This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Standex Reports 9% Sales Growth In Second Quarter Fiscal 2013

Standex International Corporation (NYSE:SXI) today reported financial results for the second quarter ended December 31, 2012.

Second Quarter Fiscal 2013 Results from Continuing Operations

  • Net sales increased 8.9% to $168.6 million from $154.9 million in the second quarter of fiscal 2012. Sales growth consisted of 8.5% from the Company’s acquisition of Meder electronic and 0.5% organic growth offset by 0.1% of unfavorable foreign exchange.
  • Income from operations was $16.3 million compared with $14.4 million in the second quarter of fiscal 2012. Operating income for the second quarter of 2013 included, pre-tax, $1.0 million of restructuring charges and acquisition-related costs of $0.1 million. The second quarter of 2012 included, pre-tax, $0.7 million of restructuring charges. Excluding these items from both periods, the Company reported non-GAAP second-quarter fiscal 2013 operating income of $17.3 million compared with $15.1 million in the year-earlier quarter, an increase of 15.0%.
  • Net income from continuing operations was $11.0 million, or $0.86 per diluted share, including, after tax, $0.6 million of restructuring charges. This compares with second quarter 2012 net income from continuing operations of $10.1 million, or $0.79 per diluted share, which included, after tax, $0.5 million of restructuring charges. Excluding the aforementioned items from both periods, non-GAAP net income from continuing operations increased 11.3% to $11.7 million, or $0.92 per diluted share, from $10.5 million, or $0.83 per diluted share, in the second quarter of fiscal 2012.
  • EBITDA (earnings before interest, income taxes, depreciation and amortization) was $20.4 million compared with $17.7 million in the second quarter of fiscal 2012. Excluding the previously mentioned items from both periods, EBITDA increased 16.5% to $21.4 million from $18.4 million in the second quarter of fiscal 2012.
  • Net working capital (defined as accounts receivable plus inventories less accounts payable) was $129.9 million at the end of the second quarter of 2013, compared with $116.4 million a year earlier. Working capital turns were 5.2 for the second quarter of fiscal 2013, compared with 5.3 turns in the second quarter of fiscal 2012.
  • The Company’s net debt (defined as short-term debt plus long-term debt less cash) of $28.9 million compares with net debt of $35.0 million at September 30, 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.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,031.96 -48.18 -0.27%
S&P 500 2,108.83 -8.86 -0.42%
NASDAQ 5,054.2710 -37.8140 -0.74%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs