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![]() | Press Release | |
October 25, 2018 | FOR IMMEDIATE RELEASE |
• | Sales were $118.9 million, up 11.9% year-over-year. Sales to transportation customers increased 9.6%, and sales of electronic components increased 15.9%. |
• | Net earnings were $10.2 million or $0.30 per diluted share, up from $9.6 million or $0.29 per diluted share in the third quarter of 2017. |
• | Adjusted EPS was $0.39 per diluted share, up from $0.31 in the third quarter of 2017. |
• | Total Booked Business was $1.832 billion at the end of the third quarter of 2018, an increase of $32 million from the second quarter of 2018. |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net sales | $ | 118,859 | $ | 106,243 | $ | 350,410 | $ | 312,083 | |||||||
Cost of goods sold | 76,777 | 68,705 | 228,082 | 204,527 | |||||||||||
Gross Margin | 42,082 | 37,538 | 122,328 | 107,556 | |||||||||||
Selling, general and administrative expenses | 18,450 | 15,915 | 55,441 | 46,970 | |||||||||||
Research and development expenses | 6,517 | 6,380 | 19,500 | 18,432 | |||||||||||
Restructuring charges | 997 | 1,435 | 3,364 | 2,942 | |||||||||||
Loss on sale of assets | — | 697 | 2 | 698 | |||||||||||
Operating earnings | 16,118 | 13,111 | 44,021 | 38,514 | |||||||||||
Other income (expense): | |||||||||||||||
Interest expense | (489 | ) | (773 | ) | (1,601 | ) | (2,209 | ) | |||||||
Interest income | 413 | 363 | 1,367 | 914 | |||||||||||
Other (expense) income, net | (1,687 | ) | 1,258 | (2,557 | ) | 2,889 | |||||||||
Total other (expense) income | (1,763 | ) | 848 | (2,791 | ) | 1,594 | |||||||||
Earnings before income taxes | 14,355 | 13,959 | 41,230 | 40,108 | |||||||||||
Income tax expense | 4,144 | 4,340 | 12,262 | 12,039 | |||||||||||
Net earnings | $ | 10,211 | $ | 9,619 | $ | 28,968 | $ | 28,069 | |||||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.31 | $ | 0.29 | $ | 0.88 | $ | 0.85 | |||||||
Diluted | $ | 0.30 | $ | 0.29 | $ | 0.86 | $ | 0.84 | |||||||
Basic weighted – average common shares outstanding: | 33,087 | 32,935 | 33,038 | 32,876 | |||||||||||
Effect of dilutive securities | 562 | 456 | 542 | 475 | |||||||||||
Diluted weighted – average common shares outstanding | 33,649 | 33,391 | 33,580 | 33,351 | |||||||||||
Cash dividends declared per share | $ | 0.04 | $ | 0.04 | $ | 0.12 | $ | 0.12 |
(Unaudited) | |||||||
September 30, | December 31, | ||||||
2018 | 2017 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 103,754 | $ | 113,572 | |||
Accounts receivable, net | 79,030 | 70,584 | |||||
Inventories, net | 41,960 | 36,596 | |||||
Other current assets | 14,254 | 12,857 | |||||
Total current assets | 238,998 | 233,609 | |||||
Property, plant and equipment, net | 96,670 | 88,247 | |||||
Other Assets | |||||||
Prepaid pension asset | 61,382 | 57,050 | |||||
Goodwill | 71,057 | 71,057 | |||||
Other intangible assets, net | 61,869 | 66,943 | |||||
Deferred income taxes | 17,369 | 20,694 | |||||
Other | 2,247 | 2,096 | |||||
Total other assets | 213,924 | 217,840 | |||||
Total Assets | $ | 549,592 | $ | 539,696 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 52,177 | $ | 49,201 | |||
Accrued payroll and benefits | 13,183 | 11,867 | |||||
Accrued liabilities | 40,300 | 41,344 | |||||
Total current liabilities | 105,660 | 102,412 | |||||
Long-term debt | 50,000 | 76,300 | |||||
Long-term pension obligations | 6,918 | 7,201 | |||||
Deferred income taxes | 4,744 | 3,802 | |||||
Other long-term obligations | 6,065 | 6,176 | |||||
Total Liabilities | 173,387 | 195,891 | |||||
Commitments and Contingencies | |||||||
Shareholders’ Equity | |||||||
Common stock | 303,641 | 304,777 | |||||
Additional contributed capital | 44,740 | 41,084 | |||||
Retained earnings | 445,160 | 420,160 | |||||
Accumulated other comprehensive loss | (74,080 | ) | (78,960 | ) | |||
Total shareholders’ equity before treasury stock | 719,461 | 687,061 | |||||
Treasury stock | (343,256 | ) | (343,256 | ) | |||
Total shareholders’ equity | 376,205 | 343,805 | |||||
Total Liabilities and Shareholders’ Equity | $ | 549,592 | $ | 539,696 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2018 | September 30, 2017 | September 30, 2018 | September 30, 2017 | ||||||||||||
GAAP diluted earnings per share | $ | 0.30 | $ | 0.29 | $ | 0.86 | $ | 0.84 | |||||||
Tax affected adjustments to reported diluted earnings per share: | |||||||||||||||
Restructuring charges | 0.02 | 0.03 | 0.08 | 0.05 | |||||||||||
Foreign currency loss (gain) | 0.04 | (0.02 | ) | 0.06 | (0.06 | ) | |||||||||
Transaction costs | — | — | — | 0.01 | |||||||||||
Non-recurring costs of tax improvement initiatives | 0.01 | — | 0.03 | — | |||||||||||
Non-recurring environmental charge | — | — | 0.02 | — | |||||||||||
Loss on sale of facilities, net of expenses | — | 0.01 | — | 0.01 | |||||||||||
Decrease in the recognition of foreign valuation allowance | — | — | — | (0.01 | ) | ||||||||||
Discrete tax items | 0.02 | — | 0.07 | — | |||||||||||
Adjusted diluted earnings per share | $ | 0.39 | $ | 0.31 | $ | 1.12 | $ | 0.84 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2018 | September 30, 2017 | September 30, 2018 | September 30, 2017 | ||||||||||||
Depreciation and amortization expense | $ | 5,388 | $ | 5,388 | $ | 16,349 | $ | 15,061 | |||||||
Stock-based compensation expense | $ | 1,918 | $ | 827 | $ | 4,104 | $ | 2,514 |
• | provides a meaningful measure of CTS' operating performance, |
• | reflects the results used by management in making decisions about the business, and |
• | helps review and project CTS' performance over time. |
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