Black Box Corporation Reports Second Quarter Of Fiscal 2017 Results

Black Box Corporation (NASDAQ:BBOX), a leading technology solutions provider dedicated to helping customers design, build, manage and secure their IT infrastructure, today reported results for the second quarter of Fiscal 2017 and six-month period ended October 1, 2016.

2Q17 Results
  • Revenues were $218.7 million, down 8% from $236.8 million for the same period last year and consistent with $218.5 million in the sequential period.
  • Benefit for income taxes was $1.5 million, compared to $21.5 million for the same period last year and compared to a provision for income taxes of $2.3 million in the sequential period.
  • Net loss was $6.1 million, which included $14.9 million ($9.2 million net of tax) of non-recurring expense, compared to $129.8 million, which included $160.7 million ($135.5 million net of tax) of non-recurring expense, for the same period last year and compared to $0.5 million in the sequential period.
  • Diluted loss per share was $0.40, compared to $8.45 for the same period last year and compared to $0.03 in the sequential period.
  • Operating net income* was $4.7 million, down 18% from $5.7 million for the same period last year and up 133% from $2.0 million in the sequential period.
  • Operating EPS* was $0.31, down 17% from $0.37 for the same period last year and up 132% from $0.13 in the sequential period.
  • Cash flow provided by operations was $4.8 million, compared to cash flow used for operations of $6.5 million for the same period last year and cash flow provided by operations of $10.9 million in the sequential period.
  • We provided $1.8 million of dividends to our shareholders, compared to $1.7 million for the same period last year and $1.7 million in the sequential period.

2QYTD17 Results
  • Revenues were $437.2 million, down 6% from $466.1 million for the same period last year.
  • Provision for income taxes was $0.8 million, compared to a benefit from income taxes of $19.4 million for the same period last year.
  • Net loss was $6.6 million, which included $16.2 million ($10.0 million net of tax) of non-recurring expense, compared to $129.1 million, which included $163.5 million ($137.2 million net of tax) of non-recurring expense, for the same period last year.
  • Diluted loss per share was $0.44, compared to $8.41 for the same period last year.
  • Operating net income* was $6.8 million, down 27% from $9.2 million for the same period last year.
  • Operating EPS* was $0.45, down 25% from $0.60 for the same period last year.
  • Cash flow provided by operations was $15.7 million, compared to cash flow used for operations of $13.9 million for the same period last year.
  • We provided $3.5 million of dividends to our shareholders compared to $3.2 million for the same period last year.

* See the information under the caption "Non-GAAP Financial Measures" below for a discussion regarding the usefulness of the non-GAAP financial measures contained in this release, definitions of those non-GAAP financial measures and reconciliations to their most directly comparable GAAP financial measures.

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