Magnetek, Inc. (751085) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 28, 2014

Magnetek, Inc.

CIK: 751085

For Immediate Release

For additional information contact:
Marty Schwenner                                                    
Magnetek, Inc.             

Magnetek Announces Third Quarter Fiscal 2014 Results

Q3 Highlights

Q3 net sales of $29.6 million increased nearly 14% over prior year Q3 sales of $26.0 million, and were up nearly 10% sequentially over current year Q2 sales of $27.0 million.

Q3 operating income of $3.3 million, or 11.3% of sales, was up 116% from prior year Q3 operating income of $1.5 million. Earnings per share from continuing operations increased 126% to $.88 per share.

Q3 adjusted EBITDA (see reconciliation below) totaled nearly $4.7 million, or 15.7% of sales, compared to $3.5 million, or 13.4% of sales, for the same period last year.

Cash balances were $12.4 million as of September 28, 2014, after Q3 cash contributions of $7.1 million to the Company’s pension plan.

Menomonee Falls, Wis., Nov. 10, 2014 -- Magnetek, Inc. (“Magnetek” or “the Company,” NASDAQ: MAG) today reported the results of its third quarter of fiscal year 2014, ended September 28, 2014.

Third Quarter Results

In the third quarter of fiscal 2014, Magnetek recorded revenue of $29.6 million, a $3.6 million increase over prior year third quarter sales of $26.0 million. The year-over-year increase was mainly due to higher sales into material handling markets, which increased $2.3 million to $21.9 million, and higher sales into elevator markets, which increased $1.0 million to $6.2 million. Operating income 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, third quarter earnings per share from continuing operations increased to $.88 per share compared to prior year earnings from continuing operations of $.39 per share.
“The improvements we saw in end market conditions in our second quarter continued into the third quarter, and manufacturing activity in the U.S. continued to accelerate. The combination of higher sales volume, cost control, and strong execution resulted in exceptional profitability at both the gross profit and operating profit lines,” said Peter McCormick, Magnetek’s president and chief executive officer.
Gross profit amounted to $10.9 million (36.9% of sales) in the third quarter of 2014 versus $9.2 million (35.3% of sales) in the same period a year ago. The increase in gross profit and gross margin as a percentage of sales was

The following information was filed by Magnetek, Inc. on Monday, November 10, 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: 0000751085-14-000062
Submitted to the SEC: Wed Nov 12 2014 12:01:52 PM EST
Accepted by the SEC: Wed Nov 12 2014
Period: Sunday, September 28, 2014
Industry: Electronic Components

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