Magnetek, Inc. 10-K Annual Report March 2015


•	Net sales of $29.0 million increased 15% from last year’s fourth quarter, mainly due to higher sales into material handling and elevator markets. Q4 gross margin increased over last year’s fourth quarter by more than 400 basis points to 38.5% of sales.


•	Q4 income from continuing operations, excluding a pension settlement charge (non-GAAP), was $3.7 million, or $1.01 per share, compared to $0.7 million, or $.22 per share last year (see following reconciliation). On a GAAP basis, including the non-cash pension settlement charge of $37.1 million, the Company’s Q4 loss from continuing operations was $33.4 million, or a loss of $9.44 per share.


•	Q4 adjusted EBITDA (see following reconciliation) totaled $4.7 million, or 16.2% of sales, compared to $3.0 million, or 11.7% of sales, for the same period last year.


•	Cash balances totaled nearly $10 million as of December 28, 2014. Liquidity remains strong despite Q4 cash contributions to pension plan assets of $7.9 million.

Fiscal Year 2014 Highlights


•	FY 2014 sales totaled $109.7 million, an increase of 6% over FY 2013, and total year gross margin increased 220 basis points to 36.4% of sales.


•	Adjusted EBITDA increased to $16.0 million, or 14.6% of sales, from $12.5 million, or 12.1% of sales, in fiscal 2013.


•	The Company’s pension obligation declined by $21 million during fiscal 2014 to $27 million as of December 28, 2014, due mainly to substantial contributions to pension assets and positive asset returns.

Menomonee Falls, Wis., March 12, 2015 --

Magnetek, Inc. (“Magnetek” or “the Company,” NASDAQ: MAG) today reported the results of its fourth quarter and 2014 fiscal year, ended December 28, 2014.

The following information was filed by Magnetek, Inc. on Thursday, March 12, 2015 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Magnetek, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 3.1(C): Articles Of Incorporation

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

CIK: 751085
Form Type: 10-K Annual Report
Accession Number: 0000751085-15-000015
Submitted to the SEC: Fri Mar 20 2015 1:26:16 PM EST
Accepted by the SEC: Fri Mar 20 2015
Period: Sunday, December 28, 2014
Industry: Electronic Components