7x7 Financial

Kofax Announces Preliminary Results for Its Financial Year Ended June 30, 2010

Dana — Wed, 08 Sep 2010 18:07:41 +0000

Kofax plc (LSE: KFX), the leading provider of document driven business process automation solutions, announced its preliminary unaudited results for its financial year ended June 30, 2010.

The Company’s results are consistent with the trading update issued on July 26, 2010. Kofax showed significant progress in its software business, with sales execution levels across all segments continuing to improve and again reflecting the early benefits of the strategic initiatives started in February of 2008. These more than offset disappointing results in its hardware business.

Financial Highlights:

* Software business revenues grew 27.4% to $215.8m (2009: $169.4m), driven by strong license and service sales
* Software business adjusted* earnings before interest, taxes and amortisation (EBITA) increased to $24.8m (2009: $13.8m) equating to an 11.5% margin (2009: 8.1%)
* Hardware business revenues declined by 1.7% to $126.6m (2009: $128.8m)
* Hardware business adjusted* EBITA decreased to $1.8m (2009: $8.8m) equating to a 1.4% margin (2009: 6.8%)
* Total revenues grew 14.8% to $342.4m (2009: $298.2m)
* Total adjusted* EBITA increased 17.7% to $26.6m (2009: $22.6m) equating to a 7.8% margin (2009: 7.6%)
* Adjusted** earnings per share (EPS) grew to $0.21 (2009: $0.20)
* Cash generated by operations increased to $33.9m (2009: $15.2m)
* Year end cash totalled $55.0m (2009: $48.1m)

Operating Highlights:

* 170 Systems, acquired during September of 2009, was successfully integrated ahead of schedule and its results were consistent with the Company’s expectations
* Harvey Spencer Associates, a leading analyst firm, reported that during 2009 Kofax increased its overall capture market share to 11% from 10% in 2008
* Over 1,900 new customers were added and the Company closed the two largest software business sales in its history
* Kofax received widespread recognition for its market position and software products
* Eight new software product releases were successfully launched
* The Company continued to transform its executive management team with the recent addition of new Chief Financial and Marketing Officers

Tags: Financial, Kofax

SYNNEX Corporation to Announce Fiscal Third Quarter Results on September 29, 2010

Dana — Wed, 08 Sep 2010 17:50:59 +0000

SYNNEX Corporation (NYSE: SNX), a leading business process services company, will announce third quarter results for the fiscal period ended August 31, 2010, after market close on Wednesday, September 29, 2010. A conference call will be held to discuss the results at 2:00 p.m. PT and will be hosted by Kevin Murai, President and Chief Executive Officer; Dennis Polk, Chief Operating Officer; Thomas Alsborg, Chief Financial Officer; and Chris Caldwell, Senior Vice President and General Manager, Global Business Services.

Tags: conference call, SYNNEX Corporation

Ditech Networks Reports Financial Results for the Three Month Period Ending July 31, 2010

Dana — Wed, 08 Sep 2010 17:48:23 +0000

Ditech Networks, Inc. (NASDAQ: DITC), a leader in voice solutions for quality and transcription, announced its financial results for the first quarter of fiscal 2011, ended July 31, 2010.

Revenue for the first quarter of fiscal 2011 was just over $4.0 million. PhoneTag contributed $0.9 million to this total, which reflects a 13% quarter over quarter growth rate in voice to text with the majority of the growth being with Ditech Networks wholesale customers. The drop in VQA revenue was largely due to slower than expected sales processes in international markets. VQA revenue is expected to be higher in the second quarter based on shipments, bookings and recurring service revenues. Ditech Networks’ VQA sales pipeline provides additional upside; however the timing of VQA orders remains difficult to predict, and therefore, achieving the revenue projections for the first half of fiscal 2011 given on May 27, 2010 is unlikely. In terms of PhoneTag revenue growth, Ditech Networks expects to approach or exceed a $1.0 million per quarter run rate in the second fiscal quarter. A majority of this growth is expected to come from the wholesale business in which Ditech Networks continues to sign up, and then ramp up, smaller carriers. As before, Ditech Networks expects the larger carriers to start deploying more automated voicemail to text solutions next calendar year.

