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VICTOR TECHNOLOGIES GROUP, INC. ANNOUNCES
2012 FOURTH QUARTER AND FULL YEAR RESULTS

ST. LOUIS, MO - March 26, 2013 -
Victor Technologies Group, Inc. (the "Company") today reported results for the three and twelve months ended December 31, 2012 as follows:
($'s in thousands)
 
 
 
 
 
 
Three Months Ended
 
 
 
December 31, 2012
 
December 31, 2011
 
% Change
Net Sales
$
115,891

 
$
116,808

 
(0.8
)%
Net Income (Loss)
5,054

 
(4,985
)
 
201.4
 %
Adjusted EBITDA
20,428

 
13,462

 
51.7
 %
 
 
 
 
 
 
 
Twelve Months Ended
 
 
 
December 31, 2012
 
December 31, 2011
 
% Change
Net Sales
$
496,130

 
$
487,428

 
1.8
 %
Net Income
21,625

 
6,741

 
220.8
 %
Adjusted EBITDA
89,500

 
79,443

 
12.7
 %

Financial Review for the Three Months Ended December 31, 2012
Net sales in the fourth quarter of 2012 were $115.9 million, a decrease of 0.8% as compared to the fourth quarter of 2011, primarily due to a 2.1% decrease in sales volumes. This decrease was partially offset by a 0.9% increase in net sales associated with price increases and an additional 0.4% increase attributable to foreign currency translation. Stated in local currencies, net sales decreased 1.2%, with U.S. sales decreasing 2.8% and international sales increasing 0.9%.

Gross margin as a percentage of net sales increased from 29.6% in the fourth quarter of 2011 to 39.3% in the final quarter of 2012. In the fourth quarter of 2012, the Company recorded a $3.4 million credit to cost of sales related to the last-in, first-out (“LIFO”) inventory method as compared to a $0.7 million charge to costs of sales in the comparable quarter of 2011. Also in the fourth quarter of 2012, the Company recorded $0.8 million in severance expense primarily related to one-time cost reduction efforts. In the fourth quarter of 2011, the Company recorded $0.7 million of restructuring-related idle facilities costs and a $0.5 million charge relating to the settlement of pending welding fumes claims.  Excluding these items, Adjusted Gross Margin as a percentage of net sales was 37.0% in the fourth quarter of 2012 as compared to 31.2% in the comparable period of 2011. This remaining increase in Adjusted Gross Margin is primarily due to manufacturing efficiencies arising from our total cost productivity program to lower costs and improve efficiency, which is now the Victor Continuous Improvement ("VCI") program.

Selling, general, and administrative (“SG&A”) costs decreased approximately $0.2 million over the comparable period of 2011. This decrease is primarily the result of decreased incentive compensation and lower foreign currency transaction losses in the fourth quarter of 2012 as compared to the comparable period



The following information was filed by Victor Technologies Group, Inc. (VICT) on Wednesday, March 27, 2013 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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