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CTS Announces Fourth Quarter And Full-Year 2011 Financial Results

Stocks in this article: CTS

CTS Corporation (NYSE: CTS) today announced fourth quarter 2011 revenues of $144.0 million, a 1% decrease in the same period last year and from the third quarter 2011 revenues. Fourth quarter 2011 revenues were negatively impacted by approximately $11-$13 million from the flooding in Thailand. Fourth quarter 2011 net earnings were $5.9 million, or $0.17 per diluted share, compared to $4.8 million, or $0.14 per diluted share, in the same period last year. Included in the fourth quarter 2011 was a restructuring and related charge of $2.4 million, or $0.05 per share, compared to a restructuring and related charge of $1.7 million, or $0.03 per share, in the same period last year. Excluding these charges, adjusted earnings per share were $0.22 in the fourth quarter 2011, an increase of 29% over adjusted earnings per share of $0.17 in the same period last year.

Fourth quarter 2011 Components and Sensors segment sales grew 8% from the same period last year driven by a 17% increase in automotive sensor and actuator sales and partially offset by a 5% decrease in electronic component product sales. EMS fourth quarter sales decreased 8% year-over-year.

As previously disclosed, CTS’ EMS Scotland facility experienced a fire-related disruption during the second quarter of 2011 and its Thailand facility was affected by the floods in the fourth quarter. As anticipated, the fourth quarter of 2011 included two separate insurance recoveries. CTS recorded a $2.2 million business interruption insurance recovery shown in operating expense which offsets expenses recorded in cost of sales. In addition, the Company recorded fire-related insurance recovery for property damage of $3.4 million, or $0.07 per share.

2011 Full-Year Financial Results

Full-year 2011 revenue was $588.5 million, an increase of $35.9 million, or 6.5%, from 2010 full- year revenue. The Components and Sensors segment revenue decreased 1% year-over-year. Full-year 2011 EMS segment revenue increased 14% over 2010, primarily driven by industrial sales which grew 28% and defense and aerospace sales which increased by 20%.

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