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Joy Global Inc. Announces First Quarter Fiscal 2013 Operating Results

Stocks in this article: JOY

JOY-F

 
JOY GLOBAL INC.
SUMMARY OF CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
(In thousands except per share amounts)
 
    Quarter Ended
January 25,     January 27,
2013 2012
 
Net sales $ 1,149,877 $ 1,136,201
Costs and expenses:
Cost of sales 773,149 772,776
Product development, selling and administrative expenses 157,281 171,356
Other income   (1,705 )   (21,677 )
Operating income 221,152 213,746
 
Interest expense, net   15,153     16,077  
Income from continuing operations before income taxes 205,999 197,669
 
Provision for income taxes   63,860     55,150  
 
Income from continuing operations 142,139 142,519
Income from continuing operations attributable to non-controlling interest   -     (109 )
Income from continuing operations attributable to Joy Global Inc.   142,139     142,410  
 
Income from continuing operations 142,139 142,519
Loss from discontinued operations, net of income taxes   (2 )   (58 )
 
Net income 142,137 142,461
Net income attributable to non-controlling interest   -     (109 )
 
Net income attributable to Joy Global Inc. $ 142,137   $ 142,352  
 
Basic earnings per share:
Continuing operations $ 1.34 $ 1.35
Discontinued operations   -     -  
Net income $ 1.34   $ 1.35  
 
Diluted earnings per share:
Continuing operations $ 1.33 $ 1.33
Discontinued operations   -     -  
Net income $ 1.33   $ 1.33  
 
Dividends per share $ 0.175   $ 0.175  
 
Weighted average shares outstanding:
Basic   106,242     105,405  
Diluted   107,237     106,752  
 
Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC
 
JOY GLOBAL INC.
SUMMARY CONSOLIDATED BALANCE SHEET
(Unaudited)
(In thousands)
       
January 25, October 26,
2013 2012
ASSETS
Current assets:
Cash and cash equivalents $ 269,895 $ 263,873
Accounts receivable, net 1,144,098 1,229,083
Inventories 1,439,622 1,415,455
Other current assets   283,166   247,666
Total current assets 3,136,781 3,156,077
 
Property, plant and equipment, net 864,794 832,862
Other intangible assets, net 504,220 589,224
Goodwill 1,481,689 1,382,358
Deferred income taxes 52,149 67,101
Other assets   137,165   114,881
Total assets $ 6,176,798 $ 6,142,503
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:

Short-term notes payable, including current portion of long term obligations

$ 60,724 $ 65,316
Trade accounts payable 390,732 452,236
Employee compensation and benefits 111,257 156,867
Advance payments and progress billings 712,548 669,792
Accrued warranties 87,427 100,646
Other accrued liabilities 342,191 322,813
Current liabilities of discontinued operations   11,581   13,147
Total current liabilities 1,716,460 1,780,817
 
Long-term obligations 1,294,200 1,306,625
 
Accrued pension costs 292,623 335,813
Other non-current liabilities 160,966 142,059
 
Shareholders' equity   2,712,549   2,577,189
 
Total liabilities and shareholders' equity $ 6,176,798 $ 6,142,503
 
Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC
 
JOY GLOBAL INC.
SUMMARY OF CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(In thousands)
       
Quarter Ended
January 25, January 27,
2013 2012
 
Operating Activities:
Net income $ 142,137 $ 142,461
Loss from discontinued operations 2 58
Depreciation and amortization 20,095 26,779
Other, net (35,202 ) (85,056 )
 

Changes in Working Capital Items Attributed to Continuing Operations, net of acquisition:

Accounts receivable, net 100,405 38,988
Inventories (29,327 ) (167,210 )
Trade accounts payable (56,717 ) (51,789 )
Advance payments and progress billings 43,812 121,894
Other working capital items   (93,140 )   (40,269 )
Net cash provided (used) by operating activities - continuing operations 92,065 (14,144 )
Net cash used by operating activities - discontinued operations   (1,571 )   (4,363 )
Net cash provided (used) by operating activities   90,494     (18,507 )
 
Investing Activities:
Acquisition of International Mining Machinery, net of cash acquired - (513,761 )
Withdrawal of cash held in escrow - 589,686
Property, plant, and equipment acquired (54,588 ) (49,435 )
Other - net   2,846     151  
Net cash (used) provided by investing activities   (51,742 )   26,641  
 
Financing Activities:
Share-based payment awards 4,534 19,476
Dividends paid (18,542 ) (18,397 )
Financing fees - (1,628 )
Debt repayments   (17,202 )   (10,571 )
Net cash used by financing activities   (31,210 )   (11,120 )
 
Effect of Exchange Rate Changes on Cash and Cash Equivalents   (1,520 )   (2,089 )
 
