TIDMMOL
Molex Incorporated (NASDAQ: MOLX) and (NASDAQ: MOLXA), a global
electronic components company, today reported results for its
fourth quarter and full fiscal year ended June 30, 2013.
Fourth Quarter Results
Three Months Ended
Jun 30, Mar 31, Jun 30,
USD millions, except per share data 2013 2013 2012
Net revenue $ 882.9 $ 852.9 $ 858.5
Net income 57.1 44.8 72.0
Earnings per share 0.32 0.25 0.40
Net revenue for the June 2013 quarter was $882.9 million, an
increase of 3.5% from the March 2013 quarter and an increase of
2.8% from the June 2012 quarter. In local currencies, net revenue
increased 5.1% compared with the March 2013 quarter and 4.7%
compared with the June 2012 quarter. Orders for the June 2013
quarter were $880.0 million, a decrease of 3.2% and 2.3% from the
March 2013 quarter and the June 2012 quarter, respectively.
Net income for the June 2013 quarter was $57.1 million or $0.32
per share, compared with $44.8 million, or $0.25 per share, for the
March 2013 quarter and $72.0 million, or $0.40 per share, for the
June 2012 quarter. Net income for the June 2013 quarter was
impacted by additional tax expense of $1.7 million ($0.01 per
share) reflecting a reduction in the future tax benefit of deferred
tax assets in Korea due to a tax incentive granted to one of our
plants. Net income for the March 2013 and June 2012 quarters also
was impacted by costs related to unauthorized activities in Japan
as outlined below.
"Revenue in all end markets grew sequentially, except for the
mobile devices market which remained weak throughout the quarter.
We expect tablet and mobile phone production to increase during the
September quarter as our customers roll-out new products in time
for the holidays," stated Martin P. Slark, Chief Executive Officer.
"We are also encouraged by an improving order rate in most end
markets, signaling better growth in the second half of the
year."
Other financial highlights for the quarter ended June 30,
2013:
-- Gross profit margin was 29.1%, compared with 29.1% in the March 2013
quarter and 30.0% in the June 2012 quarter.
-- SG&A expense was $174.0 million, compared with $167.4 million in the
March 2013 quarter and $161.6 million in the June 2012
quarter.
-- Backlog was $452.8 million, a decrease of 2.2% from the March 2013
quarter and an increase of 8.8% from the June 2012 quarter.
-- The book-to-bill ratio for the June quarter was 1 to 1 compared with
1.07 to 1 for the March 2013 quarter and 1.05 to 1 for the June
2012
quarter.
-- Capital expenditures were $58.9 million or 6.7% of revenue.
-- Inventory days outstanding was 84 days compared with 89 days in the
March 2013 quarter and 87 days in the June 2012 quarter.
-- Accounts receivable days outstanding was 69 days compared with 70 days
in the March 2013 quarter and 70 days in the June 2012
quarter.
-- The effective tax rate was 32.4%. Excluding the one-time expense
previously mentioned, the effective tax rate was 30.4%.
Outlook
Based upon current order rates and customer backlog, the Company
estimates net revenue in the range of $890 to $930 million for the
September 2013 quarter. At this level of net revenue, the Company
expects earnings per share in the range of $0.35 to $0.39, assuming
constant foreign currency rates, unchanged commodity prices and an
effective tax rate in the range of 30% to 32%.
Full Fiscal Year Results
Twelve Months Ended
Jun 30, Jun 30,
USD millions, except per share data 2013 2012
Net revenue $ 3,620.4 $ 3,489.2
Net income 243.6 281.4
Earnings per share 1.36 1.59
Net revenue for the full fiscal year ended June 30, 2013 was
$3.6 billion, a 3.8% increase from the prior fiscal year. Net
revenue in local currencies increased 5.4% from the prior fiscal
year. Net income for the year ended June 30, 2013 was $243.6
million or $1.36 per share, compared with net income of $281.4
million or $1.59 per share in the prior fiscal year. These periods
also include costs related to unauthorized activities in Japan as
outlined below. The effective tax rate for the fiscal year ended
June 30, 2013 was 30.1%.
"Revenue for fiscal 2013 increased 3.8% despite a difficult
economic environment, due to our diverse end-market and customer
exposure, technology leadership and global reach," commented Martin
P. Slark. "Going forward, we expect these attributes to drive above
market growth and earnings expansion. Cash flow was also very
strong for the year, which allowed us to increase our dividend
again."
