JBT Corporation Reports Fourth Quarter and Full Year 2009 Results
03 3월 2010 - 6:40AM
PR Newswire (US)
CHICAGO, March 2 /PRNewswire-FirstCall/ -- Full Year 2009
highlights: -- Diluted earnings per share from continuing
operations of $1.15 -- Strong cash flow from operating activities
of $54 million -- Revenue of $842 million down 18 percent from 2008
-- Gross profit margin of 26.2 percent increased 170 basis points
from 2008 Fourth quarter highlights: -- Diluted earnings per share
from continuing operations of $0.37 -- Revenue of $246 million up 5
percent from 2008 -- Net debt reduced by $15 million to $118
million JBT Corporation , 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.
"We are pleased with the strong finish to 2009," said Charlie
Cannon, Chairman and Chief Executive Officer. "Our profit margins
held up well despite the challenging environment, reflecting our
focus on project execution, aggressive cost control and the
strength of our recurring revenue base, and we further
significantly reduced net debt. We are seeing signs of increasing
order activity; however, the trend toward smaller projects and
longer sales cycles continues. We expect our strong recurring
revenue base and continued cost control initiatives to position the
company well for another solid year of performance in 2010." JBT
FoodTech JBT FoodTech's fourth quarter revenue was $161.4 million,
a 21 percent increase over the prior-year period. In constant
currencies, revenue increased 13 percent due to strong demand for
freezing equipment in Asia and shipment of two large sterilization
projects in the U.S. Activity in both Western Europe and North
America is improving, but demand from Latin America remains very
weak. JBT FoodTech's operating profit was $16.0 million, down 13
percent from the same period in 2008. Operating margins were 9.9
percent, down from 13.8 percent in the prior-year quarter,
primarily due to a higher proportion of new equipment sales versus
higher margin aftermarket sales, a loss reserve for product
liability litigation in Tunisia as well as competitive pricing
pressure. Inbound orders totaled $127.9 million for the quarter, a
decline of 5 percent from the prior-year quarter and down 11
percent in constant currencies largely reflecting smaller project
sizes. Inbound orders were 2 percent higher than in the third
quarter of 2009. Backlog of $96.7 million was down 35 percent from
the prior-year quarter and down 26 percent sequentially from the
third quarter of 2009. The shipment of two large orders during the
fourth quarter and the trend toward smaller order sizes contributed
to the backlog decline. JBT AeroTech While JBT AeroTech's fourth
quarter revenue of $84.8 million declined 18 percent, operating
profit of $8.0 million improved 10 percent compared to the
prior-year period. The lower revenue reflected continued weak
demand for JBT AeroTech's ground support equipment product line
from both airline and airfreight industries. Cost savings from
restructuring initiatives, improved project margins for the gate
equipment product line, and favorable mix of higher margin products
more than offset the impact of lower revenue. As a result, JBT
AeroTech operating margin for the quarter was 9.4 percent - the
best performing quarter in 2009, reflecting a 230 basis point
increase from the prior-year period. Inbound orders totaled $67.1
million, down 9 percent from the same period last year, primarily
due to timing of contract awards for the gate equipment product
line and down 8 percent sequentially from the third quarter of
2009. Inbound orders for the ground support equipment product line
were slightly higher than the prior-year period, pointing to an
apparent bottom in demand decline for this product line. Backlog of
$114.7 million was down 17 percent from the prior-year quarter and
down 13 percent sequentially from the third quarter of 2009.
