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Breeze-Eastern Corporation (NYSE Amex: BZC) today reported its Fiscal 2011 third quarter financial results.
Net sales: $19.6 million, versus $21.2 million for the Fiscal 2010 third quarter.
Net income: $1.0 million or $0.10 per diluted share, versus $1.9 million, or $0.20 per diluted share, in the Fiscal 2010 third quarter.
Adjusted EBITDA, a “Non-GAAP Financial Measure” described in this press release: $2.3 million, versus $3.9 million in the Fiscal 2010 third quarter.
Total debt: $13.1 million, $2.5 million lower than three months ago, and $8.4 million lower than a year ago.
Bookings: $15.8 million, versus $11.9 million in the Fiscal 2010 third quarter. The book-to-bill ratio for the Fiscal 2011 third quarter was 0.8.
For the Fiscal first nine months, the financial results follow.
Net sales: $51.3 million, versus $50.9 million for the Fiscal 2010 first nine months.
Net income: $2.2 million, or $0.23 per diluted share, versus $2.9 million, or $0.31 per diluted share, in the Fiscal 2010 first nine months.
Adjusted EBITDA, a “Non-GAAP Financial Measure” described in this press release: $6.2 million, versus $7.1 million in the Fiscal 2010 first nine months.
Bookings: $53.9 million, versus $46.5 million in the Fiscal 2010 first nine months. The book-to-bill ratio for the Fiscal 2011 first nine months was 1.1.
Mike Harlan, President and Chief Executive Officer, said, "Our fiscal third quarter financial performance was impacted by a combination of factors. While our backlog has continued to be strong, our third quarter shipments were reduced by complications in implementing an information technology project and by supply chain quality issues. During this quarter, we also had higher legal costs due to the extended labor negotiations and transition costs from ongoing information technology projects; the combination of lower sales and higher SG&A costs resulted in lower earnings per share and Adjusted EBITDA for our third quarter compared with the same quarter last year. These third quarter results also made our nine month cumulative net income and Adjusted EBITDA lower than the same period last fiscal year. After comparatively good first half earnings and Adjusted EBITDA, we are disappointed to have to report these results.”