Breeze-Eastern Corporation (NYSE Amex: BZC) today reported its Fiscal 2011 financial results.
- Net sales: $78.2 million, a company record high, versus $69.0 million for Fiscal 2010.
- Net income: $5.0 million, or $0.53 per diluted share, versus a net loss of ($6.0) million, or ($0.64) per diluted share, last year.
- Adjusted EBITDA, a “Non-GAAP Financial Measure” as described below in this press release: $11.9 million, versus a negative ($4.3) million in Fiscal 2010.
- Net debt: $5.1 million, $9.6 million lower than a year ago.
- Bookings: $79.2 million, versus $68.2 million in Fiscal 2010. The book-to-bill ratio for Fiscal 2011 was 1.0.
Even after excluding unusual non-recurring costs from Fiscal 2010, Fiscal 2011 profits were significantly better than last year Fiscal 2010 results included non-cash charges in the fourth quarter of $12.2 million for inventory obsolescence, environmental liabilities, and estimated losses on engineering project commitments, and also included $1.5 million of one-time costs related to the factory shutdown during the relocation in March, 2010. Excluding these amounts, adjusted Fiscal 2010 net income would have been $2.3 million, or $0.25 per diluted share, and Adjusted EBITDA would have been $9.5 million. Fiscal 2011 net income was more than double the adjusted Fiscal 2010 net income and Adjusted EBITDA was up more than 25%.
For the Fiscal 2011 fourth quarter, the financial results follow.
- Net sales: $26.9 million, a company record high, versus $18.1 million in last year’s Fiscal fourth quarter.
- Net income: $2.8 million, or $0.30 per diluted share, versus a loss of ($8.9) million, or ($0.95) per diluted share, in the Fiscal 2010 fourth quarter.
- Adjusted EBITDA: $5.8 million, versus a negative ($11.5) million in the Fiscal 2010 fourth quarter.
- Bookings: $25.3 million, versus $21.7 million in the Fiscal 2010 fourth quarter.
Mike Harlan, Chief Executive Officer and President, said, "Our Fiscal 2011 and fourth quarter sales set new company records. We are proud of this accomplishment and the extra effort by many of our employees to achieve these records. Our bookings were much higher than last year, benefiting from higher spare parts orders from the U.S. Government. Our overall profitability was clearly better than the prior year, but was impacted by our relocation and other factors and still has room for improvement. I regard our Fiscal 2011 income statement results as a good step toward the level of performance we expect to deliver.