Operating expenses are being carefully managed, and were $5.7 million in the quarter, compared to $6.5 million in the same quarter of the previous year. Ditech Networks expects operating expenses should be down even further in the second fiscal quarter, to approximately $5.0 million, bringing the expected six month operating expense to approximately $10.7 million, down from the previous estimate of $11.1 million to $11.5 million given on May 27, 2010.

In terms of cash, first quarter cash usage unrelated to changes in accounts receivable was $1.8 million, while the total change in cash at quarter end was down $2.8 million. With the orders and payments expected in the second quarter, cash at the end of the second quarter is expected to approximate the level at the end of the first quarter; effectively cash flow even for the quarter. This may be impacted by the timing of shipments and collections over the next eight weeks.

The GAAP net loss for the three month period ended July 31, 2010 was $3.9 million or $0.15 per share. The non-GAAP net loss for the three month period ended July 31, 2010 was $3.5 million or $0.13 per share.

Tags: Ditech Networks, Financial

SeaChange International Announces Second Quarter Fiscal 2011 Results

Dana — Tue, 07 Sep 2010 14:35:31 +0000

* 14% non-GAAP revenue growth driven by Software acquisitions and Media Services
* Signed multi-year Advertising Product agreement with major U.S. telco
* Renewed multi-year VOD product and services agreements with top U.S. MSO
* Revising current year (non-GAAP) revenue guidance to $215-220 million, due to lower server shipments and software customer launch delays

SeaChange International, Inc. (NASDAQ: SEAC), a leading provider of software and hardware solutions for video-on-demand (VOD) television, announced financial results for its fiscal 2011 second quarter ended July 31, 2010. Total non-GAAP revenues for the quarter amounted to $52.9 million, which was $6.4 million or 14% higher than total revenues of $46.5 million for the second quarter of fiscal 2010. GAAP revenues for the quarter were $51.6 million, which was $5.1 million or 11% higher than total revenues of $46.5 million for the second quarter of last year. Non-GAAP net income for the second quarter was $3.2 million or $0.10 per share, compared with non-GAAP net income of $1.6 million, or $0.05 per share, for the same period last year. GAAP net income for the second quarter of fiscal 2011 was $3.5 million, or $0.11 per share, compared with a GAAP net loss of $0.4 million or $0.01 per share, for the second quarter of fiscal 2010.

Total GAAP revenues for the first six months of fiscal 2011 ended July 31, 2010, were $106.2 million, which was $10.8 million or 11% higher than total revenues of $95.4 million for the first six months of fiscal 2010. Non-GAAP net income for the first half of fiscal 2011 was $6.5 million, or $0.21 per share, compared with non-GAAP net income of $3.9 million or, $0.13 per share, for the same period last year. GAAP net income for the first six months of fiscal 2011 was $23.8 million, or $0.75 per share, compared with GAAP net income of $0.6 million, or $0.02 per share, for the first half of last year.

Significant GAAP items that have been excluded in calculating non-GAAP net income include the gain on the sale of the Company’s equity investment in Casa Systems in this year’s first quarter, deferred revenue adjustments related to recent acquisitions, restructuring charges, reversal of deferred tax valuation allowance, amortization of intangible assets and stock compensation expense. A reconciliation of GAAP net income to non-GAAP net income is attached to this release and is available on the Company’s website (www.schange.com/ir).

The Company ended the second quarter of fiscal 2011 with cash, cash equivalents and marketable securities of $76.3 million and no debt compared to $85.6 million and no debt at the end of the first quarter of fiscal 2011. Reduction in accounts payable due to lower material purchases, tax payments related to this year’s first quarter Casa divestiture and capital expenditures during the quarter were partially offset by non-cash depreciation, amortization and stock compensation expense. During the second quarter, the Company repurchased 178,000 shares of its common stock at a cost of $1.4 million.

Segment Revenue Results

Total revenues in the second quarter of fiscal 2011 from the Company’s Software segment were $34.2 million, which was $4.1 million or 14% higher than comparable revenue in the fiscal second quarter of last year. The bulk of the year over year increase in Software revenue was attributable to the acquisitions of eventIS, which was completed in the fiscal third quarter of last year, and VividLogic, which was completed in this year’s fiscal first quarter. In addition, higher VOD software maintenance revenue contributed to the increase in Software segment revenue between years.

