Robbins & Myers

Robbins & Myers Reports First Quarter Fiscal 2005 Results

Dayton, Ohio (ots/PRNewswire) - Robbins & Myers, Inc. (NYSE: RBN) announced today its financial results for first quarter of fiscal 2005, ended November 30, 2004. For the first quarter of fiscal 2005, the Company reported a loss per share of $US 0.18, including restructuring expenses of $US 0.22 per share, or income of $US 0.04 per share on a pre-restructuring basis. Fiscal 2005 first quarter sales of $US 132.5 million were consistent with the first quarter of fiscal 2004. Foreign currency exchange rates, principally the euro, favorably impacted first quarter sales. On a constant dollar basis, sales declined $US 4.9 million in the current quarter when compared with the prior year first quarter. EBIT was negative $US 0.1 million in the first quarter of fiscal 2005 and was $US 7.2 million in the same period of fiscal 2004. Restructuring expenses of $US 5.0 million and reduced sales volume were reasons for the profit decline. The fiscal 2005 first quarter net loss was $US 2.5 million versus net income of $US 2.1 million in the comparable prior year period. The diluted loss per share was $US 0.18 in the first quarter of fiscal 2005 and diluted net income per share was $US 0.15 in the prior year's first quarter. Peter C. Wallace, President and Chief Executive Officer of Robbins & Myers, Inc., stated, "Our performance for the quarter was substantially in line with expectations. During the quarter, we made significant progress on the previously announced restructuring of our Pharmaceutical segment. We closed two plants in Italy, transferred inventory and equipment to other Robbins & Myers' operating facilities, exited a small unprofitable drive systems business located within our Pfaudler Germany facility, reduced headcount by an additional 122 people, and have detailed plans to close one plant in Mexico by the end of this calendar year. These actions resulted in $US 5.0 million of restructuring expenses, primarily for severance, during the first quarter fiscal 2005. Cost savings of $US 0.9 million associated with the restructuring program in the first quarter will continue to grow throughout the 2005 fiscal year. Our current estimate of total restructuring expense for the fiscal 2005 year is now $US 7.7 million, or $US 0.33 per share, up from our previous estimate of $US 7.0 million primarily because of the strength of the euro." The Pharmaceutical segment experienced a currency adjusted sales decline of $US 10.7 million, or 13.7%. This segment has been in a two-year slowdown due to ongoing consolidation in the pharmaceutical and chemical processing markets. The encouraging news is that first quarter 2005 orders are up both year-over-year and on a sequential basis. The backlog has improved as the Company enters the second quarter of fiscal 2005. The Energy segment's first quarter sales and EBIT were strong and increased by 21.0% and 24.8%, respectively, compared with the first quarter of the prior year. The outlook for the Energy segment remains positive due to the price of oil, drilling rig count and anticipated increases in maintenance capital spending during 2005. First quarter fiscal 2005 revenue of the Industrial segment improved by 4.6% compared to prior year. EBIT was slightly lower than the prior year due to increases in healthcare costs and lower margins due to a higher volume of project business. Both orders and backlog in this segment remain about the same as in the first quarter of the prior year. Mr. Wallace commented, "We will continue to remain focused on achieving the benefits of the restructuring program announced earlier. Our earnings guidance for the year of $US 1.00-$US 1.15 per share pre-restructuring remains unchanged. Earnings for the second quarter should be in the range of $US 0.13-$US 0.18 per share pre-restructuring." In this release the Company refers to various non-GAAP measures. Earnings and earnings per share excluding special items are non-GAAP financial measures. The Company believes these measures are helpful to investors in assessing the Company's ongoing performance of its underlying businesses before the impact of special items on its financial performance. In addition, these non-GAAP measures provide a comparison to our previously announced earnings guidance which excluded these special items. Earnings and earnings per share before special items reconcile to earnings presented according to GAAP as follows: All figures are in USD Three Months Ended November 30, November 30, (in thousands, except per share data) 2004 2003 Net (loss) income ($2,545) $2,139 Plus special items, net of tax: Inventory write-offs included in cost of sales 465 0 Pharmaceutical segment restructuring charges 2,662 0 Net Income before special items $582 $2,139 Diluted earnings per share ($0.18) $0.15 Plus special items: Inventory write-offs included in cost of sales 0.03 0.00 Pharmaceutical segment restructuring charges 0.19 0.00 Diluted earnings per share before special items $0.04 $0.15 Conference Call & Webcast Robbins & Myers, Inc. has scheduled a conference call and webcast for 11:00 a.m., EST on Thursday, December 16, 2004, to