On June 3, 2013, the Company announced its intent to divest the Electrical segment. The results of operations for this segment, as well as the previously announced non-cash write-down, are reported in discontinued operations in the accompanying Condensed Consolidated Statement of Operations. Operating results for the third quarter and all prior periods have been reclassified for comparability.
Consolidated sales for the third quarter of fiscal 2013 were $344 million compared to $343 million in the comparable prior year quarter. Core sales declined 2% with acquisitions contributing 3% and currency translation reducing sales by 1%. Fiscal 2013 third quarter net earnings and EPS from continuing operations were $46.1 million and $0.62, respectively, compared to $27.7 million and $0.36 in the comparable prior year quarter. Results for the third quarter of fiscal 2012 included pre-tax debt refinancing costs of $16.8 million, or $0.15 per diluted share after tax. Excluding these costs, EPS grew 22% year-over-year to $0.62 compared to $0.51 in the prior year quarter. (See attached reconciliation of earnings.)Sales for the nine months ended May 31, 2013 of $952 million were essentially unchanged from the $954 million in the comparable prior year period. Excluding the 5% impact of acquisitions, and 1% negative impact from foreign currency translation, year-to-date core sales declined 4%. Earnings and EPS from continuing operations for the nine month period were $102.5 million, or $1.38 per diluted share, compared to $89.4 million, or $1.19 per diluted share for the comparable prior year period. Excluding the debt refinancing costs, fiscal 2013 year-to-date EPS from continuing operations of $1.38 was 3% higher than the $1.34 in the prior year. (See attached reconciliation of earnings.) Discontinued Operations Discontinued operations represent the operating results for the Electrical segment for all periods presented. The third quarter of fiscal 2013 also includes a $150 million ($2.00 per diluted share) non-cash, after-tax charge from the write-down of the net assets held for sale to their net realizable value.
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