Magnetek, Inc. (751085) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 30, 2014

Magnetek, Inc.

CIK: 751085

For Immediate Release

For additional information contact:
Marty Schwenner                                                    
Magnetek, Inc.             
Magnetek Announces First Quarter Fiscal 2014 Results

Q1 Highlights

Net sales of $24.1 million decreased 4% from the prior year first quarter, mainly due to lower sales into elevator and mining markets. Q1 bookings totaled $25.6 million.

Despite lower sales volume, Q1 gross margin improved to 33.8% of sales, up 130 basis points over prior year Q1 gross margin of 32.5% of sales.

Income from operations increased nearly 80% over last year’s first quarter to $1.4 million, and earnings per share from continuing operations more than doubled to $.35 per share.

Menomonee Falls, Wis., May 7, 2014 --
Magnetek, Inc. (“Magnetek” or “the Company”, NASDAQ: MAG) today reported the results of its first quarter of fiscal year 2014, ended March 30, 2014.

First Quarter Results

In the first quarter of fiscal 2014, Magnetek recorded revenue of $24.1 million, a 4% decrease from the first quarter of fiscal 2013. The decrease in sales from the prior year quarter reflects sales declines of products for elevator and mining markets. Despite the lower sales volume, first quarter earnings per share from continuing operations increased to $.35 per share compared to prior year earnings from continuing operations of $.16 per share, mainly due to improved gross margins and lower pension expense.
“Challenging conditions persisted in most of our served markets during the first quarter, particularly in mining markets. We also experienced moderating demand in our served elevator markets due to customer inventory adjustments as well as seasonal factors in material handling markets, all of which resulted in a year-over-year decline in sales. However, our profitability improved significantly over last year, as we executed efficiently, drove our gross margins higher, and benefitted from reduced pension expense,” said Peter McCormick, Magnetek’s president and chief executive officer.
Gross profit amounted to $8.2 million (33.8% of sales) in the first quarter of 2014 versus $8.1 million (32.5% of sales) in the same period a year ago. The increase in gross profit and gross margin was primarily due to increased efficiency and lower overhead expenses.
Total operating expenses, consisting of research and development (“R&D”), pension expense and selling, general, and administrative costs, were $6.7 million in the first quarter of 2014, compared to $7.3 million in the first quarter of

The following information was filed by Magnetek, Inc. on Wednesday, May 7, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Magnetek, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2014 10-K Annual Report includes:

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SEC Filing Tools
CIK: 751085
Form Type: 10-Q Quarterly Report
Accession Number: 0000751085-14-000019
Submitted to the SEC: Wed May 14 2014 11:51:05 AM EST
Accepted by the SEC: Wed May 14 2014
Period: Sunday, March 30, 2014
Industry: Electronic Components

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