Corporate Items Corporate expense in the quarter was $4.4 million,
down $0.6 million from the fourth quarter of 2008, reflecting lower
expense levels. Other expense, net of $2.1 million declined $1.5
million versus the prior-year quarter, primarily driven by the
absence of unrealized foreign exchange losses recorded in the
fourth quarter of 2008. Cash generated from operating activities in
the quarter was $20.9 million. The company ended the quarter with
debt, net of cash, of $117.8 million, a reduction of $15.0 million
from the third quarter of 2009. Net interest expense for the
quarter was $2.2 million. The year-to-date effective tax rate from
continuing operations was 32.9 percent. Full-year capital
expenditures totaled $19.8 million and depreciation and
amortization totaled $22.6 million. 2010 Outlook The company
anticipates improved market conditions for many of its product
lines in 2010. However, smaller projects and longer project
lead-times have limited the company's visibility into 2010. As a
result, the company will provide a market update during tomorrow's
earnings call and will consider providing earnings guidance with
its first quarter 2010 earnings report. Fourth Quarter Earnings
Conference Call The company will hold a conference call at 9:00 AM
EST Wednesday, March 3, 2010, to discuss the fourth quarter and
full year 2009 results. The call can be accessed live by dialing
(877) 235-3250 or (706) 643-5005 and using conference ID 49085858,
or through the Investor Relations link on JBT Corporation's website
at http://ir.jbtcorporation.com/. A replay of the call will be
available through March 10, 2010 and can be accessed by dialing
(800) 642-1687 or (706) 645-9291 and referencing passcode 49085858.
A rebroadcast also will available on the company's Investor
Relations website. JBT Corporation is a leading global technology
solutions provider to the food processing and air transportation
industries. JBT Corporation designs, manufactures, tests and
services technologically sophisticated systems and products for
regional and multi-national industrial food processing customers
through its JBT FoodTech segment and for domestic and international
air transportation customers through its JBT AeroTech segment. JBT
Corporation employs approximately 3,300 people worldwide and
operates sales, service, manufacturing and sourcing operations
located in over 25 countries. For more information, please visit
http://www.jbtcorporation.com/. This release contains
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
information of a non-historical nature and are subject to risks and
uncertainties that are beyond the Company's ability to control.
These risks and uncertainties are described under the caption "Risk
Factors" in the Company's 2008 Annual Report on Form 10-K filed by
the Company with the Securities and Exchange Commission that may be
accessed on the Company's website. The Company cautions
shareholders and prospective investors that actual results may
differ materially from those indicated by the forward-looking
statements. FINANCIAL TABLES FOLLOW JBT CORPORATION ---------------
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF INCOME
-------------------------------------------------------- (Unaudited
and in millions) Three Months Ended December 31, ------------- 2009
2008 ---- ---- Revenue $246.0 $234.5 Costs and expenses: Costs of
sales 185.5 173.8 Selling, general and administrative expense 38.6
34.9 Research and development expense 4.7 5.2 --- --- Total costs
and expenses 228.8 213.9 Other income (expense), net 0.3 (3.5) Net
interest (expense) income (2.2) (2.6) ---- ---- Income from
continuing operations before income taxes 15.3 14.5 Provision for
income taxes 4.7 4.2 --- --- Income from continuing operations 10.6
10.3 Income (Loss) from discontinued operations, net of taxes 0.1
(0.2) --- ---- Net income $10.7 $10.1 ===== ===== Basic earnings
per share: Income from continuing operations $0.39 $0.37 Income
from discontinued operations - - --- --- Basic earnings per share
$0.39 $0.37 ===== ===== Diluted earnings per share: Income from
continuing operations $0.37 $0.37 Income from discontinued
