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

PMFG, Inc. (Parent Of Peerless Mfg. Co.) Reports Second Quarter Fiscal Year 2013 Financial Results

Financial Condition and Cash Flows

At December 29, 2012, the Company reported $69.2 million of cash and cash equivalents including $8.5 million of cash and cash equivalents which is restricted as security for outstanding letters of credit, total assets of $185.0 million, net working capital of $79.7 million and a current ratio of 2.9 to 1.0.

Unrestricted cash and cash equivalents increased $8.3 million during the six month period ended December 29, 2012, compared to a decrease of $0.4 million in the prior year, attributed in part to an improvement in the collection of accounts receivable. Cash flows in year to-date fiscal 2013 include $10.4 million provided by operating activities, ($3.8) million used in investing activities, $1.6 million provided by financing activities and $0.2 million effect of exchange rate changes on cash. Investing activities in the period include payment of deferred consideration from the acquisition of Burgess-Manning GmbH and capital expenditures related to the construction of new facilities in the United States and China.

Industry Conditions and Forward Outlook

Peter Burlage, President and Chief Executive Officer of PMFG, stated, "While we continue to experience delays in energy-related capital expenditures, we believe the long-term outlook for the Company remains strong.

"Our investment in incremental sales resources in China focused on driving growth in the Process Products segment is expected to create significant opportunities for us in the future. The demand for Process Products in the Asia-Pacific region resulting from the investment of natural gas infrastructure combined with a re-start of the China nuclear energy program make the Asia-Pacific region critical to our future growth. The construction of the new facility to be located in Zhenjiang, China remains on track and critical to meeting the increased demand within the region. Further, the increased focus on air quality within China should allow us to expand our product offerings within the region.

3 of 5

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs