Magnetek, Inc. 10-Q Quarterly Report August 2014


•	Q2 income from operations increased 87% over last year to nearly $2.8 million, or 10.2% of sales, and earnings per share from continuing operations more than doubled to $.74 per share.


•	Q2 adjusted EBITDA (see attached reconciliation) totaled $3.9 million, or 14.5% of sales, compared to $3.4 million, or 12.6% of sales, for the same period last year.


•	Cash balances increased $0.5 million during Q2 to $16.2 million as of June 29, 2014, after contributing $4.1 million to the Company’s pension plan.

Menomonee Falls, Wis., Aug. 5, 2014 -- Magnetek, Inc. (“Magnetek” or “the Company,” NASDAQ: MAG) today reported the results of its second quarter of fiscal year 2014, ended June 29, 2014.

Second Quarter Results

In the second quarter of fiscal 2014, Magnetek recorded revenue of $27.0 million, comparable with sales levels achieved in the second quarter of fiscal 2013. However, both income from operations and earnings per share were up significantly year-over-year, due to improvements in gross margins, effective cost control, and lower pension expense. As a result, second quarter earnings per share from continuing operations increased to $.74 per share compared to prior year earnings from continuing operations of $.36 per share.

“End market conditions improved throughout much of our second quarter, and while our sales level was steady with last year, on a sequential basis our sales were up 12% from our first quarter. Compared to the first quarter, sales for material handling applications, our largest served market, were up nearly 10%, while sales into elevator markets were up 15%. In addition, our second quarter gross margin increased to 36% of sales, and our operating profit margin exceeded our stated target of 10%. In summary, we challenged the organization to improve our operating performance, and our people responded very well, as we not only saw healthy growth in our business, but also controlled our costs and managed our assets quite well,” said Peter McCormick, Magnetek’s president and chief executive officer.

The following information was filed by Magnetek, Inc. on Tuesday, August 5, 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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Inside this 10-Q Quarterly Report

CIK: 751085
Form Type: 10-Q Quarterly Report
Accession Number: 0000751085-14-000043
Submitted to the SEC: Wed Aug 13 2014 4:46:22 PM EST
Accepted by the SEC: Wed Aug 13 2014
Period: Sunday, June 29, 2014
Industry: Electronic Components