This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

PMFG, Inc. (parent Of Peerless Mfg. Co.) Reports First Quarter Fiscal Year 2014 Financial Results

Stocks in this article: PMFG

DALLAS, Nov. 6, 2013 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today reported financial results for the quarter ended September 28, 2013.

First Quarter Fiscal Year 2014 Compared to First Quarter Fiscal Year 2013

Revenue in the first quarter of fiscal 2014 decreased $3.9 million, or 11.8%, to $29.1 million as higher revenue in the Environmental Systems segment was more than offset by lower revenue in the Process Products segment. The decline in revenue is attributed in part to lower revenue in the EMEA and APAC geographical regions, as well as the impact of transitioning to new manufacturing facilities in the United States and China.

Gross profit decreased in the current quarter by $1.7 million, or 14.8%, to $9.7 million primarily due to the lower revenue. Gross margin decreased as a percent of revenue from 34.5% to 33.4% on changes in product mix between the respective quarters, as well as certain one-time costs and inefficiencies related to the transition of the manufacturing facilities.

Operating expenses increased $0.4 million, or 4.0%, primarily due to higher sales commissions and personnel-related and consulting costs, partially offset by lower bad debt expense in the period.

Interest expense increased in the current quarter to $0.4 million from $0.1 million as a result of an increase in borrowings related to the Company's two new manufacturing facilities. In the first quarter of fiscal 2013, there was a loss on the extinguishment of debt totaling $0.3 million. There was no similar activity in the first quarter of fiscal 2014.

The net loss attributable to PMFG, Inc. common stockholders was $1.6 million, or ($0.07), per diluted share in the current quarter compared to a loss of $0.3 million, or ($0.01), per diluted share in the prior year quarter.

Reporting Segments

Process Products segment revenue decreased $4.2 million, or 14.6%, to $24.5 million compared to $28.7 million in the prior year. The decline in revenue is attributed to lower revenue in the EMEA and APAC geographical regions, as well as the impact of transitioning to new manufacturing facilities in the United States and China. Segment operating income decreased $2.6 million, or 48.6%, to $2.8 million as a result of the lower revenue and the fixed nature of the Company's sales and marketing and engineering costs.

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs