Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): 08/8/2006
EnerSys
(Exact name of registrant
as specified in its charter)
Commission File Number: 1-32253
Delaware |
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23-3058564 |
(State or other jurisdiction |
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(IRS Employer |
of incorporation) |
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Identification No.) |
2366
Bernville Road, Reading, Pennsylvania 19605
(Address of principal executive
offices, including zip code)
(610)
208-1991
(Registrants telephone number,
including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition
On August 8, 2006, EnerSys issued an earnings press release discussing the Companys financial results for the first fiscal quarter of 2007. The press release, attached as Exhibit 99.1 hereto and incorporated herein by reference, is being furnished to the SEC and shall not be deemed to be filed for any purpose.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 Press Release, dated August 8, 2006, of EnerSys regarding the financial results for the first fiscal quarter of 2007.
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Signature(s)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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EnerSys |
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Date: August 8, 2006 |
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By: |
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/s/ Michael T. Philion |
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Michael T. Philion |
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Executive Vice President - Finance and Chief Financial Officer |
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Exhibit Index
Exhibit No. |
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Description |
EX-99.1 |
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Press Release, dated August 8, 2006, of EnerSys regarding the financial results for the first fiscal quarter of 2007. |
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READING, PA, August 8, 2006/PRNewswire-FirstCall/ EnerSys (NYSE:ENS), the worlds largest manufacturer, marketer and distributor of industrial batteries, announced today its financial results for the first fiscal quarter of 2007. Net earnings for the Companys first fiscal quarter of 2007 were $ 12.2 million, or $0.26 per basic and diluted share, including $0.04 per share favorable impact from a previously disclosed legal settlement, compared to net earnings of $8.8 million, or $0.19 per basic and diluted share in the first fiscal quarter of the prior year. These results exceed the range of $0.17 - $0.21 diluted EPS guidance previously provided on June 14, 2006, which also included the $0.04 favorable impact.
Net sales for the first fiscal quarter of 2007 were $359.0 million compared to $303.8 million in the comparable period of the prior year, or an increase of 18.2 %. The results reflect the acquisition of FIAMM SpAs motive power business, which occurred on June 1, 2005, and GAZ GmbHs reserve power business, which occurred on October 11, 2006. These two acquisitions contributed sales of approximately $18 million in the first fiscal quarter of 2007 as compared to $7 million in the comparable period of the prior year or approximately 3 percentage points of the 18.2% increase compared to the prior year. Additionally, foreign currency translation (primarily from the Euro) had a 2 percentage point favorable impact on the first fiscal quarter of 2007 net sales, compared to the comparable period in the prior year. Net sales, excluding the effect of foreign currency translation and acquisitions, increased 12.7% in the first fiscal quarter of 2007 over the same period of 2006. Approximately 3% of the increase in our first fiscal quarter of 2007 sales growth is attributable to selling price recovery actions.
EnerSys first fiscal quarter of 2007 operating results for its reporting segments, compared to the first fiscal quarter of 2006 are as follows (in millions):
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Fiscal quarter ended |
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July 2, 2006 |
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July 3, 2005 |
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Net Sales |
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Operating |
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Net Sales |
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Operating |
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Reserve Power |
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$ |
158.4 |
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$ |
11.4 |
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$ |
136.3 |
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$ |
8.4 |
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Motive Power |
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200.6 |
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14.2 |
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167.5 |
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9.2 |
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$ |
359.0 |
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$ |
25.6 |
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$ |
303.8 |
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$ |
17.6 |
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We continue to experience strong demand for our products which we believe is due in large part to the value we bring to our customers. We have experienced growth in our market share while we continue to increase the selling price of our products to offset the impact of commodity costs, stated John D. Craig, Chairman, President & Chief Executive Officer of the Company. We remain committed to our strategic direction and believe that our first quarter results are reflective of our efforts.
Craig added, We anticipate that for our second fiscal quarter of 2007 diluted net earnings per share will be between $0.20 and $0.24; this excludes all costs associated with the Registration Statement filed on July 27, 2006.
This press release contains forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on managements current expectations and subject to uncertainties and changes in circumstances. The Companys actual results may differ materially from the forward-looking statements for a number of reasons. For a list of the factors, which could affect the Companys results, including earnings estimates, see Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations, including Forward-Looking Statements, set forth in the Companys Quarterly Report on Form 10-Q for the first fiscal quarter ended July 2, 2006, which was filed with the U.S. Securities and Exchange Commission.
EnerSys
Summary of Earnings
(In millions, except share and per share data)
(Unaudited)
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Fiscal quarter ended |
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July 2, 2006 |
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July 3, 2005 |
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Net sales |
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$ |
359.0 |
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$ |
303.8 |
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Gross profit |
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77.1 |
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66.5 |
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Operating expenses |
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54.3 |
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48.9 |
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Litigation settlement income |
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(2.8 |
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Operating earnings |
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25.6 |
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17.6 |
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Earnings before income taxes |
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17.8 |
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13.3 |
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Net earnings |
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$ |
12.2 |
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$ |
8.8 |
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Net earnings per common share |
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Basic |
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$ |
0.26 |
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0.19 |
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Diluted |
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$ |
0.26 |
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$ |
0.19 |
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Weighted average shares outstanding |
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Basic |
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46,338,013 |
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46,166,709 |
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Diluted |
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47,145,216 |
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46,366,789 |
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EnerSys will host a conference call to discuss the Companys first fiscal quarter 2007 financial results and provide an overview of the business. The call will conclude with a question and answer session.
The call, scheduled for August 9, 2006, at 9:00 a.m. Eastern Time, will be hosted by John D. Craig, Chairman, President and Chief Executive Officer and Michael T. Philion, Executive Vice President Finance and Chief Financial Officer.
The call will also be Webcast on EnerSys website. There will be a free download of a compatible media player on the Companys website at http://www.enersys.com.
The conference call information is: |
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Date: |
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Wednesday, August 9, 2006 |
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9:00 a.m. Eastern Time |
Via Internet: |
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http://www.enersys.com |
Domestic Call-In Number: |
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800-261-3417 |
International Dial-In Number: |
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617-614-3673 |
Passcode: |
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10333885 |
A replay of the conference call will be available from 11:00 a.m. on August 9, 2006, through midnight on September 8, 2006.
The replay information is: |
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Via Internet: |
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http://www.enersys.com |
Domestic Replay Number: |
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888-286-8010 |
International Replay Number: |
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617-801-6888 |
Passcode: |
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42363111 |
For more information, please contact Richard Zuidema, Executive Vice President, EnerSys, P.O. Box 14145, Reading, PA 19612-4145. Tel: 800-538-3627; Website http://www.enersys.com.
EnerSys, the world leader in stored energy solutions for industrial applications, manufactures, distributes and services reserve power and motive power batteries, chargers, power equipment, and battery accessories to customers worldwide. Reserve power batteries are used in the telecommunications and utility industries, uninterruptible power suppliers, and numerous applications requiring standby power. Motive power batteries are utilized in electric forklift trucks and other commercial electric powered vehicles. The Company also provides aftermarket and customer support services to its customers from over 100 countries through its sales and manufacturing locations around the world.
More information regarding EnerSys can be found at http://www.enersys.com.