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:

@@start.t1@@      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@@end@@

    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.

        (All figures are in USD)
        (in thousands)                                                November 30,         August 31,
                                                                                  2004                      2004
              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
              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.
                                                                                  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
          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.
                                                                                Three Months Ended
                                                                  November 30,                 November 30,
      (in thousands)                                            2004                              2003
                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
                Pharmaceutical                            $92,442                                $85,833
                Industrial                                    29,925                                 30,580
                Energy                                          33,737                                 26,288
                Total                                         $156,104                              $142,701
                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.@@end@@

    Web site:

ots Originaltext: Robbins & Myers
Im Internet recherchierbar:

Michael McAdams, Manager, Investor Relations of Robbins & Myers,
Inc., +1-937-225-3335.

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