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.
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