KENT, Wash., Dec. 4, 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 year 2014 second quarter ended October 31, 2013.
Flow reported revenues of $66.3 million for the quarter, compared to year-ago second quarter revenues of $67.0 million. The Company reported net income for the quarter of $2.1 million or $0.04 per share, compared to net income of $2.1 million or $0.04 per share in the year-ago quarter.
Adjusted EBITDA for the quarter was $6.1 million or 9.2% of sales, compared to $6.0 million or 8.9% of sales for the year-ago quarter. A reconciliation of Adjusted EBITDA to Net Income is provided in the accompanying financial tables."We are pleased to report results that are consistent with the year ago quarter in total revenue and profits," said Charley Brown, President and CEO. "We continue to expect closing the sale of Flow to American Industrial Partners in early 2014." In light of the pending transaction with American Industrial Partners ("AIP"), the Company will not be holding a conference call to discuss these results. In addition, the Company is in continued discussions with the U.S. Federal Trade Commission ("FTC") in connection with its proposed transaction with AIP, pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR Act"). To facilitate those discussions, AIP withdrew its initial notification filing and subsequently refiled with the FTC on November 27, 2013, which started a new 30-day waiting period, and provides the FTC additional time to complete its investigation. The Company and AIP will continue to work cooperatively with the FTC in connection with its review. Completion of the transaction remains subject to the approval of Flow's shareholders, regulatory approvals, and other customary closing conditions.