UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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

 

23-3058564

(State or other jurisdiction

 

(IRS Employer

of incorporation)

 

Identification No.)

 

2366 Bernville Road, Reading, Pennsylvania 19605
(Address of principal executive offices, including zip code)

(610) 208-1991
(Registrant’s 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 Company’s 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.

2




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.

 

 

 

EnerSys

 

 

 

 

 

 

 

 

 

 

Date: August 8, 2006

 

By:

 

/s/ Michael T. Philion

 

 

 

 

Michael T. Philion

 

 

 

 

Executive Vice President - Finance and Chief Financial Officer

 

3




Exhibit Index

Exhibit No.

 

Description

EX-99.1

 

Press Release, dated August 8, 2006, of EnerSys regarding the financial results for the first fiscal quarter of 2007.

 

4



EXHIBIT 99.1

PRESS RELEASE, DATED AUGUST 8, 2006, OF ENERSYS REGARDING FINANCIAL RESULTS FOR THE FIRST FISCAL QUARTER OF 2007

EnerSys Reports First Fiscal Quarter of  2007 Results

READING, PA, August 8, 2006/PRNewswire-FirstCall/ — EnerSys (NYSE:ENS), the world’s largest manufacturer, marketer and distributor of industrial batteries, announced today its financial results for the first fiscal quarter of 2007.  Net earnings for the Company’s 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 SpA’s motive power business, which occurred on June 1, 2005, and GAZ GmbH’s 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):

 

 

Fiscal quarter ended

 

 

 

July 2, 2006

 

July 3, 2005

 

 

 

Net Sales

 

Operating
Earnings

 

Net Sales

 

Operating
Earnings

 

Reserve Power

 

$

158.4

 

$

11.4

 

$

136.3

 

$

8.4

 

Motive Power

 

200.6

 

14.2

 

167.5

 

9.2

 

 

 

$

359.0

 

$

25.6

 

$

303.8

 

$

17.6

 

 

“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 management’s current expectations and subject to uncertainties and changes in circumstances. The Company’s 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 Company’s results, including earnings estimates, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” including “Forward-Looking Statements,” set forth in the Company’s 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)

 

 

Fiscal quarter ended

 

 

 

July 2, 2006

 

July 3, 2005

 

Net sales

 

$

359.0

 

$

303.8

 

Gross profit

 

77.1

 

66.5

 

Operating expenses

 

54.3

 

48.9

 

Litigation settlement income

 

(2.8

)

 

Operating earnings

 

25.6

 

17.6

 

Earnings before income taxes

 

17.8

 

13.3

 

Net earnings

 

$

12.2

 

$

8.8

 

 

 

 

 

 

 

Net earnings per common share

 

 

 

 

 

Basic

 

$

0.26

 

$

0.19

 

Diluted

 

$

0.26

 

$

0.19

 

Weighted average shares outstanding

 

 

 

 

 

Basic

 

46,338,013

 

46,166,709

 

Diluted

 

47,145,216

 

46,366,789

 

 




EnerSys will host a conference call to discuss the Company’s 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 Company’s website at http://www.enersys.com.

The conference call information is:

 

 

Date:

 

Wednesday, August 9, 2006

Time:

 

9:00 a.m. Eastern Time

Via Internet:

 

http://www.enersys.com

Domestic Call-In Number:

 

800-261-3417

International Dial-In Number:

 

617-614-3673

Passcode:

 

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:

 

 

Via Internet:

 

http://www.enersys.com

Domestic Replay Number:

 

888-286-8010

International Replay Number:

 

617-801-6888

Passcode:

 

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.

About EnerSys

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.