REGAL-BELOIT Reports 52% Increase in First Quarter Earnings Per
Share BELOIT, Wis., April 28 /PRNewswire-FirstCall/ -- REGAL-BELOIT
CORPORATION (NYSE:RBC) today announced its first quarter 2005
financial results. Net income in the first quarter of 2005 was
$12.3 million, a 78% increase from $6.9 million reported in the
first quarter of 2004. Earnings per share were $.41 for the first
quarter as compared to $.27 in the comparable period of 2004. This
was an increase of 52% after the impact of 5.3 million additional
shares outstanding. The added shares were a result of the shares
issued to General Electric as part of the consideration paid for
the acquisition of the HVAC Motors and Capacitors business and the
dilutive effect of the Company's April 2004 convertible senior
subordinated debt offering. First quarter net sales of the Company
increased 107.1% to $337.8 million from $163.1 million in the first
quarter of 2004. Excluding the impact of the Commercial AC Motors
and HVAC Motors and Capacitors acquisitions of 2004, sales were
$182.8 million, an increase of 12.1%. The Company continued to see
strong demand throughout the Company's markets. Sales in the
Electrical segment, excluding the impact of the acquisitions,
increased 15.5%. Sales in the Mechanical segment increased 3.6%.
Income from operations increased 108.9% to $25.9 million from $12.4
million reported for the first quarter of 2004. Income from
operations as a percent of net sales for the first quarter of 2005
was 7.7%, as compared to the 7.6% reported in the first quarter
last year. The Company's operations continued to be impacted by raw
material inflation in the first quarter of 2005, which offset price
increases and productivity improvements. The Company's long-term
debt increased to $563.6 million at the end of the first quarter of
2005 from $547.4 million at the end of the fourth quarter of 2004.
The increase was primarily due to an increase in working capital
requirements to support the strong sales volume and higher levels
of capital spending. "We are extremely pleased with the performance
of our Company in the first quarter," said Henry W. Knueppel,
President and CEO. "Our legacy electrical businesses achieved
improved performance on solid revenue growth and the results from
the acquisitions were strong and consistent with our previously
announced guidance. While raw material costs continue to be a
concern, we are confident in our ability to continue to execute our
strategic initiatives and improve the margins of our businesses.
The increase in the quarterly dividend announced this morning is
another demonstration of our confidence in our ability to deliver
strong financial results." "Earnings for the second quarter are
projected to be in a range of $.60 - $.64 per share using the first
quarter's average diluted shares," Knueppel added. "This guidance
reflects the somewhat seasonal nature of the sales of the HVAC
motor business and reflects our continued confidence in our legacy
businesses and the earnings guidance previously provided for the
acquisitions." REGAL-BELOIT will be holding a telephone conference
call pertaining to this news release at 10:00 AM CDT (11:00 AM EDT)
on Thursday, April 28, 2005. Interested parties should call
866-868-1282, referencing the REGAL-BELOIT conference call, access
code 11540848. A replay of the call will be available through May
6, 2005 at 877-213-9653, access code 11540848. 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 North America, and in 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
press release may be forward looking statements. Forward-looking
statements represent our management's judgment regarding future
events. We cannot guarantee the accuracy of the forward-looking
statements, and you should be aware that results and events could
differ materially and adversely from those contained in the
forward-looking statements due to a number of factors, including:
unexpected issues and costs arising from the integration of
acquired companies and businesses, such as our recent acquisitions
of the HVAC motors and capacitors businesses and the Commercial AC
motors business from GE; marketplace acceptance of our recent
acquisitions, including the loss of, or a decline in business from,
any significant customers; unanticipated fluctuations in commodity
prices and raw material costs and issues affecting our ability to
pass increased costs on to our customers; cyclical downturns
affecting the markets for capital goods; substantial increases in
interest rates that impact the cost of our outstanding debt;
unanticipated costs associated with litigation matters; the success
of our management in increasing sales and maintaining or improving
the operating margins of our businesses; actions taken by our
competitors; difficulties in staffing and managing foreign
operations; our ability to satisfy various covenant requirements
under our credit facility; and other risks and uncertainties
described from time to time in our reports filed with U.S.
