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Standex Reports Record Fourth Quarter And Fiscal Year 2012 Results

Standex International Corporation (NYSE:SXI) today reported financial results for the fourth quarter and fiscal year ended June 30, 2012.

Fourth Quarter Fiscal 2012 Results from Continuing Operations

  • Net sales increased 5.0% to $169.8 million from $161.7 million in the fourth quarter of fiscal 2011.
  • Income from operations was $18.5 million compared with $15.5 million in the fourth quarter of fiscal 2011. Operating income for the fourth quarter of 2012 included, pre-tax, $0.2 million of restructuring charges and $0.5 million of acquisition-related expenses. The fourth quarter of 2011 included, pre-tax, $0.4 million of restructuring charges and $0.6 million in acquisition-related expenses. Excluding these items from both periods, the Company reported non-GAAP fourth-quarter fiscal 2012 operating income of $19.2 million compared with $16.5 million in the year-earlier quarter, an increase of 16.5%.
  • Net income from continuing operations was $13.5 million, or $1.05 per diluted share, including, after tax, $0.2 million of restructuring charges, $0.3 million of acquisition-related expenses and $0.8 million in non-recurring tax benefits. This compares with fourth quarter 2011 net income from continuing operations of $10.9 million, or $0.86 per diluted share, which includes, after tax, $0.2 million of restructuring charges and $0.4 million in acquisition-related expenses. Excluding the aforementioned items from both periods, non-GAAP net income from continuing operations increased 13.9% to $13.2 million, or $1.02 per diluted share, from $11.5 million, or $0.91 per diluted share, in the fourth quarter of fiscal 2011.
  • EBITDA (earnings before interest, income taxes, depreciation and amortization) was $22.1 million compared with $19.1 million in the fourth quarter of fiscal 2011. Excluding the previously mentioned items from both periods, EBITDA increased 13.4% to $22.8 million from $20.1 million in the fourth quarter of fiscal 2011.
  • Net working capital (defined as accounts receivable plus inventories less accounts payable) was $110.4 million at the end of the fourth quarter of 2012, compared with $102.0 million a year earlier. Working capital turns were 6.2 for the fourth quarter of fiscal 2012, compared with 6.3 turns in the fourth quarter of fiscal 2011.
  • For the first time in history, the Company had a net cash position (defined as short-term debt plus long-term debt less cash) of $4.7 million at June 30, 2012. This compares to net debt of $21.1 million at March 31, 2012.

A reconciliation of net income, earnings per share and net income from continuing operations from reported GAAP amounts to non-GAAP amounts is included later in this release.

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