The Servers and Storage segment generated $10.3 million in revenue for the second quarter of fiscal 2011, which was $1.5 million lower than revenue for the second quarter of fiscal 2010. The decrease in revenue was due primarily to lower VOD server shipments to North American and Latin American service providers offset partially by a large Broadcast server order shipped in a previous quarter and accepted by the customer in the 2011 fiscal second quarter.

The Media Services operating segment revenue for the second quarter of fiscal 2011 of $7.1 million was $2.5 million or 54% higher than comparable revenue from last year’s fiscal second quarter. This significant increase in revenue compared to the fiscal second quarter of last year was due principally to VOD content services contracts entered into with customers in France, Cyprus and Dubai late last year as well as higher content processing fees from the segment’s customers in Greece and Turkey. For the third consecutive quarter, the Media Services segment generated an operating margin in excess of 10%.

Tags: Financial, SeaChange International

ArcSight Reports 39% Year-over-Year Quarterly Growth for Fiscal First Quarter Ended July 31, 2010

Dana — Tue, 07 Sep 2010 14:31:59 +0000

For the Fiscal First Quarter:

* Total Revenue: $48.1M, a 39% increase year-over-year
* Non-GAAP Operating Income: $8.5M, or 18% of total revenue
* GAAP Operating Income: $4.9M
* GAAP Net Income: $3.0M or $0.08 per diluted share
* Non-GAAP Net Income: $6.6M or $0.18 per diluted share
* Positive Cash Flows from Operations: $3.4M

ArcSight, Inc. (NASDAQ:ARST), a leading global provider of cybersecurity and compliance solutions, announced financial results for its fiscal first quarter ended July 31, 2010. For the first quarter of fiscal 2011, ArcSight reported total revenues of $48.1 million compared to total revenues of $34.6 million reported in the first quarter of fiscal 2010. Net income on a GAAP basis for the first quarter of fiscal 2011 was $3.0 million, or $0.08 per diluted share, including $106,000 in amortization of intangible assets and $3.5 million in stock-based compensation expense. This compares to a GAAP net income of $1.0 million, or $0.03 per diluted share, reported in the first quarter of fiscal 2010, including $222,000 in amortization of intangible assets and $1.9 million in stock-based compensation expense.

Non-GAAP net income for the first quarter of fiscal 2011 was $6.6 million, or $0.18 per diluted share, excluding the above-mentioned amortization of intangibles and stock-based compensation charges. This compares to a non-GAAP net income of $3.2 million, or $0.09 per diluted share, reported in the first quarter of fiscal 2010, excluding the above-mentioned charges.

For the first quarter of fiscal 2011, ArcSight reported GAAP operating income of $4.9 million, including $106,000 in amortization of intangible assets and $3.5 million in stock-based compensation expense. This compares to GAAP operating income of $1.7 million in the first quarter of fiscal 2010, including $222,000 in amortization of intangibles and $1.9 million in stock-based compensation expense.

Non-GAAP operating income for the first quarter of fiscal 2011 was $8.5 million or 18% of revenue, excluding the above-mentioned amortization of intangibles and stock-based compensation charges. This compares to a non-GAAP operating income of $3.8 million or 11% of revenue, reported in the first quarter of fiscal 2010, excluding the above-mentioned charges.

During the first quarter of fiscal 2011, the company generated $3.4 million in cash from operations and closed the first quarter with cash, cash equivalents and short term investments of $150.7 million.

Tags: ArcSight, Financial

Take-Two Interactive Software, Inc. Reports Third Quarter Fiscal 2010 Financial Results

Dana — Mon, 06 Sep 2010 14:28:46 +0000

Take-Two Interactive Software, Inc. (NASDAQ:TTWO) announced financial results for its third quarter ended July 31, 2010.

Net revenue for the third fiscal quarter was $354.1 million, a sharp increase compared to $94.9 million reported for the same quarter of fiscal 2009.

