REGAL-BELOIT Second Quarter Earnings Per Share Doubles Net Income
Increases 142% BELOIT, Wis., July 26 /PRNewswire-FirstCall/ --
REGAL-BELOIT CORPORATION (NYSE:RBC) today announced its second
quarter 2005 financial results. Net income in the second quarter of
2005 was $18.4 million, a 141.8% increase from $7.6 million
reported in the second quarter of 2004. For the first six months of
2005, net income increased 112.1% to $30.7 million from $14.5 for
the same period of 2004. Earnings per share were $.62 and $1.03 for
the second quarter and first half of 2005, respectively, increases
of 100% and 77.6% from $.31 and $.58 in the comparable periods in
2004. Second quarter net sales increased 107.5% to $368.8 million
from $177.7 million reported in the second quarter of 2004. Sales
attributable to the Commercial AC motor and HVAC motor and
capacitor acquisitions of 2004 were $177.5 million in the quarter.
Second quarter sales in the Electrical segment increased 150.7%
including the sales attributable to the acquired businesses.
Approximately 93% of the sales increase is attributable to sales
from the acquired businesses. Sales in the Mechanical segment,
which reflect the impact of the sale of the Illinois Gear business
in May 2005, increased .8%. Six months sales of the Company of
$706.6 million reflect an increase of 107.4% as compared to the
$340.7 million reported for the same period in 2004. Sales
attributable to the acquisitions for this period were $332.6
million. Income from operations increased 152.7% to $35.8 million
from $14.2 million reported for the second quarter of 2004. For the
first six months of 2005, income from operations was $61.7 million
as compared to $26.7 million for the same period of 2004. The gross
profit for the second quarter of 2005 was 21.6%, as compared to the
23.0% reported in the second quarter last year and the 20.3%
reported in the first quarter of 2005. Our price increases and
productivity improvements were offset by the impact of continued
raw material inflation. However, our efforts to obtain additional
pricing and productivity improvements continue to gain traction.
The Company's long-term debt decreased to $536.9 million at the end
of the second quarter of 2005 from $563.6 million at the end of the
first quarter of 2005. "We continue to be extremely pleased with
our financial performance and the progress on our strategic
initiatives," said Henry W. Knueppel, President and CEO. "Despite
continued cost pressures from raw materials and the cooler weather
that impacted sales into the HVAC channel, we delivered strong
sales and income results. Our legacy Electrical businesses reported
strong revenue growth and we continue to see strong results from
the acquisitions." "Earnings for the third quarter, which reflect
the seasonal pattern of our business, are projected to be in a
range of $.52- $.56 per share using the second quarter's average
diluted shares," Knueppel added. "Reflected in this guidance is our
belief that we will continue to see strong performances from our
legacy businesses and results from the acquisitions that are in
line with the previously announced guidance." REGAL-BELOIT will be
holding a telephone conference call pertaining to this news release
at 9:00 AM CDT (10:00 AM EDT) on Tuesday, July 26, 2005. Interested
parties should call 866-297-6315, referencing the REGAL-BELOIT
conference call, access code 12302867. A replay of the call will be
available through August 5, 2005 at 877-213-9653, access code
12302867. 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 General Electric
Company; 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; the
impact of capital market transactions that the Company may effect;
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. STATEMENT OF INCOME
In Thousands of Dollars (Unaudited) Three Months Ended Six Months
Ended June 29, June 29, June 29, June 29, 2005 2004 2005 2004 Net
Sales $368,768 $177,652 $706,591 $340,736 Cost of Sales 288,950
136,811 558,329 261,708 Gross Profit 79,818 40,841 148,262 79,028
Operating Expenses 44,007 26,667 86,586 52,322 Income From
Operations 35,811 14,174 61,676 26,706 Interest Expense 5,894 1,509
11,348 2,836 Interest Income 28 29 76 32 Income Before Income Taxes
and Minority Interest 29,945 12,694 50,404 23,902 Provision For
Income Taxes 10,996 4,558 18,638 8,594 Income Before Minority
Interest 18,949 8,136 31,766 15,308 Minority Interest in Income,
Net of Tax 504 507 1,035 819 Net Income $18,445 $7,629 $30,731
$14,489 Per Share of Common Stock: Earnings Per Share- Basic $.63
$.31 $1.06 $.59 Earnings Per Share- Assuming Dilution $.62 $.31
$1.03 $.58 Cash Dividends Declared $.13 $.12 $ .25 $.24 Average
Number of Share Outstanding- Basic 29,064,518 24,450,391 29,049,209
24,744,342 Average Number of Shares-Assuming Dilution 29,720,400
24,677,155 29,982,397 24,977,674 Condensed Balance Sheet In
Thousands of Dollars (Unaudited) (Audited) Assets June 29, 2005
December 31, 2004 Current Assets Cash and Cash Equivalents $29,066
$31,275 Receivables, less reserves of $2,742 in 2005 and $2,376 in
2004 200,178 176,941 Inventories 234,642 246,816 Other Current
Assets 34,697 19,887 Total Current Assets 498,583 474,919 Net
Property, Plant and Equipment 249,872 253,673 Goodwill 554,038
544,440 Purchased Intangible Assets, Net 48,866 52,058 Other
Noncurrent Assets 23,924 26,962 Total Assets $1,375,283 $1,352,052
Liabilities and Shareholders' Investment Current Liabilities
$199,447 $195,209 Long Term Debt 536,895 547,350 Other Noncurrent
Liabilities 73,669 71,314 Shareholders' Investment 565,272 538,179
Total Liabilities and Shareholders' Investment $ 1,375,283 $
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 base on estimates for the entire year. SEGMENT
INFORMATION In Thousands of Dollars (Unaudited) Mechanical Segment
Three Months Ended Six Months Ended June 29, June 29, June 29, June
29, 2005 2004 2005 2004 Net Sales $51,546 $51,142 $100,147 $98,040
Income From Operations $3,139 $3,889 $5,876 $6,634 (Unaudited)
Electrical Segment Three Months Ended Six Months Ended June 29,
June 29, June 29, June 29, 2005 2004 2005 2004 Net Sales $317,222
$126,510 $606,444 $242,696 Income From Operations $32,672 $10,285
$55,800 $20,072 DATASOURCE: REGAL-BELOIT CORPORATION CONTACT: Dave
Barta, Chief Financial Officer, ext 106, or Ken Kaplan, Treasurer
& Secretary, ext. 104, both of REGAL-BELOIT Corporation,
+1-608-364-8808 Web site: http://www.regal-beloit.com/
Copyright
RBC Bearings (NYSE:RBC)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
RBC Bearings (NYSE:RBC)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024