review the quarter results. Interested Investors should go to the Company's website at approximately ten minutes prior to the start of the call and follow the instructions to view the webcast presentation. Replays will be available at the website for 30 days and a telephonic replay will be available for 24 hours beginning at 1:00 p.m. EST by dialing +1-800-642-1687 and entering ID # 2460392. Robbins & Myers, Inc. is a leading global supplier of highly-engineered, application-critical equipment and systems to the global pharmaceutical, energy, and industrial markets. Headquartered in Dayton, Ohio the Company maintains manufacturing facilities in 15 countries. In addition to historical information, this release contains forward-looking statements, identified by use of words such as "expects," "anticipates," "estimates," and similar expressions. These statements reflect the Company's expectations at the time this release was issued. Actual events and results may differ materially from those described in the forward-looking statements. Among the factors that could cause material differences are a significant decline in capital expenditures in specialty chemical and pharmaceutical industries, a major decline in oil and natural gas prices, foreign exchange rate fluctuations, the impacts of Sarbanes-Oxley section 404 procedures, work stoppages related to union negotiations, customer order cancellations, the ability of the Company to comply with the financial covenants and other provisions of its financing arrangements, the ability of the Company to realize the benefits of its restructuring program in its Pharmaceutical Segment and general economic conditions that can affect demand in the process industries. The Company undertakes no obligation to update or revise any forward-looking statement. ROBBINS & MYERS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (All figures are in USD) (in thousands) November 30, August 31, 2004 2004 ASSETS Current Assets: Cash and cash equivalents $11,083 $8,640 Accounts receivable 124,284 128,571 Inventories 122,530 107,478 Other current assets 7,876 7,794 Deferred taxes 7,789 7,901 Assets held for sale 5,898 0 Total Current Assets 279,460 260,384 Goodwill & Other Intangible Assets 335,882 322,935 Other Assets 8,843 10,216 Property, Plant & Equipment 138,770 139,707 $762,955 $733,242 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $56,153 $61,540 Accrued expenses 93,649 93,035 Current portion of long-term debt 15,892 8,333 Total Current Liabilities 165,694 162,908 Long-Term Debt - Less Current Portion 181,675 173,369 Deferred Taxes 4,081 4,329 Other Long-Term Liabilities 93,440 89,524 Shareholders' Equity 318,065 303,112 $762,955 $733,242 Note: All known adjustments have been reflected in this report, but the information is subject to annual audit and year-end adjustments which are estimated to be insignificant. ROBBINS & MYERS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED INCOME STATEMENT (Unaudited) Three Months Ended November 30, November 30, (in thousands, except per share data) 2004 2003 Sales $132,455 $132,482 Cost of sales 90,748 89,016 Gross profit 41,707 43,466 SG&A expenses 36,970 35,660 Amortization expense 595 621 Other 4,225 0 Income before interest and income taxes (83) 7,185 Interest expense 3,539 3,698 (Loss) Income before income taxes and minority interest (3,622) 3,487 Income tax (benefit) expense (1,340) 1,220 Minority interest 263 128 Net (loss) income ($2,545) $2,139 Net (Loss) Income Per Share: Basic ($0.18) $0.15 Diluted ($0.18) $0.15 Weighted Average Common Shares Outstanding: Basic 14,532 14,441 Diluted 16,338 16,272 Orders $156,104 $142,701 Backlog $137,703 $121,593 Note: All known adjustments have been reflected in this report, but the information is subject to annual audit and year-end adjustments which are estimated to be insignificant. ROBBINS & MYERS, INC. AND SUBSIDIARIES CONDENSED BUSINESS SEGMENT INFORMATION (Unaudited) Three Months Ended November 30, November 30, (in thousands) 2004 2003 Sales Pharmaceutical $71,337 $77,910 Industrial 31,293 29,922 Energy 29,825 24,650 Total $132,455 $132,482 Income Before Interest and Income Taxes (EBIT) Pharmaceutical ($5,818) (1) $2,209 Industrial 2,001 2,205 Energy 7,280 5,832 Corporate and Eliminations (3,546) (3,061) Total ($83) $7,185 Depreciation and Amortization Pharmaceutical $2,350 $2,607 Industrial 1,096 1,262 Energy 1,261 1,337 Corporate and Eliminations 398 385 Total $5,105 $5,591 Orders Pharmaceutical $92,442 $85,833 Industrial 29,925 30,580 Energy 33,737 26,288 Total $156,104 $142,701 Backlog Pharmaceutical $106,855 $94,698 Industrial 21,625 22,626 Energy 9,223 4,269 Total $137,703 $121,593 (1) Includes US $4,963,000 of costs related to the restructuring of our Romaco and Reactor Systems businesses. Note: All known adjustments have been reflected in this report, but the information is subject to annual audit and year-end adjustments which are estimated to be insignificant. Web site: ots Originaltext: Robbins & Myers Im Internet recherchierbar: Contact: Michael McAdams, Manager, Investor Relations of Robbins & Myers, Inc., +1-937-225-3335.

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