Take-Two attributed its significantly better-than-expected results for the fiscal 2010 third quarter primarily to the strong performance of Red Dead Redemption, which has sold in more than 6.9 million units worldwide since its launch in May 2010. The Company’s catalog also contributed to its third quarter sales, including Grand Theft Auto: Episodes from Liberty City, Grand Theft Auto IV, NBA 2K10 and Borderlands. In addition, digitally delivered content has continued to be a meaningful component of Take-Two’s sales.

Income from continuing operations for the third quarter was $12.4 million or $0.14 per diluted share, compared to a loss from continuing operations of $58.3 million or $0.76 per share in the third quarter of fiscal 2009. Excluding certain non-cash and non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, non-GAAP net income was $26.0 million or $0.28 per diluted share in the third quarter of fiscal 2010, compared to a non-GAAP net loss of $52.3 million or $0.68 per share in the third quarter of 2009.

For the nine months ended July 31, 2010, net revenue was $785.3 million, compared to $418.5 million for the same period a year ago. Loss from continuing operations for the first nine months of fiscal 2010 was $4.5 million or $0.06 per share, compared to loss from continuing operations of $122.6 million or $1.60 per share for the 2009 period. Excluding certain non-cash and non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, non-GAAP net income was $33.6 million or $0.39 per diluted share in the first nine months of 2010, compared to a non-GAAP net loss of $98.3 million or $1.28 per share in the comparable period of 2009.

Tags: Financial, Take-Two Interactive Software

Quiksilver, Inc. Reports Fiscal 2010 Third Quarter Financial Results

Dana — Mon, 06 Sep 2010 14:27:37 +0000

Quiksilver, Inc. (NYSE:ZQK) announced operating results for the third fiscal quarter ended July 31, 2010. Consolidated net revenues from continuing operations for the third quarter of fiscal 2010 were $441.5 million compared to $501.4 million in the third quarter of fiscal 2009. Pro-forma consolidated income from continuing operations for the third quarter of fiscal 2010 was $12.5 million, or $0.08 per share, compared to $3.7 million, or $0.03 per share, for the third quarter of fiscal 2009. Pro-forma income for the third quarter of fiscal 2010 excludes $2.6 million of asset impairment charges and $1.8 million in restructuring charges, consisting primarily of lease loss accruals. Including these amounts, income from continuing operations was $8.2 million, or $0.05 per share, compared to $3.4 million, or $0.03 per share, for the third quarter of fiscal 2009.

Third Quarter Financial Highlights:

* Pro-forma Adjusted EBITDA increased 22% to $53.5 million compared to $44.0 million in the third quarter of fiscal 2009 despite a 12% revenue decline.
* Gross margin improved 560 basis points to 52.3% compared to 46.7% in the third quarter of fiscal 2009.
* Operating income in the Americas region was 11.8% of revenues as gross margin improved 900 basis points to 46.7% from 37.7% in the third quarter of fiscal 2009.
* Net debt at July 31, 2010, was $687 million, reduced by $183 million compared to $870 million at July 31, 2009.

Net revenues in the Americas decreased 9% during the third quarter of fiscal 2010 to $234.6 million from $256.8 million in the third quarter of fiscal 2009. As measured in U.S. dollars and reported in the financial statements, European net revenues decreased 20% during the third quarter of fiscal 2010 to $151.7 million from $189.0 million in the third quarter of fiscal 2009. In constant currency, European segment net revenues decreased 11% compared to the prior year. As measured in U.S. dollars and reported in the financial statements, Asia/Pacific net revenues decreased 1% to $54.5 million in the third quarter of fiscal 2010 from $55.1 million in the third quarter of fiscal 2009. In constant currency, Asia/Pacific segment net revenues decreased 10% compared to the prior year.

Consolidated inventories decreased 19% to $270.9 million at July 31, 2010 from $334.2 million at July 31, 2009. Consolidated trade accounts receivable decreased 20% to $340.9 million at July 31, 2010 from $424.2 million at July 31, 2009.

The Company reduced its total debt to approximately $843 million and had approximately $167 million of availability under its credit lines in addition to approximately $156 million of unrestricted cash at the end of the third quarter.

Shortly after the end of the third quarter the Company completed a debt-for-equity exchange with its investment partner Rhône Capital after receiving overwhelming support from stockholders in a special meeting vote. As a result of the transaction, the Company further reduced its quarter-end debt level by $140 million in exchange for approximately 31.1 million shares of Quiksilver common stock priced at $4.50 per share.

