Breeze-Eastern Corporation (NYSE Amex: BZC) today reported its Fiscal 2012 Second Quarter financial results.
- Net sales: $17.9 million, a new record for second quarter sales, up 18% over $15.1 million for the Fiscal 2011 second quarter.
- Net income: $1.1 million, or $0.12 per diluted share, up 73% over the Fiscal 2011 second quarter.
- Adjusted EBITDA, as described under “Non-GAAP Financial Measures” in this press release: $2.4 million, versus $1.9 million in the Fiscal 2011 second quarter.
- Total debt: $10.7 million, $4.9 million lower than a year ago.
- Cash: $10.6 million, versus $4.9 million a year ago.
- Bookings: $15.6 million, versus $18.4 million in the Fiscal 2011 second quarter. The book-to-bill ratio for the Fiscal 2012 second quarter was 0.9.
For the Fiscal 2012 first six months, the financial results follow.
- Net sales: $36.1 million, a new record for first six months sales, up 14% over $31.6 million for the Fiscal 2011 first six months.
- Net income: $1.7 million, or $0.18 per diluted share, up 39% from $1.2 million, or $0.13 per diluted share, for the first six months of Fiscal 2011.
- Adjusted EBITDA, as described under “Non-GAAP Financial Measures” in this press release: $4.0 million, versus $3.9 million in the Fiscal 2011 first six months.
- Bookings: $29.2 million, versus $38.1 million in the Fiscal 2011 first six months. The book-to-bill ratio for the Fiscal 2012 first six months was 0.8.
Mike Harlan, President and Chief Executive Officer, said, "We continued to achieve strong sales with our third consecutive quarter of record sales. Our cash flow also continues to be strong and our net debt at the end of the quarter was down to only $51,000. We have generated this cash while continuing to invest in product development. We completed development of the new Cargo Winch for the C-27J JCA aircraft for Alenia/L-3 and the U.S. Air Force during our second quarter and expect to make production shipments later this year. We also delivered a prototype weapons handling system for the Predator-C program. We have been strategically increasing inventory levels in ways that we expect will improve customer service and satisfaction. Despite this investment in inventory, our balance sheet has ample liquidity with a very strong cash position and we remain well clear of our debt covenants."