) --- --- ---- Total operating earnings $26.4 $17.5 $43.9 ===== ===== =====
Net earnings for the six fiscal months of 2010 were
This compares to diluted net earnings per share of
Adjusted net earnings for the six fiscal months of 2010, on a non-GAAP basis, were
Net sales for the six fiscal months of 2010 were
The Company's operating results for its reporting segments for the six fiscal months of 2010 compared to the six fiscal months of 2009 are as follows (in millions):
Reserve Motive Power Power Consolidated ------- ------ ------------ Six months endedSeptember 27, 2009 : Net sales $380.8 $326.8 $707.6 ====== ====== ====== Operating earnings before highlighted items $45.3 $7.3 $52.6 Restructuring charges (2.1) (4.6) (6.7) Acquisition activity expense (0.8) (0.4) (1.2) --- --- ---- Total operating earnings $42.4 $2.3 $44.7 ===== ==== ===== Six months endedSeptember 28, 2008 : Net sales $504.8 $614.0 $1,118.8 ====== ====== ======== Operating earnings before highlighted items $47.6 $40.0 $87.6 Gain on sale of manufacturing facility 10.9 - 10.9 Legal proceedings charge (3.4) - (3.4) Restructuring charges (1.5) (1.7) (3.2) --- --- ---- Total operating earnings $53.6 $38.3 $91.9 ===== ===== =====
"We were very pleased with our second quarter results, in which our adjusted, diluted earnings per share of
Craig added, "As reported on
Reconciliation of Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles ("GAAP").
Included below is a reconciliation of non-GAAP adjusted financial measures to reported amounts for the three and six fiscal month periods ended
Fiscal quarter ended -------------------- (Unaudited) September 27, September 28, 2009 2008 ------------- ------------- (In millions, except share and per share data) Net earnings reconciliation (Restated)(1) As reported net earnings $12.9 $24.4 Non-GAAP adjustments (net of tax): Restructuring charges 2.2(2) 0.7(2) Acquisition activity expense 0.6(3) - Legal proceedings charge - - Refinancing related charges - - Secondary offering fees - - ----- ----- Non-GAAP adjusted net earnings $15.7 $25.1 ===== ===== Outstanding shares used in per share calculations: Basic 48,031,005 49,578,424 ========== ========== Diluted 48,838,160 50,621,441 ========== ========== Non-GAAP adjusted net earnings per share: Basic $0.33 $0.51 ===== ===== Diluted $0.32 $0.50 ===== ===== Reported net earnings per share: Basic $0.27 $0.49 ===== ===== Diluted $0.26 $0.48 ===== ===== Six fiscal months ended ----------------------- (Unaudited) September 27, September 28, 2009 2008 ------------- ------------- (In millions, except share and per share data) Net earnings reconciliation (Restated)(1) As reported net earnings $21.3 $49.6 Non-GAAP adjustments (net of tax): Restructuring charges 4.7(2) 2.1(2) Acquisition activity expense 0.8(3) - Gain on sale of manufacturing facility - (8.5)(4) Legal proceedings charge - 2.2(5) Refinancing related charges - 3.4(6) Secondary offering fees - 0.2(7) ----- ----- Non-GAAP adjusted net earnings $26.8 $49.0 ===== ===== Outstanding shares used in per share calculations: Basic 47,983,703 49,454,074 ========== ========== Diluted 48,646,427 50,564,479 ========== ========== Non-GAAP adjusted net earnings per share: Basic $0.56 $0.99 ===== ===== Diluted $0.55 $0.97 ===== ===== Reported net earnings per share: Basic $0.44 $1.00 ===== ===== Diluted $0.44 $0.98 ===== ===== (1) As more fully explained in our Quarterly Report on Form 10-Q, filed today, in the first fiscal quarter of 2010, we adopted the new accounting for convertible notes as required by the guidance, effective retrospectively to the first fiscal quarter of 2009. The new accounting pronouncement resulted in a decrease in net earnings related to non-cash interest of approximately$0.8 million ($1.3 million pre-tax) in our second fiscal quarters of 2010 and approximately$1.7 million ($2.6 million pre-tax) in our six fiscal months of 2010. Additionally, the rule adoption caused a restatement of our second fiscal quarter of 2009 results by a comparable reduction in net earnings of$0.8 million ($1.2 million pre-tax) and our six fiscal months of 2009 results by a comparable reduction in net earnings of$1.1 million ($1.6 million pre-tax). (2) Resulting from pretax restructuring charges of approximately$3.2 million in the second fiscal quarter of 2010 and approximately$1.0 million in the