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Breeze-Eastern Reports Fiscal 2011 Second Quarter And Year To Date Results

Breeze-Eastern Corporation (NYSE Amex: BZC) today reported its Fiscal 2011 second quarter financial results.

  • Net sales: $15.1 million, 8% lower than $16.4 million for the Fiscal 2010 second quarter.
  • Operating income: $1.36 million, down 4% compared with $1.42 million for the Fiscal 2010 second quarter.
  • Net income: $0.64 million, or $0.07 per diluted share, down 2% from $0.65 million, or $0.07 per diluted share, in the Fiscal 2010 second quarter.
  • Adjusted EBITDA, a “Non-GAAP Financial Measure” described in this press release: $1.88 million, versus $1.86 million in the Fiscal 2010 second quarter.
  • Inventory: $17.9 million, vs. $25.8 million at the end of the Fiscal 2010 second quarter and $17.4 million at the end of March, 2010.
  • Total debt: $15.6 million, $1.6 million lower than three months ago, and $6.5 million lower than a year ago.
  • Bookings: $18.4 million, $0.6 million or 3% lower versus $19.0 million in the Fiscal 2010 second quarter. The book-to-bill ratio for the Fiscal 2011 second quarter was 1.2.
  • Backlog: $136.6 million, versus $135.8 million at September 27, 2009.

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

  • Net sales: $31.6 million, 6% higher than $29.8 million for the Fiscal 2010 first six months.
  • Operating income: $2.65 million, 14% above $2.34 million for the Fiscal 2010 first six months.
  • Net income: $1.23 million, or $0.13 per diluted share, up 22% from $1.01 million, or $0.11 per diluted share, in the Fiscal 2010 first six months.
  • Adjusted EBITDA, a “Non-GAAP Financial Measure” described in this press release: $3.86 million, versus $3.27 million in the Fiscal 2010 first six months.
  • Bookings: $38.1 million, $3.5 million or 10% over $34.6 million in the Fiscal 2010 first six months. The book-to-bill ratio for the Fiscal 2011 first six months was 1.2.

Mike Harlan, President and Chief Executive Officer, said, "We feel this was another good quarter, even with mixed financial results. Even though our sales were off somewhat, due in part to a shipments slowdown in September related to our ongoing labor negotiations, our earnings per share and EBITDA for the quarter were still about even with the same quarter last year. Our sales, earnings, and EBITDA for the first half of our fiscal year were all up from the same period last year. Our inventory is up slightly, as we ramp up for higher shipments this quarter. Our bookings were strong again this quarter, including higher government spares orders, and our backlog is close to a new record. Our cash flow continues to be strong, and we were able to make an extra debt payment in the quarter. We are once again fully compliant with all of our debt covenants. With ample cash and no projected use of our Revolver line of credit, we are financially well-positioned."

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