Magnetek, Inc. (NASDAQ: MAG):
- Q4 net sales of $29.7 million increased slightly over the prior year quarter, but were higher 11% sequentially over Q3 fiscal 2012 sales, due to higher sales of material handling solutions.
- Q4 adjusted EBITDA (see attached reconciliation) increased to $4.7 million, or 15.8% of sales, from $4.4 million, or 14.9% of sales, for the same period last year.
- Cash balances increased by $1.6 million during the fourth quarter to nearly $29 million as of December 30, 2012.
Fiscal Year 2012 Highlights
- FY 2012 sales totaled $114.3 million, a decrease of 3% from the same period last year, as sales declines in renewable energy markets were largely offset by increased sales in material handling markets.
- Adjusted EBITDA (see attached reconciliation) increased to $17.9 million, or 15.7% of sales, from $15.5 million, or 13.2% of sales, for the same period last year.
- Full year cash flow prior to pension contributions was $19.7 million in fiscal 2012.
Magnetek, Inc. (“Magnetek” or “the Company”) (NASDAQ: MAG) today reported the results of its fourth quarter and 2012 fiscal year, ended December 30, 2012.Fourth Quarter Results In the fourth quarter of fiscal 2012, Magnetek recorded revenue of $29.7 million, a nominal increase from the same period last year, but a sequential increase of 11% from the third quarter of fiscal 2012. The increase in sales from the prior year quarter reflects sales growth of products for material handling applications, largely offset by lower sales of products with mining and renewable energy applications. Current year fourth quarter operating income was impacted by non-cash impairment charges of $1.2 million related to the Company’s renewable energy fixed assets, as well as higher pension expense. However, the Company’s continuing operations remained firmly profitable, with after-tax income of $0.8 million, or $.25 on a per share basis.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV