Magnetek, Inc. (751085) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 29, 2015

Magnetek, Inc.

CIK: 751085

For Immediate Release

For additional information contact:
Marty Schwenner                                                    
Magnetek, Inc.             

Magnetek Announces First Quarter Fiscal 2015 Results

Q1 Highlights

Net sales of $26.6 million increased 10% from the prior year first quarter, due to higher sales into material handling and elevator markets. Q1 bookings totaled $28.6 million.

Q1 gross margin improved to 35.3% of sales, up 150 basis points over prior year Q1 gross margin of 33.8% of sales.

Q1 income from operations increased 74% to $2.5 million, compared to $1.4 million in last year’s first quarter.

Earnings per share from continuing operations increased 91% to $.67 per share, compared to $.35 per share in Q1 last year.

Menomonee Falls, Wis., May 7, 2015 --
Magnetek, Inc. (“Magnetek” or “the Company”, NASDAQ: MAG) today reported the results of its first quarter of fiscal year 2015, ended March 29, 2015.

First Quarter Results

In the first quarter of fiscal 2015, Magnetek recorded revenue of $26.6 million, a 10% increase from the prior year first quarter sales of $24.1 million, as sales of products for material handling applications increased $1.4 million year-over-year to $19.5 million, and sales of products for elevator applications increased nearly $1.0 million year-over-year to $6.2 million.
The higher sales volume, together with lower pension expense and tax provisions, resulted in an increase in first quarter earnings per share from continuing operations to $.67 per share compared to prior year earnings from continuing operations of $.35 per share.
“We remain encouraged by the strong year-over-year growth in our sales and profitability, as well as by the positive book-to-bill ratio in the first quarter. We experienced the typical seasonal softness in material handling markets, which resulted in a slow start to the year. However, as the quarter progressed, order and sales activity increased substantially. In addition, our profitability improved significantly over last year despite the uneven demand, as we drove our gross margins higher and benefitted from reduced pension expense,” said Peter McCormick, Magnetek’s president and chief executive officer.

The following information was filed by Magnetek, Inc. on Thursday, May 7, 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-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 2015 10-K Annual Report includes:

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SEC Filing Tools
CIK: 751085
Form Type: 10-Q Quarterly Report
Accession Number: 0000751085-15-000032
Submitted to the SEC: Wed May 13 2015 3:45:34 PM EST
Accepted by the SEC: Wed May 13 2015
Period: Sunday, March 29, 2015
Industry: Electronic Components

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