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CTS Announces Second Quarter 2012 Financial Results

Second quarter cash flow from operations was $16.1 million, the highest level since the third quarter of 2009. Year-to-date cash flow from operations was $12.0 million, compared to $8.8 million in the same period 2011. Year-to-date capital expenditures were $6.9 million compared to $6.5 million last year.

During the second quarter of 2012, the Company repurchased approximately 300,400 shares for $2.9 million, at an average price of $9.68. Year-to-date, the Company repurchased approximately 572,500 shares for $5.6 million, at an average price of $9.86.

Commenting on second quarter 2012 results, Vinod M. Khilnani, CTS Chairman and Chief Executive Officer, stated, “We were pleased with our second quarter performance, despite the global economic slowdown. We believe that continued progress on new product introductions and strong new business wins will allow the Company to drive double-digit growth in Components and Sensors going forward.”

As a result of lower than expected global economic growth, including negative economic growth in Europe and a stronger dollar, management is lowering its full-year 2012 sales guidance from a range of a 10% to 13% increase over 2011, to 4% to 7%. However, as a result of expected restructuring savings, management is maintaining its 2012 adjusted earnings guidance of $0.75 to $0.80 per share.

 

SEGMENT INFORMATION

($ in thousands)  

Components and Sensors

  EMS   Total
Second Quarter of 2012
Net sales to external customers $ 76,823 $ 77,471 $ 154,294
Segment operating earnings before corporate and shared services charges $ 8,398 $ 6,086 $ 14,484
 

Corporate and shared services charges

(3,034 ) (1,906 ) (4,940 )
Segment operating earnings $ 5,364 $ 4,180 $ 9,544
Expenses not allocated to business segments:
- Restructuring and related charges (3,831 )
Total operating earnings $ 5,713
 
First Quarter of 2012
Net sales to external customers $ 76,418 $ 70,551 $ 146,969
Segment operating earnings before corporate and shared services charges (1) $ 7,344 $ 455 $ 7,799
 

Corporate and shared services charges

(4,324 ) (1,543 ) (5,867 )
Segment operating earnings/(loss) (1) $ 3,020 $ (1,088 ) $ 1,932
 
Second Quarter of 2011
Net sales to external customers $ 68,037 $ 78,882 $ 146,919
Segment operating earnings before corporate and shared services charges $ 8,846 $ 2,259 $ 11,105
 

Corporate and shared services charges

(3,995 ) (1,889 ) (5,884 )
Segment operating earnings $ 4,851 $ 370 $ 5,221
Expenses not allocated to business segments:
- Restructuring and related charges (694 )
Total operating earnings $ 4,527

(1) EMS includes $1,769 of insurance recovery for property damage related to the flood at CTS Thailand’s manufacturing facility.

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