operations - (0.01) --- ----- Diluted earnings per share $0.37
$0.36 ===== ===== Weighted average shares outstanding Basic 27.7
27.5 ==== ==== Diluted 28.9 28.1 ==== ==== JBT CORPORATION
--------------- CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF
INCOME ------------------------------ (Unaudited and in millions)
Twelve Months Ended December 31, --------------------------------
2009 2008 ---- ---- Historical Pro Forma (1) ----------
------------- Revenue $841.6 $1,028.1 $1,028.1 Costs and expenses:
Costs of sales 621.2 776.3 776.3 Selling, general and
administrative expense 147.8 152.9 152.9 Research and development
expense 17.1 22.0 22.0 ---- ---- ---- Total costs and expenses
786.1 951.2 951.2 Other income (expense), net 2.2 (6.6) (6.6) Net
interest (expense) income (8.8) (3.8) (10.2) ---- ---- ----- Income
from continuing operations before income taxes 48.9 66.5 60.1
Provision for income taxes 16.1 22.4 20.0 ---- ---- ---- Income
from continuing operations 32.8 44.1 40.1 Income from discontinued
operations, net of taxes - 0.1 0.1 --- --- --- Net income $32.8
$44.2 $40.2 ===== ===== ===== Basic earnings per share: Income from
continuing operations $1.19 $1.60 $1.46 Income from discontinued
operations - 0.01 - --- ---- --- Basic earnings per share $1.19
$1.61 $1.46 ===== ===== ===== Diluted earnings per share: Income
from continuing operations $1.15 $1.59 $1.44 Income from
discontinued operations - - 0.01 --- --- ---- Diluted earnings per
share $1.15 $1.59 $1.45 ===== ===== ===== Weighted average shares
outstanding Basic 27.6 27.5 27.5 ==== ==== ==== Diluted 28.6 27.8
27.8 ==== ==== ==== (1) In connection with the separation from FMC
Technologies, JBT Corporation paid FMC Technologies $189.4 million,
which was funded through issuance of unsecured debt. Pro forma
results include an estimate of interest expense that JBT
Corporation would have incurred had the spin-off occurred on
January 1, 2008. Interest expense is based on $189.4 million of
debt at the interest rate applicable on July 31, 2008, or 5.8%, for
all periods prior to the separation date. Related income tax impact
has been estimated using a rate of 37%. JBT CORPORATION
--------------- BUSINESS SEGMENT DATA ---------------------
(Unaudited and in millions) Three Months Twelve Months Ended Ended
December 31, December 31, ------------ ------------ 2009 2008 2009
2008 ---- ---- ---- ---- Revenue ------- JBT FoodTech $161.4 $132.9
$515.8 $584.0 JBT AeroTech 84.8 103.0 320.7 446.9 Other revenue (1)
and intercompany eliminations (0.2) (1.4) 5.1 (2.8) ---- ---- ---
---- Total revenue $246.0 $234.5 $841.6 $1,028.1 ====== ======
====== ======== Income before income taxes
-------------------------- Segment operating profit
------------------------ JBT FoodTech $16.0 $18.4 $50.7 $60.2 JBT
AeroTech 8.0 7.3 25.0 38.5 --- --- ---- ---- Total segment
operating profit 24.0 25.7 75.7 98.7 Corporate items
--------------- Corporate expense (4.4) (5.0) (15.4) (15.0) Other
expense, net (2) (2.1) (3.6) (2.6) (13.4) Net interest expense
(2.2) (2.6) (8.8) (3.8) ---- ---- ---- ---- Total corporate items
(8.7) (11.2) (26.8) (32.2) ---- ----- ----- ----- Income from
continuing operations before income taxes $15.3 $14.5 $48.9 $66.5
===== ===== ===== ===== (1) Other revenue comprises certain gains
and losses on derivatives related to foreign exchange exposure. (2)
Other expense, net, generally includes stock-based compensation,
other employee benefits, LIFO adjustments, foreign exchange gains
and losses, and the impact of unusual or strategic transactions not
representative of segment operations. JBT CORPORATION
--------------- BUSINESS SEGMENT DATA ---------------------
(Unaudited and in millions) Three Months Twelve Months Ended Ended
December 31, December 31, ------------ ------------ 2009 2008 2009
2008 ---- ---- ---- ---- Inbound Orders -------------- JBT FoodTech
$127.9 $134.9 $463.5 $568.6 JBT AeroTech 67.1 73.5 297.9 357.8
Other and intercompany eliminations - (2.1) 5.9 (6.1) --- ---- ---
---- Total inbound orders $195.0 $206.3 $767.3 $920.3 ====== ======
====== ====== December 31, ------------ 2009 2008 ---- ---- Order
Backlog ------------- JBT FoodTech $96.7 $149.0 JBT AeroTech 114.7
