2007'12.05.Wed
EnerSys Reports Second Fiscal Quarter of 2008 Results
November 08, 2007
READING, Pa., Nov. 8 /Xinhua-PRNewswire/ --
EnerSys (NYSE: ENS), the world's largest manufacturer,
marketer and distributor of industrial batteries, announced
today its financial results for the second fiscal quarter of
2008. Net earnings for the second fiscal quarter of 2008
were up 46%, and on a non-GAAP adjusted basis, were up 51%
when compared to the comparable prior year amounts. Please
refer to the section included herein under the heading
"Reconciliation of Non-GAAP Financial Measures"
for a discussion of the Company's use of non-GAAP adjusted
financial information.
Net earnings for the second fiscal quarter of 2008 were
$16.8 million, or $0.36 per basic share and $0.35 per
diluted share, which includes $0.3 million ($0.4 million
pre-tax) unfavorable impact of the continuation of the
previously disclosed European restructuring plan. Excluding
the highlighted European restructuring charges in the second
fiscal quarter of 2008, non-GAAP adjusted net earnings were
$17.1 million, or $0.35 per diluted share, and exceed the
previous guidance of $0.22 - $0.26 per diluted share
provided on August 8, 2007. The previous guidance also
excluded the unfavorable impact of the European
restructuring charges.
Net earnings in the second fiscal quarter of the prior
year were $ 11.5 million, or $0.25 per basic share and
$0.24 per diluted share, which included $0.7 million ($1.0
million pre-tax) or a $0.01 per share favorable impact from
a legal settlement, offset by the unfavorable impact from
professional fees related to a shelf registration and an
abandoned acquisition of $0.5 million ($0.7 million
pre-tax) or a $0.01 per share. Excluding the highlighted
charges and credits, non-GAAP adjusted net earnings for the
second fiscal quarter of the prior year were $11.3 million
or $0.24 per basic and diluted share.
Net sales for the second fiscal quarter of 2008 were
$461.5 million compared to $353.9 million in the comparable
period of the prior year, or an increase of 30%.
EnerSys' operating results for its reporting segments
for the second fiscal quarter of 2008 and comparable prior
year period are as follows (in millions):
Fiscal quarters
ended
October 1, 2006
September 30, 2007
Operating
Operating
Net Sales Earnings Net
Sales Earnings
Reserve Power $158.8 $10.3
$198.6 $9.3
Motive Power 195.1 13.4
262.9 22.6
Restructuring charges - -
- (0.4)
Litigation settlement
income - 1.0
- -
$353.9 $24.7
$461.5 $31.5
Net earnings for the six fiscal months of 2008 were up
2%, and on a non-GAAP adjusted basis, were up 45% when
compared to the comparable prior year amounts. Please refer
to the section included herein under the heading
"Reconciliation of Non-GAAP Adjusted Financial
Measures" for a discussion of the Company's use of
non-GAAP adjusted financial information.
Net earnings for the six fiscal months of 2008 were
$24.2 million or $0.51 per basic share and $0.50 per
diluted share, included an unfavorable $0.15 per share
impact from the $7.1 million ($10.3 million pre-tax) of the
European restructuring and $0.1 million ($0.2 million
pre-tax) unfavorable impact of professional fees related to
a secondary offering. Excluding the highlighted charges,
non-GAAP adjusted net earnings for the six fiscal months of
2008 were $31.4 million or $0.67 per basic share and $0.65
per diluted share.
Net earnings in the six fiscal months of the prior year
were $23.6 million, or $0.51 per basic share and $0.50 per
diluted share, which included $2.6 million ($3.8 million
pre-tax) or a $0.6 per share favorable impact from legal
settlements, offset by the unfavorable impact of $0.5
million ($0.8 million pre-tax) or a $0.01 per share from
professional fees related to a shelf registration and an
abandoned acquisition. Excluding the highlighted charges
and credits, non-GAAP adjusted net earnings for the six
fiscal months of the prior year were $21.5 million or $0.46
per basic share and $0.45 per diluted share.
Net sales for the six fiscal months of 2008 were $891.3
million compared to $713.0 million in the prior year, or an
increase of 25%.