Securities and Exchange Commission. All subsequent written and oral
forward-looking statements attributable to us or to persons acting
on our behalf are expressly qualified in their entirety by the
applicable cautionary statements. The forward-looking statements
included in this press release are made only as of the date of this
release, and we undertake no obligation to update these statements
to reflect subsequent events or circumstances. STATEMENTS OF INCOME
In Thousands of Dollars Except Per (Unaudited) Share Data Three
Months Ended March 31, March 30, 2005 2004 Net Sales $337,823
$163,084 Cost of Sales 269,379 124,897 Gross Profit 68,444 38,187
Operating Expenses 42,579 25,743 Income From Operations 25,865
12,444 Interest Expense 5,454 1,327 Interest Income 48 3 Income
Before Income Taxes and Minority Interest 20,459 11,120 Provision
For Income Taxes 7,642 4,003 Income Before Minority Interest 12,817
7,117 Minority Interest in Income, Net of Tax 531 257 Net Income
$12,286 $6,860 Per Share of Common Stock: Earnings Per Share $0.42
$0.27 Earnings Per Share - Assuming Dilution $0.41 $0.27 Cash
Dividends Declared $0.12 $0.12 Average Number of Shares Outstanding
29,033,901 25,041,559 Average Number of Shares - Assuming Dilution
30,244,393 25,278,192 CONDENSED BALANCE SHEETS In Thousands of
Dollars (Unaudited) (Audited) March 31, December 31, 2005 2004
Assets Current Assets: Cash and Cash Equivalents $28,882 $31,275
Receivables, less reserves of $2,396 in 2005 and $2,376 in 2004
201,092 176,941 Inventories 245,594 246,816 Other Current Assets
24,273 19,887 Total Current Assets 499,841 474,919 Net Property,
Plant and Equipment 256,397 253,673 Goodwill 552,972 544,440
Purchased Intangible Assets, Net 50,002 52,058 Other Noncurrent
Assets 26,062 26,962 Total Assets $1,385,274 $1,352,052 Liabilities
and Shareholders' Investment Current Liabilities $204,509 $195,209
Long-Term Debt 563,572 547,350 Other Noncurrent Liabilities 72,434
71,314 Shareholders' Investment 544,759 538,179 Total Liabilities
and Shareholders' Investment $1,385,274 $1,352,052 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
2004 Annual Report and Securities and Exchange Commission filings.
2. The results of operations for the interim periods are not
necessarily indicative of the results to be expected for the year.
Certain items, such as income taxes, LIFO charges and various other
accruals, are included in these statements based on estimates for
the entire year. SEGMENT INFORMATION In Thousands of Dollars
(Unaudited) Mechanical Segment Electrical Segment Three Months
Ended Three Months Ended March 31, March 30, March 31, March 30,
2005 2004 2005 2004 Net Sales $48,601 $46,898 $289,222 $116,186
Income From Operations $2,738 $2,745 $23,127 $9,699 REGAL-BELOIT
CORPORATION 1st QUARTER ENDING March 31 March 30 2005 2004 (In
thousands of dollars, except per share data) Net Sales $337,823
$163,084 Net Income $12,286 $6,860 Per Share of Common Stock:
Earnings Per Share $.42 $0.27 Earnings Per Share - Assuming
Dilution $.41 $0.27 Average Number of Shares Outstanding 29,033,901
25,041,559 Average Number of Shares - Assuming Dilution 30,244,393
25,278,192 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 North America, and in Mexico,
Europe and Asia. DATASOURCE: REGAL-BELOIT CORPORATION CONTACT: Dave
Barta, Chief Financial Officer, +1-608-364-8808, ext. 106, or Ken
Kaplan, Treasurer & Secretary, +1-608-364-8808, ext. 104, both
of REGAL-BELOIT CORPORATION Web site: http://www.regal-beloit.com/
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