Tags: Financial, Quiksilver

Ulta Announces Second Quarter 2010 Results

Dana — Sun, 05 Sep 2010 14:44:54 +0000

Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA), announced financial results for the thirteen week period (“Second Quarter”) and twenty-six week period (“First Six Months”) ended July 31, 2010, which compare to the same periods ended August 1, 2009.

For the Second Quarter:

* Net sales increased 17.6% to $321.8 million from $273.5 million in the second quarter of fiscal 2009;
* Comparable store sales (sales for stores open at least 14 months) increased 10.8% compared to a decrease of 1.7% in the second quarter of fiscal 2009;
* Gross profit increased 350 basis points to 32.3% from 28.8% in the second quarter fiscal 2009;
* Selling, general and administrative (SG&A) expense as a percentage of net sales decreased 40 basis points, excluding the impact of the non-recurring compensation charge, compared to the second quarter in fiscal 2009; including the impact of the non-recurring compensation charge, SG&A as a percentage of net sales increased 50 basis points;
* Operating income increased 117.4% to $22.3 million, or 6.9% of net sales, compared to $10.2 million, or 3.7% of net sales, in the second quarter of fiscal 2009;
* Net income increased 127.2% to $13.1 million compared to $5.8 million in the second quarter of fiscal 2009;
* Income per diluted share more than doubled to $0.22, including $0.03 per diluted share related to the non-recurring compensation charge. Income per diluted share was $0.25, excluding the non-recurring compensation charge. This compares to $0.10 in the second quarter of fiscal 2009.

For the First Six Months:

* Net sales increased 18.4% to $642.0 million from $542.4 million in the first six months of fiscal 2009;
* Comparable store sales (sales for stores open at least 14 months) increased 10.8% compared to a decrease of 2.0% in the first six months of fiscal 2009;
* Gross profit increased 330 basis points to 32.5% from 29.2% in the first six months of fiscal 2009;
* SG&A expense as a percentage of net sales decreased 40 basis points, excluding the non-recurring compensation charge, compared to the first six months of fiscal 2009; including the non-recurring compensation charge, SG&A as a percentage of net sales was flat to the first six month period in fiscal 2009;
* Operating income increased to $45.6 million, or 7.1% of net sales, compared to $19.2 million, or 3.5% of net sales, in the first six months of fiscal 2009;
* Net income increased to $26.7 million compared to $10.7 million in the first six months of fiscal 2009;
* Income per diluted share increased to $0.44, which includes $0.03 per share of non-recurring compensation charge. This compares to $0.18 in the first six months of fiscal 2009.

Balance Sheet and Cash Flow

Merchandise inventories at the end of the second quarter totaled $224.3 million, compared to $209.2 million at the end of second quarter fiscal 2009, representing an increase of $15.1 million. The increase is primarily due to the addition of 23 net new stores opened since August 1, 2009. Inventory per store was flat compared to the prior year reflecting the combined effects of inventory reductions due to management initiatives coupled with inventory increases to support the 10.8% increase in comparable store sales.

The Company did not utilize its credit facility during the six month period ended July 31, 2010.

Tags: Financial, Ulta Salon

Aspen Technology Announces Financial Results for the Fourth Quarter and Fiscal Year 2010

Dana — Sun, 05 Sep 2010 14:20:13 +0000

Aspen Technology, Inc. (NASDAQ: AZPN), a leading provider of software and services to the process industries, announced financial results for its fourth quarter and fiscal year 2010, ended June 30, 2010.

Fourth Quarter Business Highlights

* Total contract value at the end of fiscal 2010 was approximately $1.2 billion, an increase of approximately 17% compared to the end of fiscal 2009. Approximately 10 percentage points of the growth in total contract value during fiscal 2010 was driven by increased license fees, with approximately 7 percentage points of the year-over-year growth related to including maintenance with the company’s new aspenONE licensing model, which was launched at the beginning of fiscal 2010.
* Record product related bookings were approximately $138 million for the fourth quarter, leading to record full year product related bookings of approximately $366 million.
* Billings backlog was $389 million at the end of the fourth quarter, an increase from $270 million at the end of last quarter and $101 million at the end of fiscal 2009.
* The value of contractually committed, future cash collections associated with the company’s subscription and multi-year term contracts was $625 million at the end of the fourth quarter, an increase from $537 million at the end of last quarter and $466 million at the end of fiscal 2009.
* The company closed 20 product related bookings of over $1 million during the fourth quarter, and 50 product related bookings between $250,000 and $1 million.
* Average deal size for product related bookings over $100,000 was $1.1 million in the fourth quarter.

