Strong Balance Sheet
Cash and cash equivalents at September 30, 2012 were $21.5 million compared with $21.7 million at December 31, 2011. Capital expenditures in the third quarter of 2012 were $0.8 million and were $6.2 million in the first nine months of 2012. Capital expenditures for the 2012 fourth quarter are expected to be approximately $2.0 million which includes general maintenance expenditures and finalizing the purchase and installation of machinery in the Company’s newly completed facilities in Switzerland and China. Cash provided by operations in the third quarter was $5.4 million.
Net Orders by Region
|September 30,||September 30,||June 30,|
Orders from Customers in
|2012||% of Total||2011||% Change||2012||% Change|
Net orders (“orders”) during the quarter were $68.4 million, a decrease of $13.1 million, or 16%, when compared with the third quarter of 2011, which includes $2.8 million related to unfavorable foreign currency translation. Excluding the foreign currency impact, orders decreased $10.3 million, or 13%. Declines were in Asia where industrial activity growth is decelerating and Europe, where the economic conditions continue to negatively impact demand. Sequentially, orders were down 15% from the trailing second quarter of 2012, which was attributable to reductions in orders received from Europe and Asia. The Company’s order backlog at the end of the quarter was $127 million.
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