Standex Reports 15% Sales Growth In First Quarter Fiscal 2013

Standex International Corporation (NYSE:SXI) today reported financial results for the first quarter ended September 30, 2012.

First Quarter Fiscal 2013 Results from Continuing Operations
  • Net sales increased 15.1% to $183.4 million from $159.3 million in the first quarter of fiscal 2012.
  • Income from operations was $17.6 million compared with $16.1 million in the first quarter of fiscal 2012. Operating income for the first quarter of 2013 included, pre-tax, $0.2 million of restructuring charges and $1.5 million of non-cash purchase accounting expenses. The first quarter of 2012 included, pre-tax, $0.5 million of restructuring charges. Excluding these items from both periods, the Company reported non-GAAP first-quarter fiscal 2013 operating income of $19.3 million compared with $16.6 million in the year-earlier quarter, an increase of 16.2%.
  • Net income from continuing operations was $11.9 million, or $0.93 per diluted share, including, after tax, $0.2 million of restructuring charges and $1.0 million of non-cash purchase accounting expenses. This compares with first quarter 2012 net income from continuing operations of $11.8 million, or $0.93 per diluted share, which included, after tax, $0.3 million of restructuring charges and $0.5 million of tax benefits. Excluding the aforementioned items from both periods, non-GAAP net income from continuing operations increased 12.7% to $13.1 million, or $1.02 per diluted share, from $11.6 million, or $0.92 per diluted share, in the first quarter of fiscal 2012.
  • EBITDA (earnings before interest, income taxes, depreciation and amortization) was $21.4 million compared with $19.8 million in the first quarter of fiscal 2012. Excluding the previously mentioned items from both periods, EBITDA increased 13.6% to $23.1 million from $20.4 million in the first quarter of fiscal 2012.
  • Net working capital (defined as accounts receivable plus inventories less accounts payable) was $131.2 million at the end of the first quarter of 2013, compared with $115.4 million a year earlier. Working capital turns were 5.6 for the first quarter of fiscal 2013, compared with 5.5 turns in the first quarter of fiscal 2012.
  • The Company’s net debt (defined as short-term debt plus long-term debt less cash) of $35.0 million compares with net cash of $4.7 million at June 30, 2012.

A reconciliation of net income, earnings per share and net income from continuing operations from reported GAAP amounts to non-GAAP amounts is included later in this release.

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