Net sales: $69,027,000, down from $75,427,000 for Fiscal 2009.
Operating loss: ($6,723,000), compared with operating income of $11,353,000 last Fiscal year.
Net loss: ($6,043,000), or ($0.64) per diluted share, compared with prior-year net income of $5,760,000, or $0.61 per diluted share.
Adjusted EBITDA, as described under “Non-GAAP Financial Measures” in this press release: negative ($4,319,000), versus positive Adjusted EBITDA of $12,712,000 for Fiscal 2009.
The Fiscal 2010 results above include non-cash pre-tax charges of ($12,230,000) that reduced profitability. These charges included adjustments to estimated reserves of ($3,311,000) for inventory obsolescence and ($8,135,000) for environmental liabilities, plus ($784,000) for estimated losses on engineering project commitments to customers. The Fiscal 2010 results also included pre-tax costs of ($1,539,000) for unabsorbed manufacturing overhead resulting from the Company’s factory shutdown and relocation in March 2010.
Excluding these amounts, estimated net income would have been $2,324,000, or $0.25 per diluted share, estimated operating income would have been $7,046,000, and estimated Adjusted EBITDA would have been $9,450,000, or 13.7% of net sales.
New orders received during Fiscal 2010 were $68,183,000, compared with $82,123,000 last Fiscal year. The fiscal-year-end backlog was $130,144,000, compared with $130,988,000 at the end of Fiscal 2009. The book-to-bill ratio for Fiscal 2010 was 1.0 versus 1.1 in Fiscal 2009. For the Fiscal 2010 fourth quarter:
Net sales: $18,089,000, versus $23,425,000 in the same period last Fiscal year.
Operating loss: ($12,532,000), compared with operating income of $3,647,000 for the same prior-year period.
Net loss: ($8,912,000), or ($0.95) per diluted share, versus net income of $2,382,000, or $0.25 per diluted share in the Fiscal 2009 fourth quarter.
Adjusted EBITDA: negative ($11,456,000), compared with positive Adjusted EBITDA of $4,037,000 in last Fiscal year’s fourth quarter.
Excluding the non-cash charges and unabsorbed overhead described above, the estimated Fiscal 2010 fourth quarter net loss would have been ($545,000), or ($0.06) per diluted share, estimated operating income would have been $1,237,000, and estimated Adjusted EBITDA would have been $2,315,000.