EnerSys' operating results for its reporting segments
for the six fiscal months of 2008 and comparable prior year
period are as follows (in millions):
Six fiscal months
ended
October 1, 2006
September 30, 2007
Operating
Operating
Net Sales Earnings Net
Sales Earnings
Reserve Power $317.2 $19.7
$383.3 $17.8
Motive Power 395.8 26.8
508.0 43.3
Restructuring and
other charges - -
- (10.3)
Litigation settlement
income - 3.8
- -
$713.0 $50.3
$891.3 $50.8
"We continue to experience record sales with broad
based growth in all regions of the world and in both of our
market segments. I believe that our customers realize the
value and the quality of the products and services that we
deliver to them every day," stated John D. Craig,
chairman, president and chief executive officer. "I am
pleased with our earnings in the second quarter, resulting
from our increased sales volume and the impact of our
investments in support of cost reductions and lower cost
manufacturing facilities. Offsetting these improvements,
however, are increased commodity costs, especially lead
which reached an unprecedented level in our second quarter.
We have not yet fully recovered the impact of these cost
increases through selling price adjustments."
Craig added, "We anticipate that adjusted diluted
net earnings per share for our third fiscal quarter of 2008
will be between $0.25 and $0.29, which excludes the expected
additional European restructuring charges of approximately
$2 million ($0.03 per share) as described in our press
release of May 23, 2007."
This press release contains forward-looking statements
(within the meaning of the Private Securities Litigation
Reform Act of 1995) that are based on management's current
expectations and subject to uncertainties and changes in
circumstances. The Company's actual results may differ
materially from the forward-looking statements for a number
of reasons. For a list of the factors, which could affect
the Company's results, including earnings estimates, see
"Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations,"
including "Forward-Looking Statements," set forth
in the Company's Quarterly Report on Form 10-Q for the
second fiscal quarter ended September 30, 2007, which was
filed with the U.S. Securities and Exchange Commission.
Reconciliation of Non-GAAP Adjusted Financial Measures
This press release contains financial information
determined by methods other than in accordance with U.S.
Generally Accepted Accounting Principles
("GAAP"). EnerSys' management uses non-GAAP
measures in their analysis of the Company's performance.
These measures, as used by EnerSys in past quarters and
years, adjust net earnings determined in accordance with
GAAP to reflect changes in financial results associated
with the Company's restructuring initiatives and
highlighted charges and income items. Management believes
presentations of financial measures reflecting these
non-GAAP adjustments provide important supplemental
information in evaluating the operating results of the
Company as distinct from results that include items that
are not indicative of ongoing operating results; in
particular, the charges that the Company incurs as a result
of restructuring activities associated with our
acquisitions; and those charges and credits that are not
directly related to operating unit performance and are
unusual in nature. Because these charges are incurred as a
result of an acquisition, they are not a valid measure of
the performance of our underlying business. These
disclosures have limitations as an analytical tool, should
not be viewed as a substitute for net earnings determined
in accordance with GAAP, should not be considered in
isolation or as a substitute for analysis of the Company's
results as reported under GAAP, nor are they necessarily
comparable to non-GAAP performance measures that may be
presented by other companies. Management believes that this
non-GAAP supplemental information will be helpful in
understanding the Company's ongoing operating results. This
supplemental presentation should not be construed as an
inference that the Company's future results will be
unaffected by similar adjustments to net earnings
determined in accordance with GAAP.
Included below is a reconciliation of non-GAAP adjusted
financial measures to reported amounts. Non-GAAP adjusted
net earnings are calculated excluding restructuring and
highlighted charges. The following tables provide
additional information regarding certain non-GAAP
measures:
Fiscal
Quarters Ended
October
1, September 30,
2006
2007
(in millions,
except share and
per
share amounts)
Net earnings reconciliation
As reported net earnings $ 11.5
$ 16.8
Non-GAAP adjustments (net of tax):
Restructuring charges -
0.3(1)
Litigation settlement income
(0.7)(2) -
Shelf registration statement
and an abandoned acquisition
0.5(3) -
Non-GAAP adjusted net earnings $11.3
$17.1
Outstanding shares used in
per share calculations
Basic 46,471,958
47,098,758
Diluted 47,769,804
48,068,262
Non-GAAP adjusted net
earnings per share:
Basic $0.24
$0.36
Diluted $0.24
$0.35
Reported net earnings per share:
Basic $0.25
$0.36
Diluted $0.24
$0.35
Six
fiscal months ended
October
1, September 30,
2006
2007
(in millions,
except share and
per
share amounts)
Net earnings reconciliation
As reported net earnings $ 23.6
$ 24.2
Non-GAAP adjustments (net of tax):
Restructuring charge -
7.1(1)
Litigation settlement income
(2.6)(2) -
Shelf registration statement
and secondary offering
and an abandoned acquisition
0.5(3) 0.1(3)
Non-GAAP adjusted net earnings
$ 21.5
$ 31.4
Outstanding shares used in
per share calculations
Basic 46,404,985
46,992,038
Diluted 47,457,668
47,959,897
Non-GAAP adjusted net
earnings per share:
Basic $ 0.46
$ 0.67
Diluted $ 0.45
$ 0.65
Reported net earnings per share:
Basic $ 0.51
$ 0.51
Diluted $ 0.50
$ 0.50
(1) Resulting from pre-tax charges of $0.4 million in
the second fiscal
quarter of 2008 and $10.3 million in the fiscal
six months of 2008,
primarily for severance costs related to staff
reductions and other
restructuring activities in Europe.
