Magnetek, Inc. (751085) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 28, 2015

Magnetek, Inc.

CIK: 751085

For Immediate Release

For additional information contact:
Marty Schwenner                                                    
Magnetek, Inc.             

Magnetek Announces Second Quarter Fiscal 2015 Results

Q2 Highlights

Q2 net sales of $28.3 million increased 5% from the prior year second quarter, due to higher sales into material handling markets.

Q2 gross margin improved to 36.7% of sales, up 70 basis points over prior year Q2 gross margin of 36.0% of sales.

Earnings per share from continuing operations increased 18% to $.87 per share, compared to $.74 per share in Q2 last year.

Menomonee Falls, Wis., Aug. 4, 2015 --
Magnetek, Inc. (“Magnetek” or “the Company,” NASDAQ: MAG) today reported the results of its second quarter of fiscal year 2015, ended June 28, 2015.

Second Quarter Results

In the second quarter of fiscal 2015, Magnetek recorded revenue of $28.3 million, a 5% increase from the prior year second quarter sales of $27.0 million, as sales of products for material handling applications increased $1.3 million year-over-year to $21.1 million. Income from continuing operations and earnings per share were both up year-over-year, due to higher sales volume, lower pension expense, and lower tax provisions. As a result, second quarter earnings per share from continuing operations increased 18% to $.87 per share compared to prior year earnings from continuing operations of $.74 per share.
“Most of our end markets remained healthy throughout our second quarter, and we achieved organic sales growth of 5% over last year’s second quarter. We expanded our profit margins on a year-over-year basis, with increased gross profit, operating profit, and net income,” said Peter McCormick, Magnetek’s president and chief executive officer.
Gross profit amounted to $10.4 million (36.7% of sales) in the second quarter of 2015 versus $9.7 million (36.0% of sales) in the same period a year ago. The increase in gross profit and gross margin was primarily due to higher sales volume and improved sales mix into material handling markets.
Total operating expenses, consisting of research and development, pension expense, and selling, general and administrative costs, were $7.2 million in the second quarter of 2015, compared to $7.0 million in the second quarter of fiscal 2014. Compared to the prior year, the increase in operating expense was mainly due to higher variable

The following information was filed by Magnetek, Inc. on Tuesday, August 4, 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. provided additional information to their SEC Filing as exhibits

CIK: 751085
Form Type: 10-Q Quarterly Report
Accession Number: 0000751085-15-000045
Submitted to the SEC: Tue Aug 04 2015 5:28:31 PM EST
Accepted by the SEC: Tue Aug 04 2015
Period: Sunday, June 28, 2015
Industry: Electronic Components

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