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VICTOR TECHNOLOGIES GROUP, INC. ANNOUNCES
2013 THIRD QUARTER RESULTS

ST. LOUIS, MO - November 12, 2013 -
Victor Technologies Group, Inc. (the "Company") today reported results for the three and nine months ended September 30, 2013 as follows:
($'s in thousands)
 
 
 
 
 
 
Three Months Ended
 
 
 
September 30, 2013
 
September 30, 2012
 
% Change
Net Sales
$
119,388

 
$
121,111

 
(1.4
)%
Net Income
10,331

 
5,332

 
93.8
 %
Adjusted EBITDA
24,524

 
23,105

 
6.1
 %
 
 
 
 
 
 
 
Nine Months Ended
 
 
 
September 30, 2013
 
September 30, 2012
 
% Change
Net Sales
$
370,043

 
$
380,239

 
(2.7
)%
Net Income
20,795

 
16,530

 
25.8
 %
Adjusted EBITDA
73,451

 
69,072

 
6.3
 %

Financial Review for the Three Months Ended September 30, 2013
Net sales in the third quarter of 2013 were $119.4 million, a decline of $1.7 million, or 1.4%, as compared to the third quarter of 2012. The decrease was primarily attributable to foreign currency translation changes of $2.9 million which were partially offset by a $1.5 million increase in net sales primarily associated with price increases. Stated in local currencies, net sales increased 0.9% with Americas and Europe/ROW sales increasing 4.1% and 15.0%, respectively, and Asia-Pacific sales decreasing 9.5% primarily due to lower volumes in Australia.
Gross margin as a percentage of net sales increased from 35.8% in the third quarter of 2012 to 38.1% in the third quarter of 2013. In the third quarter of 2013, the Company recorded a $0.4 million credit to cost of goods sold related to the last-in first-out (“LIFO”) inventory method as overall deflation of manufacturing costs is expected in the current year due to our cost reduction programs. Additionally, the current quarter included $0.1 million of restructuring costs. The third quarter of 2012 included a $0.9 million severance and restructuring charge to costs of goods sold. Excluding these items, adjusted gross margin as a percentage of sales was 37.9% in the third quarter of 2013 compared to 36.6% in the third quarter of 2012. This remaining increase is due to the beneficial impact of manufacturing efficiencies arising from our Victor Continuous Improvement ("VCI") program to lower costs and improve efficiency as well as the impact of higher sales prices. 
Third quarter 2013 selling, general and administrative (“SG&A”) costs of $25.4 million were flat compared to the third quarter of 2012.
Interest expense, net, of $8.4 million in the third quarter of 2013 was flat compared to the same period in the prior year.



The following information was filed by Victor Technologies Group, Inc. (VICT) on Wednesday, November 13, 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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