(2) Resulting from two favorable legal settlements,
net of fees and
expenses, recorded in the first and second fiscal
quarters of 2007.
(3) Resulting from legal and professional fees related
to a shelf
registration statement and secondary offering, and
an abandoned
acquisition, recorded in the first fiscal quarter
of 2008 and the
second fiscal quarter of 2007.
EnerSys
Summary of Earnings
(In millions, except share and per share data)
(Unaudited)
Fiscal
quarter ended
October 1
September 30,
2006
2007
Net sales $ 353.9
$ 461.5
Gross profit 77.7
92.0
Operating expenses 54.0
60.0
Restructuring and other charges -
0.4
Litigation settlement (1.0)
-
Operating earnings 24.7
31.5
Earnings before income taxes 16.8
23.7
Net earnings $ 11.5
$ 16.8
Net earnings per common share
Basic $ 0.25
$ 0.36
Diluted $ 0.24
$ 0.35
Weighted average shares outstanding
Basic 46,471,958
47,098,758
Diluted 47,769,804
48,068,262
EnerSys
Summary of Earnings
(In millions, except share and per share data)
(Unaudited)
Six
fiscal months ended
October 1,
September 30,
2006
2007
Net sales $ 713.0
$ 891.3
Gross profit 154.8
178.6
Operating expenses 108.3
117.5
Restructuring and other charges -
10.3
Litigation settlement income (3.8)
-
Operating earnings 50.3
50.8
Earnings before income taxes 34.6
34.4
Net earnings $ 23.6
$ 24.2
Net earnings per common share
Basic $ 0.51
$ 0.51
Diluted $ 0.50
$ 0.50
Weighted average shares outstanding
Basic 46,404,985
46,992,038
Diluted 47,457,668
47,959,897
EnerSys will host a conference call to discuss the
Company's second fiscal quarter 2008 financial results and
provide an overview of the business. The call will
conclude with a question and answer session.
The call, scheduled for Thursday, November 8, 2007, at
9:00 a.m. Eastern Time, will be hosted by John D. Craig,
Chairman, President and Chief Executive Officer and Michael
T. Philion, Executive Vice President - Finance and Chief
Financial Officer.
The call will also be Webcast on EnerSys' website.
There will be a free download of a compatible media player
on the Company's website at http://www.enersys.com.
The conference call information is:
Date: Thursday, November 8,
2007
Time: 9:00 a.m. Eastern Time
Via Internet: http://www.enersys.com
Domestic Call-In Number: 866-831-6247
International Dial-In Number: 617-213-8856
Passcode: 35669119
A replay of the conference call will be available from
11:00 a.m. on November 8, 2007, through midnight on
December 7, 2007.
Via Internet: http://www.enersys.com
Domestic Call-In Number: 888-286-8010
International Dial-In Number: 617-801-6888
Passcode: 28935562
About EnerSys
EnerSys, the world leader in stored energy solutions
for industrial applications, manufactures, distributes and
services reserve power and motive power batteries,
chargers, power equipment, and battery accessories to
customers worldwide. Reserve power batteries are used in
the telecommunications and utility industries,
uninterruptible power suppliers, and numerous applications
requiring standby power. Motive power batteries are
utilized in electric forklift trucks and other commercial
electric powered vehicles. The Company also provides
aftermarket and customer support services to its customers
from over 100 countries through its sales and manufacturing
locations around the world.
More information regarding EnerSys can be found at
http://www.enersys.com .
For more information, please contact:
Richard Zuidema
Executive Vice President
EnerSys, P.O. Box 14145, Reading, PA 19612-4145
Tel: +1-800-538-3627
Website: http://www.enersys.com
PR
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