Japan Litigation Settlement
As previously announced on February 15, 2013, Molex and Mizuho
Bank settled litigation regarding previously reported unauthorized
loans. Net income in the March 2013 quarter was impacted by a
pretax charge of $21.2 million ($13.5 million after-tax, or $0.08
per share) largely for interest expense and legal fees. Net income
for the June 2012 quarter was impacted by a pretax charge of $3.1
million ($2.0 million after-tax, or $0.01 per share) largely for
legal fees. For the full years ended June 30, 2013 and 2012, net
income was impacted by pretax charges of $25.4 million ($16.2
million after-tax, or $0.09 per share) and $11.3 million ($7.2
million after-tax, or $0.04 per share), respectively.
Earnings Conference Call Information
A conference call will be held on Wednesday, August 7, 2013 at
8:30 a.m. central time. Please dial (888) 679-8034 to participate
in the call. International callers should dial (617) 213-4847.
Please dial in at least five minutes prior to the start of the call
and refer to participant pass code 89187280. Internet users will be
able to access the webcast, including slide materials, live and in
replay in the "Investors" section of the Company's website at
www.molex.com. A 48-hour telephone replay will be available at
approximately 10:30 a.m. central time at (888) 286-8010 or (617)
801-6888 / pass code 24614663.
Other Investor Events
September 4, 2013 / 2013 Citi Global Technology Conference in
New York
September 10, 2013 / Deutsche Bank's dbAccess Technology
Conference in Las Vegas
Forward-Looking Statements
Statements in this release that are not historical are
forward-looking and are subject to various risks and uncertainties
that could cause actual results to vary materially from those
stated.Words such as "expect," "anticipate," "outlook," "forecast,"
"could," "project," "intend," "plan," "continue," "believe,"
"seek," "estimate," "should," "may," "assume," "potential,"
variations of such words and similar expressions are intended to
identify such forward-looking statements.Forward-looking statements
are based on currently available information and include, among
others, the discussion under "Outlook."These statements are not
guarantees of future performance and involve certain risks,
uncertainties and assumptions that are difficult to predict.
Respective risks, uncertainties and assumptions that could affect
the outcome or results of operations are described in Part 1, Item
1A of our Annual Report on Form 10-K for the year ended June 30,
2012, and the Form 10-Q for the quarters ended September 30, 2012,
December 31, 2012 and March 31, 2013, which are incorporated by
reference and in other reports that Molex files or furnishes with
the Securities and Exchange Commission.
We have based our forward-looking statements on our management's
beliefs and assumptions based on information available to
management at the time the statements are made.We caution you that
actual outcomes and results may differ materially from what is
expressed, implied, or forecast by our forward-looking
statements.Reference is made in particular to forward-looking
statements regarding growth strategies, industry trends, global
economic conditions, success of customers, cost of raw materials,
value of inventory, currency exchange rates, labor costs,
protection of intellectual property, cost reduction initiatives,
acquisition synergies, manufacturing strategies, product
development introduction and sales, regulatory changes, competitive
strengths, natural disasters, unauthorized access to data,
government investigations and outcomes of legal proceedings. Except
as required under the federal securities laws, we do not have any
intention or obligation to update publicly any forward-looking
statements after the distribution of this report, whether as a
result of new information, future events, changes in assumptions,
or otherwise.
Molex Incorporated is a 74-year-old global manufacturer of
electronic, electrical and fiber optic interconnection systems.
Based in Lisle, Illinois, USA, the Company operates 41
manufacturing locations in 15 countries. The Molex website is
www.molex.com.
Editor's note: Molex is traded on the NASDAQ Global Select
Market (MOLX and MOLXA) in the United States and on the London
Stock Exchange. The Company's voting common stock (MOLX) is
included in the S&P 500 Index.
