Breeze-Eastern Corporation (NYSE Amex: BZC) today reported its Fiscal 2012 Third Quarter financial results.
For the Fiscal 2012 third quarter, the financial results follow:
- Net sales: $19.6 million, even with the Fiscal 2011 third quarter
- Net income: $1.1 million, or $0.11 per diluted share, up 11% from $1.0 million, or $0.10 per diluted share, for the Fiscal 2011 third quarter
- Adjusted EBITDA (as described under “Non-GAAP Financial Measures” in this press release): $2.3 million for both the Fiscal 2012 and Fiscal 2011 third quarters
- Total debt: $10.7 million, $2.5 million lower than a year ago
- Cash: $7.8 million, versus $3.4 million a year ago
- Bookings: $14.0 million, versus $15.8 million in the Fiscal 2011 third quarter
For the Fiscal 2012 nine months, the financial results follow:
- Net sales: $55.7 million, up almost 9% over $51.3 million for the Fiscal 2011 first nine months
- Net income: $2.8 million, or $0.29 per diluted share, up 27% from $2.2 million, or $0.23 per diluted share, for the first nine months of Fiscal 2011
- Adjusted EBITDA: $6.3 million, versus $6.2 million in the Fiscal 2011 first nine months
- Bookings: $43.2 million, versus $53.9 million in the Fiscal 2011 first nine months
Mike Harlan, C.E.O. and President, said, "Our total sales continue to be strong as our cumulative sales over the last four quarters exceeded $80 million for the first time. Third Quarter bookings and net backlog at the end of the quarter were lower than last year, as we continue to work to secure several large orders; when we secure these orders, we expect our backlog to increase significantly.“Our total engineering expenses (excluding cost reimbursements from Airbus) were clearly higher this quarter compared to the same quarter last year. We recently hired a new VP of Engineering to provide stronger technical leadership, hire fresh talent and improve our engineering processes and program management. We expect that our engineering costs will continue to be relatively high for the current quarter and into the next Fiscal Year as we continue to fulfill our commitments to our customers.