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Matthews International Reports Earnings For Fiscal 2013 Second Quarter

Stocks in this article: MATW

  • SALES INCREASE OF 13.7% COMPARED TO A YEAR AGO
  • GAAP EARNINGS OF $0.51 PER SHARE; ADJUSTED EARNINGS OF $0.61 PER SHARE
  • DECLARES QUARTERLY DIVIDEND OF $0.10 PER SHARE
  • RE-AFFIRMS GUIDANCE FOR FISCAL 2013

PITTSBURGH, April 18, 2013 (GLOBE NEWSWIRE) -- Matthews International Corporation (Nasdaq:MATW) today announced financial results for the quarter ended March 31, 2013.

The Company reported consolidated sales of $256.4 million for the fiscal 2013 second quarter, compared to $225.5 million a year ago, representing an increase of $30.9 million, or 13.7%. The increase in consolidated sales for the fiscal 2013 second quarter resulted from higher sales in all of the Company's segments, reflecting volume growth in several businesses and the benefit of recent acquisitions.

Net income attributable to the Company for the current quarter was $14.2 million, or $0.51 per share. On a non-GAAP adjusted basis, earnings for the current quarter were $0.61 per share (a reconciliation of non-GAAP financial information is provided in the table below). Earnings for the fiscal 2013 second quarter were impacted by unusual items which included costs in connection with the Company's recent strategic initiatives (including the resolution of ERP implementation issues), an impairment of certain intangible assets, and a gain on the final settlement of an acquisition (net of related expenses).

Net income attributable to the Company was $15.3 million, or $0.54 per share, for the fiscal 2012 second quarter. On a non-GAAP adjusted basis, earnings for the fiscal 2012 second quarter were $0.61 per share.

Consolidated sales for the six months ended March 31, 2013 were $482.0 million, compared to $442.8 million a year ago, representing an increase of $39.2 million, or 8.9%. Net income attributable to the Company for the first six months of the current fiscal year was $22.4 million, or $0.81 per share. On a non-GAAP adjusted basis, year-to-date earnings for the current year were $1.03 per share.

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