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Enersys (ENS) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, March 31, 2020

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Enersys

CIK: 1289308 Ticker: ENS

Exhibit 99.1 PRESS RELEASE, DATED JUNE 1, 2020, OF ENERSYS REGARDING FINANCIAL
RESULTS FOR THE FOURTH QUARTER AND FULL YEAR FISCAL 2020

EnerSys Reports Fourth Quarter and Full Year Fiscal 2020 Results 

Reading, PA, USA, June 1, 2020 – EnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, announced today results for its fourth quarter and full year of fiscal 2020, which ended on March 31, 2020.

Net loss attributable to EnerSys stockholders (“Net loss”) for the fourth quarter of fiscal 2020 was $1.5 million, or $0.04 per diluted share, which included an unfavorable highlighted net of tax impact of $49.0 million, or $1.15 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Net earnings for the fourth quarter of fiscal 2019 were $18.5 million, or $0.42 per diluted share, which included an unfavorable highlighted net of tax impact of $43.6 million, or $1.01 per diluted share from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Excluding these highlighted items, adjusted Net earnings per diluted share for the fourth quarter of fiscal 2020, on a non-GAAP basis, were $1.11. On March 24, 2020, the Company suspended the guidance provided by it on February 5th, 2020 for the fourth quarter of fiscal 2020 due to uncertainty surrounding the impact from the COVID-19 virus and the Company's ability to assess its results due to government actions to limit the spread of the virus. On April 21, 2020, the Company provided preliminary and unaudited operating results such as revenues, gross profit, operating expenses and foreign currency losses (pending material adjustments for impairments, taxation and business interruption claim) as well as liquidity related information such as debt and cash on hand. The Company believes the results reported above remain consistent with those reported on April 21, 2020 and any differences are the result of impairments and taxation.

During the fourth quarter, we recorded impairment charges of $44.2 million, resulting from our annual impairment testing of intangible assets, including goodwill, as the fair values of our Asia reporting unit and indefinite-lived intangibles were less than their respective carrying values.

Our third quarter results were impacted by a fire in our Richmond, KY motive power facility in late September, near the end of our second quarter. We estimate the disruption from the fire resulted in $30 million of lost sales to the third quarter. By the beginning of our fourth fiscal quarter, we had largely recovered from the fire operationally, and included in our initial guidance for the fourth quarter a recovery from our business interruption claim of approximately $15 million. The progress of our claim has been slowed by the COVID-19 virus and only $5 million received on April 1, 2020 has been reflected in our reported results for the fourth quarter. We are still pursuing our claim and have received an additional $3.7 million on May 15, 2020, which will be reflected in our first quarter of fiscal 2021 along with any further funds we receive towards our claim prior to our filing that quarterly report.

These earnings compare to the prior year fourth quarter adjusted Net earnings of $1.43 per diluted share. Please refer to the section included herein under the heading “Reconciliation of Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which include tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended March 31, 2020 and 2019.

Net sales for the fourth quarter of fiscal 2020 were $781.8 million, a decrease of 2% from the prior year fourth quarter net sales of $796.6 million and a 2% sequential quarterly increase from the third quarter of fiscal 2020 net sales of $763.7 million. The decrease from the prior year quarter was the result of a 3% decrease in organic volume and a 2% decrease in foreign currency translation impact, partially offset by a 3% increase from the NorthStar acquisition. The 2% sequential quarterly increase was primarily from a 2% increase in organic volume and a 1% increase in pricing, partially offset by a 1% decrease in currency translation impact.





