K-Tron Reports First Quarter 2009 Results
11 Maio 2009 - 8:00AM
PR Newswire (US)
PITMAN, N.J., May 11 /PRNewswire-FirstCall/ -- K-Tron
International, Inc. (NASDAQ:KTII) today reported net income of
$4.447 million and diluted earnings per share ("EPS") of $1.54 for
its fiscal first quarter ended April 4, 2009. This represented a
21.3 percent decrease in net income and a 21.4 percent decrease in
diluted EPS from the same period in 2008. Revenues were $49.686
million in this year's first quarter, a decline of 13.4 percent
from last year. These results reflected weaker sales and
unfavorable foreign currency exchange rates compared to 2008's
first quarter, while net income and diluted EPS were also adversely
affected by a higher effective income tax rate this year (33.2
percent versus 30.7 percent). The Company noted that if the average
foreign currency exchange rates for the first quarter of 2008 were
applied to the same period in 2009, the Company's revenues would
have decreased approximately 10.6 percent for the first quarter
instead of 13.4 percent. The difference was primarily due to a
stronger U.S. dollar against the Swiss franc, the euro and other
relevant foreign currencies in this year's first quarter compared
to the same period last year. Commenting on the Company's
performance, K-Tron Chairman and Chief Executive Officer Edward B.
Cloues, II said, "The unprecedented global economic turndown
presented us with severe challenges in the first quarter and
continues to do so. Most notably, there has been sharply reduced
demand for our equipment from customers in the plastics compounding
and base resin production industries, which normally represent a
major part of our Process Group's business. As reported previously,
we have responded by taking a variety of steps to lower our costs,
including a worldwide salary and wage freeze covering all Company
employees and workforce reductions in our Process Group. So far,
our Size Reduction Group has been less impacted by the global
recession, except for decreased demand from its customers in the
pulp and paper and wood and forest products industries. "Despite
the economic pressures we are facing, I believe that K-Tron is
well-positioned to withstand what is happening around us. While our
overall backlog declined by $7.474 million, or 11.2 percent, in
this year's first quarter on a constant foreign currency exchange
rate basis as a result of the weakness in the markets I have
mentioned, our business remains relatively stable in the food,
pharmaceutical, power generation, mining and fertilizer production
industries. We have a strong balance sheet, with cash increasing by
$960 thousand in the first quarter to $43.113 million and debt
declining by $1.060 million to $22.602 million. Of this debt, $21.0
million does not mature until September 2011, so that the Company
has significant liquidity and is well positioned to take advantage
of acquisition and other growth opportunities that may present
themselves as the year progresses. Finally, while we have a lower
revenue and profit outlook for the rest of the year versus 2008, we
still expect good cash flow throughout 2009 and a further
strengthening of our already solid balance sheet." K-Tron
International, Inc. and its subsidiaries design, produce, market
and service material handling equipment and systems for a wide
variety of industrial markets. The Company has manufacturing
facilities in the United States, Switzerland and the People's
Republic of China, and its equipment is sold throughout the world.
SAFE HARBOR Certain statements in this release, including those
with respect to economic conditions and prospects and also revenue
and profit expectations, relate to future events and expectations
and as such constitute forward-looking statements involving known
and unknown factors that may cause the actual results of K-Tron
International, Inc. to be different from those expressed or implied
in the forward-looking statements. In this context, words such as
"believe," "would," "expect," "should" and other similar words and
phrases often identify forward-looking statements made on behalf of
the Company. It is important to note that actual results of the
Company may differ materially from those described or implied in
such forward-looking statements based on a number of factors and
uncertainties, including, but not limited to, (i) adverse changes
in general economic conditions; (ii) adverse changes in the
industries the Company serves, including plastics compounding, base
resin production, food, pharmaceutical, chemical, power generation,
mining, pulp and paper, wood and forest products and biomass energy
generation; (iii) the Company's ability to manage its costs; (iv)
the Company's ability to generate cash from operations and manage
its liquidity needs; (v) material adverse changes in customers'
access to liquidity and capital; (vi) currency exchange or interest
rate changes; (vii) epidemic diseases; (viii) changes in laws,
regulations and tax rates; and (ix) other general economic,
business and financing conditions and factors described in more
detail in the Company's Form 10-K filed with the Securities and
Exchange Commission on March 13, 2009. This filing is available on
our website at
http://www.ktroninternational.com/investor_relations. We do not
undertake to update our forward-looking statements to reflect
events or circumstances after the date hereof. K-TRON
INTERNATIONAL, INC. & SUBSIDIARIES FINANCIAL SUMMARY
(Unaudited) (Dollars in thousands, except share data) Three Months
Ended April 4, March 29, 2009 2008 ---- ---- Revenues $49,686
$57,398 ======= ======= Operating income $6,973 $8,535 Interest
expense, net (312) (379) ---- ---- Income before income taxes 6,661
8,156 Income taxes (2,214) (2,505) ------ ------ Net income $4,447
$5,651 ====== ====== Basic earnings per share $1.59 $2.08 =====
===== Diluted earnings per share $1.54 $1.96 ===== ===== Weighted
average number of common shares outstanding (basic) 2,800,000
2,717,000 ========= ========= Weighted average number of common and
common equivalent shares outstanding (diluted) 2,880,000 2,882,000
========= ========= DATASOURCE: K-Tron International, Inc. CONTACT:
Ronald Remick, Senior Vice President and Chief Financial Officer of
K-Tron International, +1-856-256-3311, Web Site:
http://www.ktroninternational.com/
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