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Black Box Corporation (NASDAQ:BBOX), a leading communications system integrator dedicated to designing, sourcing, implementing and maintaining today's complex communications solutions, today reported results for the first quarter of Fiscal 2013.
First quarter of Fiscal 2013 diluted earnings per share was 34¢ on net income of $5.9 million or 2.4% of revenues compared to diluted earnings per share of 53¢ on net income of $9.6 million or 3.6% of revenues for the same quarter last year. On a sequential quarter comparison basis, fourth quarter of Fiscal 2012 diluted earnings per share was 64¢ on net income of $11.2 million or 4.4% of revenues. Excluding provision for income taxes and reconciling items (which are identified below) and utilizing an operational effective tax rate (as described below), operating earnings per share (which is a non-GAAP term and is defined below) for the first quarter of Fiscal 2013 were 56¢ on operating net income (which is a non-GAAP term and is defined below) of $9.7 million or 3.9% of revenues compared to operating earnings per share of 60¢ on operating net income of $10.9 million or 4.1% of revenues for the same quarter last year. The Company's fourth quarter of Fiscal 2012 earnings release included first quarter of Fiscal 2013 guidance for Operating EPS in the range of 58¢ to 65¢, which range did not exclude restructuring estimated at that time to be $1.5 million. First quarter of Fiscal 2013 Operating EPS of 56¢ excludes restructuring of $2.0 million which represents a 7¢ after-tax benefit to Operating EPS. The Company's guidance throughout the remainder of Fiscal 2013 will exclude restructuring. First quarter of Fiscal 2013 pre-tax reconciling items were $6.1 million compared to $2.1 million for the same quarter last year. See below for further discussion regarding Management's use of non-GAAP accounting measurements and a detailed presentation of the Company's pre-tax reconciling items for the periods presented above.