This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Magnetek Announces First Quarter Fiscal 2011 Results

Magnetek, Inc. (NYSE: MAG):

  • Net sales for Q1 FY 2011 increased 40% to $24.9 million from Q1 of FY 2010.
  • Q1 FY 2011 continuing operations EPS of $0.02 per share compared to a prior year Q1 loss from continuing operations of $.05 per share.
  • Cash balances increased $1.7 million during Q1 of FY 2011 to nearly $10 million after contributing $2.4 million to pension plan.
  • Served markets continue to recover, with Q1 FY 2011 bookings of $24.9 million, a 32% increase over Q1 FY 2010. Order backlog as of October 3, 2010, was $22.8 million, a 113% increase over last year.

Magnetek, Inc. (“Magnetek” or “the Company”)(NYSE: MAG) today reported the results of its 2011 fiscal first quarter ended October 3, 2011.

First Quarter Results

In its first quarter of fiscal 2011, Magnetek recorded revenue of $24.9 million, a 40% increase from the first quarter of fiscal 2010 and a 2% sequential increase from the fourth quarter of fiscal 2010. The increase in sales from the prior year quarter reflects sales growth in each of the Company’s major served markets, as well as significant year-over-year sales growth in its renewable energy product line. Based on the increased sales volume, the Company regained profitability in the first quarter of fiscal 2011. Note that the first quarter of fiscal 2011 contained 14 weeks, whereas both the first and fourth quarters of fiscal 2010 each contained 13 weeks.

“Our first quarter was highlighted by strong bookings and sales, solid gross margin achievement, and a continued focus on profitability and cash flow. Our end markets continued to recover during the quarter, as evidenced by a strong book to bill ratio for products with material handling applications, our largest served market. Each of our primary served markets experienced a sales increase over prior year first quarter levels, led by sales of wind inverters for renewable energy applications. Wind inverter sales comprised nearly 20% of our first quarter revenue, validating our belief that renewable energy markets present our greatest near-term growth opportunities. We’re pleased that on a number of fronts we were able to build on the positive momentum we established last quarter,” said Peter McCormick, Magnetek’s president and chief executive officer.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,409.94 +218.57 1.27%
S&P 500 2,020.25 +18.09 0.90%
NASDAQ 4,680.0310 +42.0370 0.91%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs