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Exhibit 99.1
NEWS RELEASE | ||
Corporate Offices: 1328 Racine Street Racine, WI 53403 |
FOR IMMEDIATE RELEASE
Contact: Jeffrey S. Knutson
(262) 638-4242
TWIN DISC, INC. ANNOUNCES FISCAL 2020
FOURTH QUARTER FINANCIAL RESULTS
● Fourth quarter gross profit percent improved 60 basis points year-over-year |
● Generated $4.3 million of cash from operating activities during the fourth quarter |
● Veth Propulsion sales increased 6.2% for fiscal 2020 |
● $7.2 million of annualized expense reductions announced in response to the COVID-19 crisis |
● Challenging market conditions due to the impacts of the COVID-19 crisis and weaker oil and gas markets |
RACINE, WISCONSIN—August 7, 2020 —
Twin Disc, Inc. (NASDAQ: TWIN), today reported financial results for the fiscal 2020 fourth quarter ended June 30, 2020.
Sales for the fiscal 2020 fourth quarter were $59.4 million, compared to $72.4 million for the same period last year. The 18.0% decrease in 2020 fourth quarter sales was primarily due to continued softness in the Company’s oil and gas markets along with weaker demand for industrial and marine products compared to the same period the prior fiscal year. Despite a difficult global economy, our Veth Propulsion acquisition reported a 6.2% increase in sales for fiscal 2020 and a 26.0% increase compared to the prior fiscal year fourth quarter. This growth reflects the acquisition synergies we have been able to achieve with respect to market penetration and product acceptance in Veth’s non-traditional markets of Asia and North America. For the fiscal 2020 full year, sales were $246.8 million, compared to $302.7 million for fiscal 2019. Foreign currency exchange had a $0.9 million unfavorable impact on fiscal 2020 fourth quarter sales and a $4.8 million unfavorable impact on fiscal 2020 year-to-date sales.
John H. Batten, Chief Executive Officer, commented: “Our six-month backlog at June 30, 2020, was $66.6 million, compared to $87.4 million at March 27, 2020, and $99.6 million at June 30, 2019. By many accounts, fiscal 2020 was one of the most challenging years in Twin Disc’s 102-year history. As the COVID-19 crisis continues impacting demand across many of our global markets, we are focused on managing the actions that are under our control. Throughout our history we have successfully emerged from challenging industry cycles, and I am confident we will come out of the COVID-19 crisis as a stronger and leaner company that is better positioned to compete within our various markets. Across our global manufacturing and distribution operations, our teams have remained dedicated to delivering quality, craftsmanship and innovation to our worldwide customers. I am proud of the response, hard work and commitment of our global employees during this challenging period.”
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Twin Disc Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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The Company's distribution operation in Australia, which provides boat accessories, propulsion and marine transmission systems primarily for the pleasure craft market, saw sales decline slightly (1.2%), driven by a significant unfavorable currency impact (7.7%).
The Company's Belgian manufacturing operation saw a 27.8% decrease in sales in fiscal 2020 on weaker demand in the marine markets served by this operation resulting from the COVID-19 impact, along with a currency impact.
Retirement and Mortality Rates - based upon the Society of Actuaries PRI-2012 base tables for annuitants and non-annuitants, adjusted for generational mortality improvement based on the Society of Actuaries MP-2019 projection scale.
Management determined that the carrying value of certain goodwill and intangibles exceeded the fair value and a $27.6 million impairment loss was calculated which resulted in a decrease to the effective tax rate of 10.9%.
The largest decline was seen at the Company's North American manufacturing operation, the largest, which experienced a 27.4% decline in sales compared to fiscal 2019.
This weakness was a function...Read more
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Fiscal Years 2020 and 2019...Read more
This increase primarily reflects a...Read more
The Company's Veth Propulsion operation...Read more
While the Company believes its...Read more
Margin was also negatively impacted...Read more
Marketing, Engineering and Administrative (ME&A)...Read more
The following are key assumptions...Read more
The increase is primarily the...Read more
Gross profit as a percentage...Read more
Previously, the applicable margin was...Read more
The Company's Swiss manufacturing operation,...Read more
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Sales at our distribution segment...Read more
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Plan assets and obligations are...Read more
The Company's Asian distribution operation...Read more
The Company experienced weakness in...Read more
The $3.2 million included a...Read more
Currency translation had a $4.8...Read more
While the Company believes that...Read more
These decreases were partially offset...Read more
Discount Rates - When measuring...Read more
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Other Income (Expense), Net and...Read more
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Twin Disc Inc provided additional information to their SEC Filing as exhibits
Ticker: TWIN
CIK: 100378
Form Type: 10-K Annual Report
Accession Number: 0001437749-20-018707
Submitted to the SEC: Wed Aug 26 2020 8:33:15 AM EST
Accepted by the SEC: Wed Aug 26 2020
Period: Tuesday, June 30, 2020
Industry: General Industrial Machinery And Equipment