Exhibit 99.1
 
 
News Release
JBT Corporation
  200 E. Randolph Drive
  Chicago, IL 60601
JBTC logo
For Release: Immediate
 
Investors:
Cindy Shiao
(312) 861-5931
Media:
Ken Jones
(312) 861-6791
 
JBT Corporation Reports Fourth Quarter and Full Year 2009 Results
 
Full Year 2009 highlights:
 
o
Diluted earnings per share from continuing operations of $1.15
 
o
Strong cash flow from operating activities of $54 million
 
o
Revenue of $842 million down 18 percent from 2008
 
o
Gross profit margin of 26.2 percent increased 170 basis points from 2008

Fourth quarter highlights:
 
o
Diluted earnings per share from continuing operations of $0.37
 
o
Revenue of $246 million up 5 percent from 2008
 
o
Net debt reduced by $15 million to $118 million
 
CHICAGO, March 2, 2010—JBT Corporation
(NYSE: JBT), a leading global technology solutions provider to the food processing and air transportation industries, today reported fourth quarter and full year 2009 results.
 
Revenue for the quarter of $246.0 million increased 5 percent from the prior-year quarter.  Fourth-quarter income from continuing operations was $10.6 million, up 3 percent from the prior-year quarter.   Diluted earnings per share from continuing operations for the quarter were $0.37, flat compared to the prior-year quarter.  During the quarter, the company incurred restructuring charges of $0.4 million to continue to reduce costs and recorded a $1.4 million loss reserve related to product liability litigation in Tunisia.  Additionally, the company reported a lower tax rate in the quarter due to recognition of international withholding tax credits and certain deferred tax assets amounting to $1.1 million associated with a foreign subsidiary.  The net unfavorable impact of these items to fourth quarter earnings per diluted share was $0.01.  Fourth-quarter inbound orders of $195.0 million declined 5 percent from the prior-year quarter.  Backlog of $211.2 million was down 26 percent from the same period in 2008.
 
Full-year revenue of $841.6 million was 18 percent lower than the prior year; 2 percentage points of this decline resulted from unfavorable foreign currency translation.  Gross profit margin of 26.2 percent increased 170 basis points from 2008.  Full-year income from continuing operations was $32.8 million, down 18 percent from pro forma income from continuing operations in 2008 (calculated on a pro forma basis to include comparable debt and interest expense).  Full-year diluted earnings per share from continuing operations were $1.15, a 20 percent decline compared to pro forma diluted earnings per share in 2008.  In 2009, the company incurred restructuring charges of $3.9 million in response to lower demand for some of its product lines.
 
MORE
 

The following information was filed by John Bean Technologies Corp (JBT) on Wednesday, March 3, 2010 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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