Fiscal 2012 Fourth Quarter Results
Over two-thirds of the approximate 4 percent year-over-year increase in fourth quarter net sales was due to higher volume with the balance due primarily to the net favorable change in product prices and the mix of products sold. The increase in volume was fairly broad-based across most product categories. The impact on net sales from acquisitions and foreign currency was not significant. Sales of LED-based products grew by more than two-and-a-half times over the prior-year period and represented approximately 12 percent of fiscal 2012 fourth quarter net sales.
In the fourth quarter of fiscal 2012, the Company recorded a pre-tax special charge related to streamlining activities of $2.1 million, or $0.03 per diluted share. The special charge was associated with the previously announced planned closing of the Cochran, Georgia production facility and consisted primarily of production transfer costs. In addition to the special charge, the Company incurred $3.2 million of higher costs, or $0.05 per diluted share, directly related to manufacturing inefficiencies associated with the closing of the facility as well as $1.2 million of non-cash expenses, or $0.02 per diluted share, related to the abandonment of certain otherwise usable inventory at the facility.
Fiscal 2012 fourth quarter gross profit margin increased 50 basis points to 40.9 percent compared with 40.4 percent for the prior-year period. Excluding the impact of the expenses directly associated with the closing of the Cochran facility, adjusted gross profit margin increased 140 basis points to 41.8 percent compared with the prior-year period.Operating profit for the fourth quarter of fiscal 2012 was $61.2 million, or 11.9 percent of net sales, compared with $55.8 million, or 11.2 percent of net sales, for the prior-year period. Excluding expenses associated with the closing of the Cochran facility, adjusted operating profit for the fourth quarter of fiscal 2012 was $67.7 million, a 21 percent increase over the prior-year period. Adjusted operating profit margin for the fourth quarter of fiscal 2012 was 13.2 percent, which represents a 200 basis point improvement over the year-ago period.
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