Molex Incorporated
Condensed Consolidated Balance Sheets
(in thousands)
June 30, June 30,
2013 2012
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 711,561 $ 637,417
Marketable securities 10,378 14,830
Accounts receivable, less allowances of 703,434 751,279
$40,855 and $37,876, respectively
Inventories 531,810 531,825
Deferred income taxes 54,163 110,789
Other current assets 32,538 33,098
Total current assets 2,043,884 2,079,238
Property, plant and equipment, net 1,114,092 1,150,549
Goodwill 191,053 160,986
Non-current deferred income taxes 52,543 50,038
Other assets 185,282 170,692
Total assets $ 3,586,854 $ 3,611,503
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 54,283 $ 104,933
and short-term borrowings
Accounts payable 347,700 355,491
Accrued expenses:
Salaries, commissions and bonuses 113,433 89,404
Accrued liability for unauthorized - 184,177
activities in Japan
Other 127,652 122,631
Income taxes payable 15,966 35,360
Total current liabilities 659,034 891,996
Other non-current liabilities 18,382 18,174
Accrued pension and other 76,275 115,176
postretirement benefits
Long-term debt 310,000 150,032
Total liabilities 1,063,691 1,175,378
Commitments and contingencies
Total stockholders' equity 2,523,163 2,436,125
Total liabilities and stockholders' equity $ 3,586,854 $ 3,611,503
Molex
Incorporated
Condensed
Consolidated
Statements
of Income
(Unaudited)
(in
thousands,
except
per share
data)
Three Months Ended Years Ended
June 30, June 30,
2013 2012 2013 2012
Net $ 882,933 $ 858,526 $ 3,620,447 $ 3,489,189
revenue
Cost of 625,938 600,904 2,557,333 2,420,726
sales
Gross 256,995 257,622 1,063,114 1,068,463
profit
Selling, 174,049 161,581 685,582 657,732
general
and
administrative
Unauthorized - 3,093 25,398 11,259
activities
in Japan
Total 174,049 164,674 710,980 668,991
operating
expenses
Income 82,946 92,948 352,134 399,472
from
operations
Interest (1,035 ) (663 ) (4,560 ) (5,360 )
expense,
net
Other 2,591 2,836 901 6,155
income,
net
Total 1,556 2,173 (3,659 ) 795
other
income
(expense),
net
Income 84,502 95,121 348,475 400,267
before
income
taxes
Income 27,354 23,160 104,852 118,890
taxes
Net $ 57,148 $ 71,961 $ 243,623 $ 281,377
income
Earnings
per
share:
Basic $ 0.32 $ 0.41 $ 1.37 $ 1.60
Diluted $ 0.32 $ 0.40 $ 1.36 $ 1.59
Dividends $ 0.24 $ 0.22 $ 0.90 $ 0.82
declared
per share
Average
common
shares
outstanding:
Basic 177,852 176,437 177,290 175,980
Diluted 180,262 178,231 179,328 177,382
Molex Incorporated
Condensed Consolidated Statements
of Cash Flows
(Unaudited)
(in thousands)
Years Ended
June 30,
2013 2012
Operating activities:
Net income $ 243,623 $ 281,377
Add (deduct) non-cash items
included in net income:
Depreciation and amortization 234,885 236,974
Deferred income taxes 40,818 10,236
(Gain) loss on sale of property, (5,292 ) 2,580
plant and equipment
Share-based compensation 29,237 23,335
Other non-cash items (10,342 ) (20,561 )
Changes in assets and liabilities:
Accounts receivable 23,690 44,161
Inventories (10,874 ) (5,338 )
Accounts payable 9,684 312
Other current assets and liabilities 6,305 (10,246 )
Unauthorized activities in Japan (165,813 ) -
Other assets and liabilities (13,369 ) 10,889
Cash provided from operating activities 382,552 573,719
Investing activities:
Capital expenditures (262,933 ) (227,101 )
Acquisitions (55,299 ) (24,000 )
Proceeds from sales of property, 15,358 3,444
plant and equipment
Proceeds from sales or maturities 12,727 12,496
of marketable securities
Purchase of marketable securities (8,713 ) (14,934 )
Insurance proceeds and other 11,694 22,400
investing activities
Cash used for investing activities (287,166 ) (227,695 )
Financing activities:
Proceeds from revolving credit facility 247,000 75,000
Payments on revolving credit facility (87,000 ) (260,000 )
Proceeds from short-term loans and 232,312 -
current portion of long-term debt
Payments on short-term (271,163 ) (53,748 )
loans and current
portion of long-term debt
Proceeds from issuance of (payments - 149,425
on) long-term debt
Cash dividends paid (155,791 ) (140,638 )
Exercise of stock options 14,482 7,873
Other financing activities (4,332 ) (4,194 )
Cash used for financing activities (24,492 ) (226,282 )
Effect of exchange rate changes on cash 3,250 (14,924 )
Net increase in cash 74,144 104,818
and cash equivalents
Cash and cash equivalents, 637,417 532,599
beginning of year
Cash and cash equivalents, end of year $ 711,561 $ 637,417
Molex IncorporatedSteve Martens, VP Investor
Relations630-527-4344
This information is provided by Business Wire
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