This Day On The Street
Continue to site
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

Sparton Corporation Reports $0.43 EPS For Fiscal 2013 Second Quarter

Sparton Corporation (NYSE: SPA) today announced results for the second quarter of fiscal 2013 ended December 31, 2012. The Company reported second quarter sales of $66.0 million, or an increase of 19.2 %, from $55.4 million for the second quarter of fiscal 2012. Reported net income for the second quarter of fiscal 2013 was $4.4 million or $0.43 per share, compared to net income of $1.9 million, or $0.19 per share, in the same quarter a year ago.

Cary Wood, President & CEO, commented, “The first half $0.52 diluted earnings per share results outpaced the first half of the prior year by 57%. As expected, the second quarter was very strong, as delayed shipments from the first quarter were realized during the current quarter and a tax benefit resulting from a worthless stock deduction was recognized as a result of ceasing our Canadian operation a number of years ago. On an adjusted basis, the first half earnings per share of $0.36 is up from the same time period last year.”

Consolidated results for the quarters ended December 31, 2012 and 2011:
    For the Three Months     For the Six Months
Ended December 31, Ended December 31,
($ in 000’s, except per share) 2012   2011 2012   2011
Net sales $ 65,979 $ 55,370 $ 114,999 $ 107,203
Net sales excluding Onyx 59,864 55,370 108,884 107,203
Gross profit 11,408 8,736 18,621 17,080
Gross profit excluding Onyx 11,107 8,736 18,320 17,080
Operating income 3,513 2,919 4,857 5,308
Operating income excluding Onyx 4,080 2,919 5,424 5,308
Provision for (benefit from) income taxes (979 ) 1,069 (531 ) 1,918
Net income 4,401 1,942 5,354 3,451
Adjusted net income 2,712 1,823 3,665 3,332
Income per share – basic 0.43 0.19 0.53 0.34
Adjusted income per share – basic 0.27 0.18 0.36 0.32
Income per share – diluted 0.43 0.19 0.52 0.33
Adjusted income per share – diluted 0.26 0.18 0.36 0.32
Adjusted EBITDA 5,131 3,402 7,064 6,313
Adjusted EBITDA excluding Onyx 4,673 3,402 6,606 6,313

Second Quarter Financial Highlights
    Awarded 13 new business programs during the second quarter of fiscal 2013 with estimated 2 nd half fiscal 2013 revenue of $2.7 million.
Quarter end sales backlog of approximately $211.5 million, including approximately $30.5 million from the Company’s newly acquired business, representing a 35% increase over the previous quarter and a 67% increase over a year ago. Excluding the newly acquired business, backlog was approximately $181.0 million representing a 16% increase over the previous quarter and a 43% increase over a year ago.
Completed the acquisition of Onyx EMS, LLC.
Entered into a new five year banking agreement with BMO Harris Bank providing $65 million of committed credit facilities. The new facility also includes a $35 million accordion feature which could raise the total facility to $100 million.
Recognized a $2.1 million income tax benefit from claiming a worthless stock and bad debt deduction with respect to the Company’s investments in and advances to its 100% owned Canadian subsidiary.

Onyx Acquisition

Mr. Wood continued, “We are extremely pleased to have closed the Onyx acquisition this past November. The first six weeks have resulted in a neutral impact to adjusted earnings and positive incremental EBITDA. We continue to expect that, as operational synergies and new business opportunities are realized, the acquisition will be accretive to earnings by the end of the year. The entry into the Minneapolis technological corridor laden with many large Medical OEM’s has already opened doors for Sparton’s legacy medical business for engineering programs as well as allowing the South Dakota team to explore larger and more complex device build opportunities with existing customers that were previously unattainable.”

1 of 8

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 -0.11%
FB $118.57 0.84%
GOOG $698.21 0.75%
TSLA $241.80 0.43%
YHOO $36.53 -0.19%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs