REGAL-BELOIT Reports 22% Increase in Full Year 2004 Earnings Per
Share BELOIT, Wis., Feb. 10 /PRNewswire-FirstCall/ -- James L.
Packard, Chairman and Chief Executive Officer of REGAL-BELOIT
CORPORATION (NYSE:RBC), today announced fourth quarter and full
year 2004 financial results. Net income in the fourth quarter of
2004 was $7.0 million, a 14.2% increase from $6.1 million reported
in the fourth quarter of 2003. For the full year, net income rose
20.7% to $30.4 million as compared to the $25.2 million reported
for the full year of 2003. Diluted earnings per share were $.28 and
$1.22 for the fourth quarter and full year, respectively, increases
of 16.7% and 22.0% from $.24 and $1.00 per share in the comparable
periods of 2003. The fourth quarter results also included the
impact of the favorable resolution of certain tax matters which
offset, on an after tax basis, the non-cash adjustment of certain
pension plans. The pension plan adjustment reduced income from
operations by $2.1 million, or $1.3 million after-tax. The
resolution of the tax matters resulted in a favorable income tax
adjustment of $1.4 million. Fourth quarter net sales of the Company
increased 45.9% to $221.9 million from $152.1 million in the fourth
quarter of 2003, establishing another quarterly sales record for
the Company. Excluding the impact of the Commercial AC motor
acquisition in August 2004, sales were $181.9 million, an increase
of 19.6%. The record sales performance was driven by strong demand
throughout the Company's various markets. Sales for the quarter
were strong in both operating segments with Mechanical Group sales
increasing 15.0% and Electrical Group sales increasing 21.5%
excluding the impact of the acquisition. For the full year, sales
increased 22.2% to $756.6 million as compared to $619.1 million in
2003. Excluding the impact of the acquisition of the Commercial AC
motor business, sales increased 13.5%. Income from operations
increased 13.8% to $13.0 million from $11.4 million reported for
the fourth quarter of 2003. The gross profit for the quarter was
20.3% of sales as compared to 24.1% in the same period last year.
Material inflation continued to reduce the margin performance of
the Company as previous price increases by the Company did not
offset the added levels of inflation that occurred in the quarter.
Additionally, the Company experienced a significant increase in
health benefit costs during the quarter. For the full year, income
from operations increased 16.8% to $55.2 million from $47.2
million. Gross margins finished the year at 22.1% versus the 23.7%
reported in 2003. The Company's debt increased to $547.6 million at
the end of the year from $275.3 million at the end of the third
quarter. The increase was primarily due to the purchase of General
Electric's HVAC motor business which was completed on December 31,
2004 at a price of approximately $400 million, of which $270
million was paid in cash and the balance in common stock of the
Company. A balance sheet will not be published until a valuation
for the recent acquisition is complete. "While 2004 certainly
presented challenges related to raw material costs, we are
extremely pleased with our overall results and are excited about
the future for REGAL-BELOIT," said Packard, Chairman and CEO. "We
have continued to execute our strategy and are continuing to see
the benefits. The recent acquisitions, including the acquisition of
CMT announced this week, have doubled the size of our Company on an
annualized basis and firmly positioned REGAL-BELOIT as a market
leader in both the electric motor and the mechanical power
transmission businesses." "Earnings for the first quarter are
projected to be in a range of $.37 - $.41 per share," Packard
added. "This guidance is inclusive of the guidance previously
provided for the businesses acquired from GE and reflects the
seasonality of the HVAC business." REGAL-BELOIT will be holding a
telephone conference call pertaining to this news release at 10:00
AM CST (11:00 AM EST) on Thursday, February 10, 2005. Interested
parties should call 866-297-6315, referencing the REGAL-BELOIT
conference call. A replay of the call will be available through
February 18, 2005 at 877-213-9653, access code 10870377.
REGAL-BELOIT CORPORATION is a leading manufacturer of mechanical
and electrical motion control and power generation products serving
markets throughout the world. REGAL-BELOIT is headquartered in
Beloit, Wisconsin, and has manufacturing, sales, and service
facilities throughout United States, and in Canada, Mexico, Europe
and Asia. CAUTIONARY STATEMENT The following is a cautionary
statement made under the Private Securities Litigation Reform Act
of 1995: With the exception of historical facts, the statements
contained in this news release may be forward looking statements.
Actual results may differ from those contemplated. Forward looking
statements involve risks and uncertainties, including but not
limited to, the following risks: 1) cyclical downturns affecting
the markets for capital goods, 2) substantial increases in interest
rates that impact the cost of the Company's outstanding debt, 3)
our success in increasing sales and maintaining or improving the
operating margins of our existing businesses and in integrating
acquisitions, 4) the availability of or material increases in the
costs of select raw materials or parts, 5) actions taken by our
competitors, and 6) our ability to satisfy various covenant
requirements under our credit facility. Investors are directed to
the Company's documents, such as its Annual Report on Form 10-K and
Form 10-Q's filed with the Securities and Exchange Commission.
STATEMENT OF INCOME (Unaudited) In Thousands of Dollars Three
Months Ended Twelve Months Ended December 31, December 31, 2004
2003 2004 2003 Net Sales $221,933 $152,098 $756,557 $619,098 Cost
of Sales 176,845 115,392 589,497 472,343 Gross Profit 45,088 36,706
167,060 146,755 Operating Expenses 32,135 25,324 111,898 99,529
Income From Operations 12,953 11,382 55,162 47,226 Interest Expense
2,229 1,555 6,787 6,462 Interest Income 95 29 182 79 Income Before
Income Taxes and Minority Interest 10,819 9,856 48,557 40,843
Provision For Income Taxes 2,732 3,401 15,728 14,791 Income Before
Minority Interest 8,087 6,455 32,829 26,052 Minority Interest in
Income, Net of Tax 1,069 310 2,395 846 Net Income $7,018 $6,145
$30,434 $25,206 Per Share of Common Stock: Earnings Per Share $.29
$25 $1.24 $1.01 Earnings Per Share- Assuming Dilution $.28 $.24
$1.22 $1.00 Cash Dividends Declared $.12 $.12 $.48 $.48 Average
Number of Shares Outstanding 24,463,251 25,031,656 24,602,868
25,029,942 Average Number of Shares- Assuming Dilution 24,936,956
25,268,363 24,904,287 25,246,088 SEGMENT INFORMATION In Thousands
of Dollars (Unaudited) Mechanical Group Three Months Ended Twelve
Months Ended December 31, December 31, 2004 2003 2004 2003 Net
Sales $51,431 $44,744 $199,590 $180,741 Income From Operations
$4,065 $3,158 $15,720 $13,349 (Unaudited) Electrical Group Three
Months Ended Twelve Months Ended December 31, December 31, 2004
2003 2004 2003 Net Sales $170,502 $107,354 $556,967 $438,357 Income
From Operations $8,888 $8,224 $39,442 $33,877 NOTES TO FINANCIAL
STATEMENTS 1. Certain footnotes and other information normally
included in financial statements prepared in accordance with
accounting principles generally accepted in the United States have
been condensed or omitted from these statements and, therefore,
these statements should be read in conjunction with the Company's
2003 Annual Report and Securities and Exchange Commission filings
DATASOURCE: REGAL-BELOIT CORPORATION CONTACT: Dave Barta, VP, Chief
Financial Officer, +1-608-364-8808, ext. 106, or Ken Kaplan, VP,
Treasurer & Secretary, +1-608-364-8808, ext. 104, both of
REGAL-BELOIT CORPORATION Web site: http://www.regal-beloit.com/
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