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CTS Announces Third Quarter 2012 Financial Results

Based on the third quarter results, and the current outlook which considers the continued weak global economy and the negative impact of the Japan/China territory dispute, management is lowering its full-year 2012 sales guidance from a range of a 4% to 7% increase over 2011, to essentially flat, with the Components and Sensors segment growing 10% to 13% and EMS declining 9% to 12%. Accordingly, management is changing its 2012 adjusted earnings per share guidance to $0.70 to $0.75, from a range of $0.75 to $0.80 per share, which excludes the expected $7.5 million gain from the Singapore facility sale leaseback in the fourth quarter.

 

SEGMENT INFORMATION
 
($ in thousands)  

Components and Sensors
  EMS   Total
Third Quarter of 2012
Net sales to external customers $ 75,565 $ 61,792 $ 137,357
Segment operating earnings before corporate and shared services charges $ 9,492 $ 4,202 $ 13,694

Corporate and shared services charges
(4,185 ) (1,827 ) (6,012 )
Segment operating earnings $ 5,307 $ 2,375 $ 7,682
Expenses not allocated to business segments:
- Restructuring and related charges (878 )
Total operating earnings $ 6,804
 
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
 
Third Quarter of 2011
Net sales to external customers $ 69,089 $ 76,981 $ 146,070
Segment operating earnings before corporate and shared services charges $ 7,738 $ 5,870 $ 13,608

Corporate and shared services charges
(3,557 ) (2,297 ) (5,854 )
Segment operating earnings (1) $ 4,181 $ 3,573 $ 7,754
 

(1) EMS segment’s operating earnings of $3,573 includes $2,687 of insurance recovery for property damage related to the fire at CTS Scotland’s manufacturing facility.

Components & Sensors: Components and Sensors third quarter 2012 sales increased $6.5 million, or 9%, from the third quarter of 2011. Sales of electronic components increased $4.6 million, or 17%, from improved piezoceramic product demand, primarily new HDD sales, and incremental sales from an acquisition. Automotive sensor and actuator sales increased $1.9 million, or 5%, driven primarily from the launch of the new grill shutter actuator and increased sales of pedal modules. Segment operating earnings before corporate and shared services charges increased $1.8 million from the same period last year primarily from higher sales and timing of customer reimbursements, partially offset by higher non-cash pension expenses.

Components and Sensors third quarter 2012 sales decreased $1.3 million from the second quarter of 2012. Within Automotive sensor and actuator products, lower sensor sales were partially offset by sales of the new grill shutter actuator product which was launched last quarter. Sales of electronic component products improved $2.2 million from the second quarter primarily on improved piezoceramic sales for HDD. Despite the lower sales, segment operating earnings before corporate and shared services charges improved $1.1 million from the second quarter of 2012 primarily from lower operating expenses including pension and timing of customer reimbursements.

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