Diluted Earnings Per Share Increases 12.8% Gross Profit Improves 50bps to 30.0%, Despite Modest Decline in Sales Quarterly Dividend Raised 25% to $0.10 per Share
BRAINTREE, Mass., April 26, 2013 (GLOBE NEWSWIRE) -- Altra Holdings, Inc. (Nasdaq:AIMC), a global manufacturer and marketer of electromechanical power transmission and motion control products, today announced unaudited financial results for the first quarter ended March 30, 2013.
- First-quarter 2013 net sales were $185.2 million compared with $192.4 million in the first quarter of 2012, a decrease of only 3.7%, despite approximately 5% fewer shipping days.
- Gross profit for the first quarter of 2013 grew by 50 basis points to 30.0% from 29.5% in the first quarter of 2012.
- First-quarter net income was $11.9 million, or $0.44 per diluted share, compared with net income of $10.5 million, or $0.39 per diluted share, in the first quarter of 2012. Non-GAAP net income in Q1 2013 was $12.1 million, or $0.45 per diluted share, compared with $10.6 million, or $0.40 per diluted share a year ago.*
- Reconciliation of Non-GAAP Net Income*:
|Quarter ended March 30, 2013||Quarter ended March 31, 2012|
|Net income attributable to Altra Holdings, Inc.||$ 11,880||$ 10,516|
|Acquisition related expenses||--||190|
|Tax impact of above adjustments||(104)||(60)|
|Non-GAAP net income||$ 12,096||$ 10,646|
|Non-GAAP diluted earnings per share||$ 0.45||$ 0.40|
- Interest expense decreased $3.2 million, or 54.9%, during the quarter primarily due to the refinancing in the fourth quarter of 2012 and lower average outstanding borrowings.
- Cash and cash equivalents were $66.2 million on March 30, 2013 compared with $85.2 million on December 31, 2012. During the quarter, the Company paid down more than $21 million on its credit facility.
- Effective in the second quarter, the Company entered into an interest rate swap through 2016 to fix a portion of its variable rate debt.