second fiscal quarter of 2009, and approximately$6.7 million in the six fiscal months of 2010 and approximately$3.2 million in the six fiscal months of 2009. (3) Resulting from pretax charge for acquisition activity expense of approximately$0.8 million in the second fiscal quarter of 2010, and of approximately$1.2 million in the six fiscal months of 2010. (4) Resulting from pretax gain of approximately$10.9 million , net of fees and expenses, from the sale of theManchester, England manufacturing facility, recorded in the six fiscal months of 2009. (5) Resulting from pretax charges of approximately$3.4 million in the six fiscal months of 2009 for litigation awards against the Company. (6) Resulting from pretax charges of approximately$5.2 million in the six fiscal months of 2009, related to the refinancing of amounts borrowed under the Company's prior senior secured credit facility. These charges are comprised of an approximate$4.0 million write-off of deferred financing fees and$1.2 million of losses incurred in terminating certain interest rate swap agreements. (7) Resulting from pretax charge for professional fees related to secondary stock offerings of approximately$0.3 million in the second fiscal quarter of 2009. Summary of Earnings (In millions, except share and per share data) Fiscal quarter ended -------------------- (Unaudited) September 27, September 28, 2009 2008 --------- --------- (Restated)(1) Net sales $367.3 $526.8 Gross profit 88.6 109.0 Operating expenses 60.3 64.1 Restructuring charges 3.2 1.0 Operating earnings 25.1 43.9 Earnings before income taxes 18.7 36.0 Net earnings $12.9 $24.4 ===== ===== Net earnings per common share: Basic $0.27 $0.49 ===== ===== Diluted $0.26 $0.48 ===== ===== Weighted average shares outstanding: Basic 48,031,005 49,578,424 ========== ========== Diluted 48,838,160 50,621,441 ========== ========== EnerSys Summary of Earnings (In millions, except share and per share data) Six fiscal months ended ----------------------- (Unaudited) September 27, September 28, 2009 2008 --------- --------- (Restated)(1) Net sales $707.6 $1,118.8 Gross profit 166.1 221.6 Operating expenses 114.7 134.0 Gain on sale of manufacturing facility - (10.9) Restructuring charges 6.7 3.2 Legal proceedings charge - 3.4 Operating earnings 44.7 91.9 Earnings before income taxes 31.0 69.6 Net earnings $21.3 $49.6 ===== ===== Net earnings per common share: Basic $0.44 $1.00 ===== ===== Diluted $0.44 $0.98 ===== ===== Weighted average shares outstanding: Basic 47,983,703 49,454,074 ========== ========== Diluted 48,646,427 50,564,479 ========== ========== (1) As more fully explained in our Quarterly Report on Form 10-Q, filed today, in the first fiscal quarter of 2009, we adopted the new accounting for convertible notes as required by the guidance, effective retrospectively to the first fiscal quarter of 2009. The new accounting pronouncement resulted in a decrease in net earnings related to non-cash interest of approximately$0.8 million ($1.3 million pre-tax) in our second fiscal quarters of 2010 and approximately$1.7 million ($2.6 million pre-tax) in our six fiscal months of 2010. Additionally, the rule adoption caused a restatement of our second fiscal quarter of 2009 results by a comparable reduction in net earnings of$0.8 million ($1.2 million pre-tax) and our six fiscal months of 2009 results by a comparable reduction in net earnings of$1.1 million ($1.2 million pre-tax).
The call, scheduled for
The call will also be Webcast on
The conference call information is:
Date:Friday, October 30, 2009 Time:9:00 a.m. Eastern Time Via Internet: http://www.enersys.com Domestic Dial-In Number: 866-356-3093 International Dial-In Number: 617-597-5381 Passcode: 43230260
A replay of the conference call will be available from
Via Internet: http://www.enersys.com Domestic Replay Number: 888-286-8010 International Replay Number: 617-801-6888 Passcode: 93712706
For more information, please contact
P.O. Box 14145,
EDITOR'S NOTE:
More information regarding
Caution Concerning Forward-Looking Statements
This press release (and oral statements made regarding the subjects of this release) contains forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act) which may include, but are not limited to, statements regarding
Although
SOURCE
Richard Zuidema, Executive Vice President, EnerSys, 1-800-538-3627