Magnetek, Inc. (NASDAQ: MAG):
Q2 Transition Period 2011 Highlights
Six Month Transition Period 2011 Highlights
- Net sales of $29.5 million increased 13% over prior year Q2 sales.
- Income from continuing operations increased 72% to nearly $2.4 million, or $.74 per share, compared to prior year Q2 income from continuing operations of $1.4 million, or $.44 per share.
- Cash balances increased by $6.7 million during the second quarter to $20.9 million as of January 1, 2012.
- Transition period 2011 sales increased 15% to $58.7 million
- Transition period 2011 income from continuing operations more than doubled to $1.35 per share compared to prior year income of $.65 per share from continuing operations.
- Cash flow prior to pension contributions was $10.2 million in transition period 2011.
Magnetek, Inc. (“Magnetek” or “the Company”, NASDAQ: MAG) today reported the results of its transition period 2011 second and final quarter and its six month transition period, ended January 1, 2012 (see below for a definition of transition period 2011).
Second Quarter Results
In the second and final quarter of transition period 2011, Magnetek recorded revenue of $29.5 million, a 13% increase from the prior year second quarter and a 1% sequential increase from the first quarter of transition period 2011. The increase in sales from the prior year quarter reflects sales growth of products for material handling and mining markets. As a result of the increased sales volume and a favorable shift in the Company’s sales mix, second quarter earnings per share from continuing operations increased $.30, or 68%, to $.74 per share compared to prior year second quarter earnings from continuing operations of $.44 per share.