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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 2021
FOURTH QUARTER FINANCIAL RESULTS
● Fourth quarter sales up 11.5% year-over-year |
● Fourth quarter gross profit percent improved 440-basis points year-over-year |
● Strong operating cash flow and improving profitability drives net debt to lowest level in three years |
● Restructuring actions in the quarter to drive approximately $2 million of annualized savings |
● Management optimistic recovery is underway |
RACINE, WISCONSIN — August 13, 2021 — Twin Disc, Inc. (NASDAQ: TWIN), today reported financial results for the fiscal 2021 fourth quarter ended June 30, 2021.
Sales for the fiscal 2021 fourth quarter were $66.2 million, compared to $59.4 million for the same period last year, and $57.6 million for the fiscal 2021 third quarter. The 11.5% year-over-year increase in 2021 fourth quarter sales was primarily due to improving demand within the Company’s global oil and gas, industrial and marine markets compared to the same period last fiscal year. For the fiscal 2021 full year, sales were $218.6 million, compared to $246.8 million for fiscal 2020. The year-over-year decline was primarily driven by the global economic impact of the COVID-19 pandemic. Foreign currency exchange had a $4.1 million favorable impact on fiscal 2021 fourth quarter sales and an $11.6 million favorable impact on fiscal 2021 year-to-date sales.
John H. Batten, Chief Executive Officer, commented: “Solid fourth quarter sales growth and improving gross profit is encouraging and reflects the significant actions we have undertaken to expand our financial and operating performance. Throughout the year, we focused on investing in our operations, supporting new product development, modernizing our business, and realigning our cost structure. Our Lufkin, Texas operation opened during the year, which improved manufacturing efficiencies and enhanced our position with new and existing industrial customers, as we focus on growing this important segment of our business. We leveraged our leading control systems and mechanical expertise to develop new hybrid and electric products for marine and industrial applications. During the fourth quarter, initial orders were received from a marine customer and an industrial customer, and we are excited by the long-term potential within these developing markets. Finally, we continued to focus on strategies that modernize our global facilities and realign our cost structure. During the fourth quarter, we announced a restructuring action at our Belgium operation, which combined with other restructuring actions, will produce estimated annual savings of approximately $2.0 million once completed in fiscal 2022.”
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Twin Disc Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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The decrease in spending in fiscal 2021 compared to the prior year was driven by reduced domestic salaries and benefits ($3.4 million), a reclassification of certain costs from ME&A to COGS ($2.4 million), lower amortization expense ($1.0 million), reduced marketing activities ($1.5 million) and a benefit related to the domestic ERC ($1.2 million), reduced corporate travel ($0.9 million) and the impact of global expense containment measures ($1.5 million).
These improvements were partially offset by an increase in trade receivables ($8.8 million) resulting from the increased sales volume in the fourth quarter of the current fiscal year.
Margin was favorably impacted by the recording of a benefit related to the Employee Retention Credit (ERC), a COVID-19 relief program of the U.S. government, totaling $2.4 million, split evenly between the third and fourth quarters.
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 modified MP-2020 projection scale.
The largest decline was seen at the Companys North American manufacturing operation, the largest, which experienced a 28.0% decline in sales compared to fiscal 2020.
Gross Profit In fiscal 2021,...Read more
With improving volume levels through...Read more
Gross profit as a percentage...Read more
Similarly, the Company?s Belgian manufacturing...Read more
In the prior year, the...Read more
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The increase in net working...Read more
Marketing, Engineering and Administrative (ME&A)...Read more
Sales at our distribution segment...Read more
The Company?s Asian distribution operation...Read more
Previously, the applicable margin was...Read more
Sales into the Asia Pacific...Read more
During the financial covenant relief...Read more
The increase in fiscal 2021...Read more
These anticipated expenditures reflect the...Read more
The Company?s distribution operation in...Read more
The Company?s Swiss manufacturing operation,...Read more
Currency translation had a favorable...Read more
Upon the occurrence of an...Read more
Plan assets and obligations are...Read more
The Company?s Veth Propulsion operation...Read more
While the Company believes that...Read more
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The Company anticipates annual pre-tax...Read more
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For property, plant and equipment...Read more
Fiscal Years 2021 and 2020...Read more
Financial Statements, Disclosures and Schedules
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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: 0001437749-21-021350
Submitted to the SEC: Thu Sep 02 2021 8:31:11 AM EST
Accepted by the SEC: Thu Sep 02 2021
Period: Wednesday, June 30, 2021
Industry: General Industrial Machinery And Equipment