137.5 Intercompany eliminations (0.2) (1.0) ---- ---- Total order
backlog $211.2 $285.5 ====== ====== JBT CORPORATION ---------------
CONDENSED CONSOLIDATED BALANCE SHEETS
------------------------------------- (In millions) December 31,
December 31, 2009 2008 ---- ---- (Unaudited) Cash and cash
equivalents $14.4 $43.6 Trade receivables, net 149.3 159.0
Inventories 107.0 123.0 Other current assets 32.7 31.4 ---- ----
Total current assets 303.4 357.0 Property, plant and equipment, net
126.5 119.7 Other assets 103.2 114.6 ----- ----- Total assets
$533.1 $591.3 ====== ====== Accounts payable, trade and other $65.9
$67.2 Advance payments and progress billings 69.5 92.9 Other
current liabilities 98.2 104.3 ---- ----- Total current liabilities
233.6 264.4 Long-term debt, less current portion 131.8 185.0
Accrued pension and other postretirement benefits, less current
portion 77.1 118.3 Other liabilities 28.8 32.4 Common stock,
paid-in capital and retained earnings 97.8 61.6 Accumulated other
comprehensive loss (36.0) (70.4) ----- ----- Total liabilities and
stockholders' equity $533.1 $591.3 ====== ====== JBT CORPORATION
--------------- CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF
CASH FLOWS
------------------------------------------------------------
(Unaudited and in millions) Twelve Months Ended December 31,
------------ 2009 2008 ---- ---- Cash Flows From Operating
Activities: Income from continuing operations $32.8 $44.1
Adjustments to reconcile income to cash provided by operating
activities: Depreciation and amortization 22.6 25.5 Pension expense
7.9 5.9 Other - non-cash expenses 11.7 19.1 Changes in operating
assets and liabilities: Trade accounts receivable, net 13.7 4.2
Inventories 22.8 17.0 Accounts payable, trade and other (3.4)
(32.0) Advance payments and progress billings (26.5) (0.4) Pension
and other post retirement benefits, net (17.6) (4.4) Other - assets
and liabilities (9.9) 2.8 ---- --- Cash provided by operating
activities 54.1 81.8 ---- ---- Cash Flows From Investing
Activities: Acquisitions (6.7) (4.5) Capital expenditures (19.8)
(22.9) Proceeds on disposal of assets and other 1.7 2.1 --- ---
Cash required by continuing investing activities (24.8) (25.3)
----- ----- Cash provided by discontinued investing activities -
0.7 --- --- Cash Flows From Financing Activities: Net (payment)
borrowing on credit facilities (53.3) 184.4 Distributions to former
parent, net - (203.9) Dividends paid (7.7) (1.9) Other 0.8 (0.7)
--- ---- Cash required by financing activities (60.2) (22.1) -----
----- Effect of foreign exchange rate changes on cash and cash
equivalents 1.7 (1.0) --- ---- (Decrease) increase in cash and cash
equivalents (29.2) 34.1 Cash and cash equivalents, beginning of
period 43.6 9.5 ---- --- Cash and cash equivalents, end of period
$14.4 $43.6 ===== ===== JBT CORPORATION ---------------
RECONCILIATION OF NON-GAAP MEASURES
----------------------------------- (Unaudited and in millions)
Three Months Twelve Months Ended Ended December 31, December 31,
------------- -------------- 2008 Pro 2009 2008 2009 Forma ----
---- ---- ------ EBIT (Non-GAAP measure) $17.5 $17.1 $57.7 $70.3
Net interest expense (2.2) (2.6) (8.8) (10.2) Provision for income
taxes (4.7) (4.2) (16.1) (20.0) ---- ---- ----- ----- Income from
continuing operations 10.6 10.3 32.8 40.1 Income (loss) from
discontinued operations, net of taxes 0.1 (0.2) - 0.1 --- ---- -
--- Net income $10.7 $10.1 $32.8 $40.2 ===== ===== ===== =====
Three Months Twelve Months Ended Ended December 31, December 31,
------------- --------------- 2008 Pro 2009 2008 2009 Forma ----
---- ---- ------ Revenue $246.0 $234.5 $841.6 $1,028.1 EBIT
(Non-GAAP measure) $17.5 $17.1 $57.7 $70.3 ===== ===== ===== =====
EBIT as percent of Revenue (Non- GAAP measure) 7.1% 7.3% 6.9% 6.8%
Net Income $10.7 $10.1 $32.8 $40.2 ===== ===== ===== ===== Net
Income as percent of Revenue 4.3% 4.3% 3.9% 3.9% DATASOURCE: JBT
Corporation CONTACT: Investors, Cindy Shiao, +1-312-861-5931, or
Media, Ken Jones,+1-312-861-6791, both of JBT Corporation Web Site:
http://www.jbtcorporation.com/
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