DALLAS, Feb. 7, 2013 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today reported financial results for the second quarter ended December 29, 2012.
Second Quarter Fiscal Year 2013 Compared to 2012
Revenue in the second quarter of fiscal 2013 decreased $6.3 million or 16.6 percent to $31.5 million. The decrease in revenue resulted from customer-driven delays on projects previously awarded, as well as delays in the timing of anticipated bookings. Increased revenue in the Asia-Pacific and Middle East regions were more than offset by decreased revenue in North America.Gross profit decreased in the quarter by $0.9 million, or 7.6 percent, to $11.5 million on lower revenue. Gross profit as a percent of revenue increased to 36.7 percent in the quarter from 33.1 percent in the prior year. The improvement in gross margin percentage is attributed to changes in product and geographical mix, lower than previously expected costs on completed and in process projects, as well as an improvement in manufacturing efficiencies. Operating expenses decreased $0.8 million or 7.2 percent in the quarter as the Company overlapped a $2.1 million one-time charge from the accelerated vesting of restricted stock in the second quarter of fiscal 2012. On a non-GAAP basis, operating expenses increased $1.2 million in the quarter largely attributed to higher commission expense and increased costs associated with additional sales resources located in China. For reconciliations of GAAP to non-GAAP results and other non-GAAP amounts, see the accompanying tables to this release. Interest expense declined 52.6 percent in the quarter to $0.2 million on lower average balances outstanding. Foreign exchange gain increased to $0.1 million this quarter compared to a $0.2 million loss in the prior year quarter. Net income attributable to PMFG, Inc. common stockholders was $0.5 million or $0.02 per diluted share in the quarter compared to net income of $0.1 million and break even earnings per diluted share in the prior year. The second quarter fiscal 2012 non-GAAP net income attributable to PMFG, Inc. common stockholders was $1.5 million or $0.08 per diluted share.