Summary of Fourth Quarter Financial Results

AspenTech’s total revenue of $38.2 million decreased from $71.3 million in the fourth quarter of the prior year, due primarily to the ratable revenue recognition associated with the company’s new aspenONE licensing model.

* Subscription revenue includes all revenue associated with the company’s new aspenONE licensing model. Subscription revenue was approximately $5.9 million in the fourth quarter of fiscal 2010, an increase from $4.0 million last quarter. No subscription revenue was recorded in the year ago period as the company’s new aspenONE licensing model was launched during the first quarter of fiscal 2010. Subscription revenue is recognized over the course of the multi-year agreement, and recognition begins when the first payment is due, which is typically 30 days after the contract is signed.
* Software revenue includes all non-subscription-based license revenue, including term-based contracts for point products as well as perpetual licenses. Software revenue was $8.1 million in the fourth quarter of fiscal 2010, compared to $41.6 million in the year ago period. In fiscal year 2010, software revenue related to term contracts is generally recognized over the contract term as payments become due. In prior fiscal year periods, the company recognized term license revenue predominantly on an up-front basis, and the majority of license bookings were recognized as license revenue in the same period.
* Services & other revenue, which includes professional services, maintenance and other revenue, was $24.2 million in the fourth quarter of fiscal 2010, a decrease compared to $29.6 million in the year ago period.

For the quarter ended June 30, 2010, AspenTech reported a loss from operations of $35.6 million due primarily to the ratable revenue recognition associated with the company’s new aspenONE licensing model. For the quarter ended June 30, 2009, the company reported income from operations of $2.3 million. Net loss was $34.0 million for the fourth quarter of fiscal 2010, leading to net loss per basic and diluted share of $0.37, compared to net income per diluted share of $0.11 in the same period last year.

AspenTech had a cash balance of $124.9 million at June 30, 2010, an increase of $5.9 million from the end of the prior quarter. The company did not sell any installments receivable to raise cash during the fourth quarter of fiscal 2010 and it continued to reduce its secured borrowings balance, which was $76.1 million at the end of the quarter, down $11.3 million compared to $87.4 million at the end of the third quarter of fiscal 2010.

Tags: Aspen Technology, Financial

LaBarge, Inc. Reports Record Sales and Earnings for Fiscal 2010 Fourth Quarter and Full Year

Dana — Sun, 05 Sep 2010 14:15:45 +0000

LaBarge, Inc. (NYSE Amex: LB), a provider of electronics manufacturing services (EMS), reported record financial results for the fiscal 2010 fourth quarter and full year ended June 27, 2010.

Fiscal 2010 fourth-quarter net sales grew 27 percent to a record $82,413,000, compared with $64,753,000 in the comparable period a year earlier, and grew 10 percent from $74,735,000 in the fiscal 2010 third quarter. The Appleton operation, which was acquired in December 2008, contributed sales of $19,938,000 in the fiscal 2010 fourth quarter, versus $12,107,000 in the comparable period a year earlier and $16,652,000 in the fiscal 2010 third quarter.

Fiscal 2010 fourth-quarter net earnings grew 85 percent to a record $4,820,000, or $0.30 per diluted share, compared with $2,608,000, or $0.16 per diluted share, in the comparable period a year earlier, and grew 17 percent from $4,128,000, or $0.26 per diluted share, in the fiscal 2010 third quarter. The Appleton operation contributed earnings of $0.05 per diluted share in the fiscal 2010 fourth quarter, versus an after-tax net loss of $0.02 per diluted share in the comparable period a year earlier and earnings of $0.04 per diluted share in the fiscal 2010 third quarter.

