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Standex International Corporation SXI today reported financial results for the first quarter of fiscal 2011.
- Net sales increased 3.3% to $157.1 million from $152.1 million in the first quarter of fiscal 2010.
- Income from operations was $17.6 million, compared with $13.1 million in the first quarter of fiscal 2010. Operating income for the first quarter of 2011 includes pretax, $1.0 million in restructuring expenses and a $3.1 million pretax gain on a real estate sale. The first quarter of fiscal 2010 includes $1.6 million in pretax restructuring charges. Excluding these items from both periods, the Company reported non-GAAP operating income of $15.5 million, compared to $14.6 million in the year-earlier quarter.
- Net income from continuing operations was $11.5 million, or $0.90 per diluted share, including a $0.6 million restructuring charge (after tax) and a $2.0 million gain (after tax) from a real estate transaction. This compares with first-quarter 2010 net income from continuing operations of $8.4 million, or $0.67 per diluted share, including a $1.0 million after-tax restructuring charge. Excluding the aforementioned items from both periods, non-GAAP net income from continuing operations was $10.2 million, or $0.80 per diluted share, compared with $9.4 million, or $0.75 per diluted share in the same period last year.
- EBITDA (earnings before interest, income taxes, plus depreciation and amortization) was $21.0 million compared with $17.0 in the first quarter of fiscal 2010. Excluding the previously mentioned items from both periods, EBITDA was $18.9 million compared with $18.6 million in the first quarter of fiscal 2010.
- Net working capital (defined as accounts receivable plus inventories less accounts payable) was $112.8 million at the end of the first quarter, compared with $108.9 million at the end of the first quarter in the prior year. Working capital turns were 5.6 turns for both the first quarter of fiscal 2011 and fiscal 2010.
- Net debt (defined as short-term debt plus long-term debt less cash) decreased to $50.7 million at September 30, 2010 from $59.7 million at June 30, 2010. The Company's ratio of net debt to total capital was 19.6% at September 30, 2010, compared with 23.7% at June 30, 2010.
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