The following information was filed by Enersys (ENS) on Monday, June 1, 2020 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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Inside Enersys's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts Valuation And Qualifying Accounts (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Accrued Expenses
Accrued Expenses (Detail)
Accrued Expenses (Tables)
Acquisition (Tables)
Acquisitions
Acquisitions - Additional Information (Detail)
Acquisitions - Pro Forma Information (Details)
Acquisitions - Summary Of Intangible Assets (Details)
Acquisitions Acquisitions - Assets And Liabilities Acquired (Details)
Business Segments
Business Segments (Tables)
Business Segments - Additional Information (Detail)
Business Segments - Schedule Of Summarized Financial Information By Reportable Segments Segments (Detail)
Change In Number Of Shares Of Common Stock Outstanding (Detail)
Commitments, Contingencies And Litigation
Commitments, Contingencies And Litigation - Additional Information (Detail)
Components Of Accumulated Other Comprehensive Income (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Long Term Debt (Detail)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Detail)
Derivative Financial Instruments - Effect Of Derivative Instruments (Detail)
Derivative Financial Instruments - Effect Of Derivative Instruments On Consolidated Condensed Statements Of Income (Detail)
Derivative Financial Instruments - Fair Value Of Derivative Instruments (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Earnings Per Share - Weighted Average Common Shares Basic And Common Shares Diluted (Detail)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Additional Information (Detail)
Fair Value Of Financial Instruments - Carrying Amounts And Estimated Fair Values Of Company Financial Instruments (Detail)
Fair Value Of Financial Instruments - Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Detail)
Goodwill And Other Intangible Assets - Schedule Of Changes In Carrying Amount Of Goodwill By Business Segment (Detail)
Goodwill And Other Intangible Assets - Schedule Of Companys Other Intangible Assets (Detail)
Goodwill And Other Intangible Assets - Schedule Of Goodwill And Goodwill Impairment Losses (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Reconciliation Of Income Taxes At Statutory Rate (Detail)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Detail)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Detail)
Income Taxes - Schedule Of Earning Before Income Taxes (Detail)
Income Taxes - Schedule Of Income Tax Expense (Detail)
Inventories
Inventories (Tables)
Inventories - Summary Of Inventories (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Additional Information Related To Leases (Details)
Leases - Balance Sheet Classification (Details)
Leases - Components Of Lease Expense (Details)
Leases - Finance And Operating Lease Maturity Schedules (Details)
Leases - Future Minimum Payments Prior To Adoption Of Topic 842 (Details)
Leases - Supplemental Cash Flow Information (Details)
Other (Income) Expense, Net
Other (Income) Expense, Net (Detail)
Other (Income) Expense, Net (Tables)
Other Liabilities
Other Liabilities (Detail)
Other Liabilities (Tables)
Prepaid And Other Current Assets
Prepaid And Other Current Assets (Detail)
Prepaid And Other Current Assets (Tables)
Property, Plant, And Equipment
Property, Plant, And Equipment (Tables)
Property, Plant, And Equipment - Additional Information (Detail)
Property, Plant, And Equipment - Summary Of Property, Plant, And Equipment (Detail)
Quarterly Financial Data (Additional Information) (Detail)
Quarterly Financial Data (Detail)
Quarterly Financial Data (Tables)
Quarterly Financial Data (Unaudited)
Restructuring Plans And Other Exit Charges
Restructuring, Exit And Other Charges (Tables)
Restructuring, Exit And Other Charges - Acquisition And Non-Acquisition Related Restructuring Reserve (Details)
Restructuring, Exit And Other Charges - Additional Information (Detail)
Retirement Plans
Retirement Plans (Tables)
Retirement Plans - Additional Information (Detail)
Retirement Plans - Amounts Recognized In Consolidated Balance Sheets (Detail)
Retirement Plans - Change In Projected Benefit Obligations And Change In Plan Assets (Detail)
Retirement Plans - Net Periodic Pension Costs (Detail)
Retirement Plans - Pension Components Before Tax And Related Changes Net Of Tax Recognized In Aoci (Detail)
Retirement Plans - Significant Assumptions Used To Determine Net Periodic Benefit Cost (Detail)
Retirement Plans - Significant Assumptions Used To Determine Projected Benefit Obligations (Detail)
Retirement Plans - Summary Changes In Plan Assets And Benefit Obligations (Detail)
Retirement Plans - Summary Of Accumulated Benefit Obligation Related To All Defined Pension Plans (Detail)
Retirement Plans - Summary Of Estimated Future Benefit Payments (Detail)
Retirement Plans - Summary Of Pension Plan Investments Measured At Fair Value (Detail)
Retirement Plans - Summary Of Recognized Components Of Net Periodic Pension Cost Included In Accumulated Other Comprehensive Income (Detail)
Revenue Recognition
Revenue Recognition - Additional Information (Details)
Revenue Recognition - Remaining Performance Obligation (Details)
Stock Based Compensation Stock-Based Compensation - Summary Of Assumptions Used For Market Share Units (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Summary Of Changes In Restricted Stock Units And Market Share Units (Detail)
Stock-Based Compensation - Summary Of Information Regarding Stock Options Outstanding And Exercisable (Detail)
Stock-Based Compensation - Summary Of Stock Option Activity (Detail)
Stockholders Equity And Noncontrolling Interests Reclassification From Accumulated Other Comprehensive Income (Details)
Stockholders' Equity And Noncontrolling Interests
Stockholders' Equity And Noncontrolling Interests (Tables)
Stockholders' Equity And Noncontrolling Interests - Additional Information (Detail)
Subsequent Events
Subsequent Events - Additional Information (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Warranty
Warranty (Detail)
Warranty (Tables)
Ticker: ENS
CIK: 1289308
Form Type: 10-K Annual Report
Accession Number: 0001289308-20-000029
Submitted to the SEC: Mon Jun 01 2020 4:45:36 PM EST
Accepted by the SEC: Mon Jun 01 2020
Period: Tuesday, March 31, 2020
Industry: Wholesale Electrical Apparatus And Equipment Wiring Supplies

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