The L. S. Starrett Company today reported fiscal 2012 fourth quarter and full year financial results for the periods ended June 30, 2012. Annual Highlights
- Revenues of $260 million were the second highest in the history of the Company
- Non-GAAP fiscal 2012 earnings, which were adjusted to exclude a pension adjustment, were $10.0 million or $1.48 per share compared to GAAP earnings of $6.8 million or $1.02 per share in fiscal 2011
- GAAP fiscal 2012 earnings, including the pension adjustment, were $0.9 million or $0.13 per share
- A $15.2 million non-cash pension adjustment was recorded in the fourth quarter of fiscal 2012.
|% of Sales||18.6||%||35.7||%||33.3||%||30.0||%||34.6||%||33.4||%|
|S, G & A Expenses||22.7||3.2||19.5||19.5||79.9||3.2||76.7||70.8|
|Net Earnings (Loss)||($4.6||)||$||9.1||$||4.5||$||1.5||$||0.9||$||9.1||$10.0||$||6.8|
|Earnings (loss) per share||($0.68||)||$||1.35||$||0.67||$||0.23||$||0.13||$||1.35||$1.48||$||1.02|
Net sales in North America increased $9.4 million or 8% from $119.7 million in fiscal 2011 to $129.1 million in fiscal 2012. International sales increased $5.9 million or 5% from $125.1 million in fiscal 2011 to $131.0 million in fiscal 2012.About L. S. Starrett Founded in 1880 by Laroy S. Starrett and incorporated in 1929, the Company is engaged in the business of manufacturing over 5,000 different products for industrial, professional and consumer markets. As a global manufacturer with major subsidiaries in Brazil (1956), Scotland (1958) and China (1997), the Company offers its broad array of products to the market through multiple channels of distribution throughout the world. The Company’s products include precision tools, electronic gages, gage blocks, non-contact optical, vision and laser measurement systems, custom engineered granite solutions, tape measures, levels, chalk products, squares, band saw blades, hole saws, hacksaw blades, jig saw blades, reciprocating saw blades, M1® lubricant and precision ground flat stock. Cautionary Statement Concerning Non-GAAP Statements This press release contains non-GAAP statements regarding the impact of a non-cash pension expense adjustment in the Company’s fourth quarter and full year results.