Breeze-Eastern reports FY2011 and Q4 results

Breeze-Eastern reports FY2011 and Q4 results

5-Jun-2011 Source: Breeze-Eastern

-Breeze-Eastern Corporation (NYSE Amex: BZC) today reported its Fiscal 2011 financial results.

  • Net sales: $78.2 million, a company record high, versus $69.0 million for Fiscal 2010.
  • Net income: $5.0 million, or $0.53 per diluted share, versus a net loss of ($6.0) million, or ($0.64) per diluted share, last year.
  • Adjusted EBITDA, a “Non-GAAP Financial Measure” as described below in this press release: $11.9 million, versus a negative ($4.3) million in Fiscal 2010.
  • Net debt: $5.1 million, $9.6 million lower than a year ago.
  • Bookings: $79.2 million, versus $68.2 million in Fiscal 2010. The book-to-bill ratio for Fiscal 2011 was 1.0.

Even after excluding unusual non-recurring costs from Fiscal 2010, Fiscal 2011 profits were significantly better than last year Fiscal 2010 results included non-cash charges in the fourth quarter of $12.2 million for inventory obsolescence, environmental liabilities, and estimated losses on engineering project commitments, and also included $1.5 million of one-time costs related to the factory shutdown during the relocation in March, 2010. Excluding these amounts, adjusted Fiscal 2010 net income would have been $2.3 million, or $0.25 per diluted share, and Adjusted EBITDA would have been $9.5 million. Fiscal 2011 net income was more than double the adjusted Fiscal 2010 net income and Adjusted EBITDA was up more than 25%.

For the Fiscal 2011 fourth quarter, the financial results follow.

  • Net sales: $26.9 million, a company record high, versus $18.1 million in last year’s Fiscal fourth quarter.
  • Net income: $2.8 million, or $0.30 per diluted share, versus a loss of ($8.9) million, or ($0.95) per diluted share, in the Fiscal 2010 fourth quarter.
  • Adjusted EBITDA: $5.8 million, versus a negative ($11.5) million in the Fiscal 2010 fourth quarter.
  • Bookings: $25.3 million, versus $21.7 million in the Fiscal 2010 fourth quarter.

Mike Harlan, Chief Executive Officer and President, said, “Our Fiscal 2011 and fourth quarter sales set new company records. We are proud of this accomplishment and the extra effort by many of our employees to achieve these records. Our bookings were much higher than last year, benefiting from higher spare parts orders from the U.S. Government. Our overall profitability was clearly better than the prior year, but was impacted by our relocation and other factors and still has room for improvement. I regard our Fiscal 2011 income statement results as a good step toward the level of performance we expect to deliver.

“Our balance sheet and cash flow continue to be strong. In addition to a good increase in Adjusted EBITDA, a broad team effort increased working capital turnover, which resulted in over $11 million in operating cash flow. We used this strong cash flow to make four debt principal pre-payments, while still funding significant new product development and completion of our relocation to Whippany. Our debt net of cash was $5.1 million at the end of Fiscal 2011 versus $14.7 million a year ago. When our debt was over $60 million, it was an overriding issue for our company; but after extensive efforts, our balance sheet is now a strategic asset. I am also glad to report that after recent evaluations, we believe our environmental reserves are still appropriate and we are not making any adjustments.

“Looking ahead to Fiscal 2012, first quarter shipments are doing well and we are on-track to make significant milestone deliveries for the C-27J, CH-53K, and A400M programs this summer. We will continue to invest in new product development, IT improvements, and improved customer responsiveness during Fiscal 2012, and still improve our net profitability.”

The Company will conduct a conference call at 10:00 a.m. EDT on Friday, June 3, 2011 with the following numbers: (800) 798-2796 or (617) 614-6204 and passcode 19374578.

Breeze-Eastern Corporation (http://www.breeze-eastern.com) is the world’s leading designer and manufacturer of high performance lifting and pulling devices for military and civilian aircraft, including rescue hoists, winches and cargo hooks, and weapons-lifting systems. The Company employs approximately 160 people at its facilities in Whippany, New Jersey.

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