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TheStreet Open House

Flow International Announces Fourth Quarter And Year-End Results

Stocks in this article: FLOW

KENT, Wash., July 30, 2013 (GLOBE NEWSWIRE) -- Flow International Corporation (Nasdaq:FLOW), the world's leading developer and manufacturer of industrial waterjet machines for cutting and cleaning applications, today reported results for its fiscal 2013 fourth quarter and year ended April 30, 2013.

For the fiscal year ended April 30, 2013, Flow reported consolidated revenue growth of 2%, reaching a new record level of $259.3 million, compared to $253.8 million in the prior fiscal year. Sales from the Standard segment also reached an all-time high of $239.4 million for the fiscal year 2013, a 4% increase from the prior fiscal year, as consumable spare parts sales grew 8% to $86.2 million, also a record, and sales of Standard Systems increased 2% to a record $153.2 million. Net income for fiscal year 2013 was $5.0 million or $0.11 per share from continuing operations, which compares to net income of $9.4 million or $0.20 per share in the prior fiscal year.

For the quarter, Flow reported revenues of $58.4 million, compared to year-ago fourth quarter revenues of $63.4 million. The Company reported a net loss for the quarter of $1.9 million or a loss of $0.04 per share, compared to net income of $2.6 million or $0.06 per share in the year-ago quarter. The Company's fourth quarter net loss includes charges specifically related to its Brazil operations, of approximately $2.3 million. These charges include an adjustment of $0.7 million primarily related to inventory, $0.4 million related to an investigation into allegations of employee misappropriation of Company assets, and $1.2 million for tax reserves and higher non-deductible costs under Brazilian tax regulations.   

Adjusted EBITDA for fiscal year 2013 was $21.2 million or 8% of sales, compared to $24.4 million or 10% of sales for the prior fiscal year. For the quarter, Adjusted EBITDA was $1.9 million or 3% of sales, compared to $5.5 million or 9% of sales in the year-ago quarter. A reconciliation of Adjusted EBITDA to Net Income is provided in the accompanying financial tables.

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