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Black Box Corporation Reports Second Quarter Of Fiscal 2013 Results

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 second quarter of Fiscal 2013.

Second quarter of Fiscal 2013 diluted earnings per share was 43¢ on net income of $7.1 million or 2.7% of revenues compared to diluted earnings per share of 83¢ on net income of $14.8 million or 5.2% of revenues for the same quarter last year. On a sequential quarter comparison basis, first quarter of Fiscal 2013 diluted earnings per share was 34¢ on net income of $5.9 million or 2.4% 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 second quarter of Fiscal 2013 was 65¢ on operating net income (which is a non-GAAP term and is defined below) of $10.9 million or 4.2% of revenues compared to operating earnings per share of 93¢ on operating net income of $16.6 million or 5.8% of revenues for the same quarter last year. Second quarter of Fiscal 2013 pre-tax reconciling items were $6.1 million compared to $2.6 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.

Second quarter of Fiscal 2013 total revenues were $260 million, a decrease of 9% from $287 million for the same quarter last year. On a sequential quarter comparison basis, first quarter of Fiscal 2013 total revenues were $248 million.

Second quarter of Fiscal 2013 cash provided by operating activities was $18 million or 250% of net income, compared to cash used for operating activities of $0.3 million or (2)% of net income for the same quarter last year. Second quarter of Fiscal 2013 free cash flow (which is a non-GAAP term and is defined below) was $17 million compared to $(3) million for the same quarter last year. On a sequential quarter comparison basis, first quarter of Fiscal 2013 cash used for operating activities was $3 million or (57)% of net income and free cash flow was $(5) million. During the second quarter of Fiscal 2013, Black Box invested $10 million to repurchase common stock and $1 million to pay dividends. Management believes that free cash flow, defined by the Company as cash provided by operating activities less net capital expenditures, plus proceeds from stock option exercises, plus or minus foreign currency translation adjustments, is an important measurement of liquidity as it represents the total cash available to the Company.

For the six (6) months ended September 29, 2012, diluted earnings per share was $0.77 on net income of $13.1 million or 2.6% of revenues compared to diluted earnings per share of $1.36 on net income of $24.5 million or 4.4% of revenues for the same period last year. Excluding provision for income taxes and reconciling items and utilizing an operational effective tax rate, operating earnings per share for the six (6) months ended September 29, 2012 was $1.21 on operating net income of $20.6 million or 4.1% of revenues compared to operating earnings per share of $1.53 on operating net income of $27.6 million or 5.0% of revenues for the same period last year. Pre-tax reconciling items for the six (6) months ended September 29, 2012 were $12.2 million compared to $4.7 million for the same period last year.

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