Net sales for fiscal 2010 grew 6 percent to a record $289,303,000, versus $273,368,000 in fiscal 2009. The Appleton operation contributed sales of $62,449,000 in fiscal 2010. Appleton’s net sales for fiscal 2009 were $25,914,000, but reflect just two full quarters of contributions to the Company’s sales because the Appleton operation was not acquired by LaBarge until December 2008.

Net earnings for fiscal 2010 grew 44 percent to a record $14,888,000, or $0.93 per diluted share, versus $10,338,000, or $0.64 per diluted share, in fiscal 2009. The Appleton operation contributed earnings of $0.12 per diluted share in the 2010 fiscal year, compared with an after-tax net loss of $0.02 per diluted share in fiscal 2009.

Gross margin in the fiscal 2010 fourth quarter was 19.8 percent, compared with 17.9 percent in the fiscal 2009 fourth quarter and 20.6 percent in the fiscal 2010 third quarter. The Appleton operation generated gross margin of 13.6 percent in the fiscal 2010 fourth quarter, compared with 8.9 percent in the fiscal 2009 fourth quarter and 12.7 percent in the fiscal 2010 third quarter.

For the 2010 fiscal year, gross margin was 19.9 percent, compared with 18.6 percent in fiscal 2009. The Appleton operation generated gross margin of 12.3 percent in the full 2010 fiscal year, compared with 8.8 percent in fiscal 2009.

Selling, general and administrative (SG&A) expense was $8,585,000, or 10.4 percent of sales, in the fiscal 2010 fourth quarter, compared with $7,070,000, or 10.9 percent of sales, in the fiscal 2009 fourth quarter, and $8,402,000, or 11.2 percent of sales, in the fiscal 2010 third quarter. For the 2010 fiscal year, SG&A expense was $33,935,000, or 11.7 percent of sales, compared with $32,810,000, or 12.0 percent of sales, in fiscal 2009.

Fiscal 2009 financial results were negatively impacted by the non-recurring write-off of inventory and accounts receivable related to the bankruptcy of former customer, Eclipse Aviation Corporation. The after-tax net charge of $3,739,000, or $0.23 per diluted share, included pretax charges of: $4,226,000 to cost of sales reflecting a write-down of inventory; and $1,883,000 to SG&A reflecting an accounts receivable write-off of $3,676,000, offset by a reduction of $1,793,000 in accrued incentive compensation.

Operating income in the fiscal 2010 fourth quarter was $7,710,000, or 9.4 percent of sales, up 70 percent from $4,542,000, or 7.0 percent of sales, in the fiscal 2009 fourth quarter and $6,999,000, or 9.4 percent of sales, in the fiscal 2010 third quarter. For the 2010 fiscal year, operating income was $23,691,000, or 8.2 percent of sales, up 32 percent from $17,975,000, or 6.6 percent of sales, in fiscal 2009.

Interest expense in the fiscal 2010 fourth quarter was $382,000, compared with $483,000 in the fiscal 2009 fourth quarter and $400,000 in the fiscal 2010 third quarter, reflecting lower average debt levels in the period. For the 2010 fiscal year, interest expense was $1,711,000, up from $1,294,000 in fiscal 2009. The higher interest expense in fiscal 2010 reflects the full-year impact of carrying the debt associated with the Appleton acquisition, compared with fiscal 2009 when interest expense reflects only two quarters of interest expense related to the December 2008 Appleton acquisition.

Net cash from operating activities in the fiscal 2010 fourth quarter was $1,802,000, compared with $4,177,000 in the fiscal 2009 fourth quarter and negative $472,000 in the fiscal 2010 third quarter. In fiscal 2010, net cash from operating activities was $13,997,000, compared with $29,620,000 in fiscal 2009. The lower fiscal 2010 levels reflect higher inventories and accounts receivable to support increased sales levels in the second half of fiscal 2010 and anticipated sales levels in early fiscal 2011.

Total debt at June 27, 2010, was $37,327,000, down 18 percent from $45,488,000 at June 28, 2009, and down 5 percent from $39,368,000 at March 28, 2010.

Stockholders’ equity at June 27, 2010, was $115,640,000, up 12 percent from $103,151,000 at June 28, 2009, and up 4 percent from $111,593,000 at March 28, 2010.

Tags: Financial, LaBarge

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