Increase (Decrease) in Cash and Cash Equivalents 6,022 (5,075 )
 
Cash and Cash Equivalents at the Beginning of Period   263,873     288,321  
 
Cash and Cash Equivalents at the End of Period $ 269,895   $ 283,246  
 
Supplemental cash flow information:
Interest paid $ 16,186 $ 16,747
Income taxes paid 56,040 19,900
 
Depreciation and amortization by segment:
Underground Mining Machinery $ 6,542 $ 9,975
Surface Mining Equipment 12,842 16,757
Corporate   711     47  
Total depreciation and amortization $ 20,095   $ 26,779  
 
Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC
 
JOY GLOBAL INC.
SUPPLEMENTAL FINANCIAL DATA
(Unaudited)
(In thousands)
       
Quarter Ended
January 25, January 27,
2013 2012 Change
 
Net Sales By Segment:
Underground Mining Machinery $ 590,110 $ 639,303 $ (49,193 ) -7.7 %
Surface Mining Equipment 605,483 532,306 73,177 13.7 %
Eliminations   (45,716 )   (35,408 )   (10,308 )
Total Sales By Segment $ 1,149,877   $ 1,136,201   $ 13,676   1.2 %
 
Net Sales By Product Stream:
Aftermarket Revenues $ 625,883 $ 629,412 $ (3,529 ) -0.6 %
Original Equipment Revenues   523,994     506,789     17,205   3.4 %
Total Sales By Product Stream $ 1,149,877   $ 1,136,201   $ 13,676   1.2 %
 
Net Sales By Geography:
United States $ 427,392 $ 486,226 $ (58,834 ) -12.1 %
Rest of World   722,485     649,975     72,510   11.2 %
Total Sales By Geography $ 1,149,877   $ 1,136,201   $ 13,676   1.2 %
 
 
Operating Income By Segment: % of Net Sales
Underground Mining Machinery $ 111,883 $ 131,508 19.0 % 20.6 %
Surface Mining Equipment 135,680 97,210 22.4 % 18.3 %
Corporate (12,832 ) (6,859 )
Eliminations   (13,579 )   (8,113 )
Total Operating Income $ 221,152   $ 213,746   19.2 % 18.8 %
 
Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC
 
JOY GLOBAL INC.
SUPPLEMENTAL FINANCIAL DATA
(Unaudited)
(In thousands)
       
Quarter Ended
January 25, January 27,
2013 2012 Change
Bookings By Segment:
Underground Mining Machinery $ 598,767 $ 822,069 $ (223,302 ) -27.2 %
Surface Mining Equipment 502,952 671,138 (168,186 ) -25.1 %
Eliminations   (77,027 )   (59,286 )   (17,741 )
Total Bookings By Segment $ 1,024,692   $ 1,433,921   $ (409,229 ) -28.5 %
 
Bookings By Product Stream:
Aftermarket Bookings $ 588,544 $ 752,620 $ (164,076 ) -21.8 %
Original Equipment Bookings   436,148     681,301     (245,153 ) -36.0 %
Total Bookings By Product Stream $ 1,024,692   $ 1,433,921   $ (409,229 ) -28.5 %
 
Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC
 
JOY GLOBAL INC.
SUPPLEMENTAL FINANCIAL DATA
(Unaudited)
(In thousands)
       
Amounts as of:
January 25, October 26, July 27, April 27,
2013 2012 2012 2012
Backlog By Segment:
Underground Mining Machinery $ 1,349,754 $ 1,341,097 $ 1,490,593 $ 1,744,980
Underground Backlog Adjustment   -     -     -     (118,725 )
Adjusted Underground Mining Machinery 1,349,754 1,341,097 1,490,593 1,626,255
Surface Mining Equipment 1,167,291 1,333,098 1,492,961 1,668,702
Eliminations   (77,679 )   (109,644 )   (145,854 )   (152,826 )
Total Backlog By Segment $ 2,439,366   $ 2,564,551   $ 2,837,700   $ 3,142,131  
 
 
Backlog By Product Stream:
Aftermarket Backlog $ 728,676 $ 766,014 $ 840,139 $ 907,604
Aftermarket Backlog Adjustment   -     -     -     (18,638 )
Adjusted Aftermarket Backlog 728,676 766,014 840,139 888,966
Original Equipment Backlog 1,710,690 1,798,537 1,997,561 2,353,252
Original Equipment Backlog Adjustment   -     -     -     (100,087 )
Adjusted Original Equipment Backlog   1,710,690     1,798,537     1,997,561     2,253,165  
Total Backlog By Product Stream $ 2,439,366   $ 2,564,551   $ 2,837,700   $ 3,142,131  
 
Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC
 




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