This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Magnetek Announces Third Quarter Fiscal 2013 Results

Magnetek, Inc. (“Magnetek” or “the Company,” NASDAQ: MAG) today reported the results of its third quarter of fiscal year 2013, ended September 29, 2013.

Third Quarter Results

In the third quarter of fiscal 2013, Magnetek recorded revenue of $26.0 million, a 3% decrease from the third quarter of fiscal 2012. The decrease in sales from the prior year quarter was mainly due to sales declines of products for material handling and, to a lesser extent, elevator markets. The lower sales volume resulted in third quarter earnings from continuing operations decreasing to $.38 per diluted share compared to prior year earnings from continuing operations of $.51 per diluted share.

“Despite the modest decrease in total Company sales from last year’s third quarter, our gross margins exceeded 35%, and our continuing operations remained firmly profitable. In addition, third quarter adjusted EBITDA was more than 13% of sales, we generated healthy levels of cash, and we’ve made a great deal of progress reducing our pension obligation,” said Peter McCormick, Magnetek’s president and chief executive officer.

Gross profit amounted to $9.2 million (35.3% of sales) in the third quarter of 2013 versus $9.7 million (36.0% of sales) in the same period a year ago. The decrease in gross profit and gross margin was primarily due to lower sales volumes in the current year quarter.

Total operating expenses, consisting of research and development, pension expense, and selling, general and administrative costs, were $7.6 million in the third quarter of 2013, compared to $7.8 million in the third quarter of fiscal 2012. Compared to the prior year, the decrease in operating expenses was mainly due to lower research and development and pension expenses, partially offset by higher payroll-related costs, mainly in the sales and marketing area.

Income from continuing operations after provision for income taxes in the third quarter of fiscal 2013 was $1.3 million, or $.38 per diluted share, compared to after-tax income from continuing operations of $1.7 million, or $.51 per diluted share, in the same period last year.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,844.45 -83.75 -0.47%
S&P 500 2,090.52 +1.06 0.05%
NASDAQ 4,941.2890 +1.9620 0.04%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs