Matthews International Corporation Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2011; Declares Dividend Payable on February 20, 2012; Re-affirms Earnings Guidance for the Fiscal Year 2012
January 26, 2012 at 04:10 pm
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Matthews International Corporation announced unaudited consolidated earnings results for the first quarter ended December 31, 2011. Net income attributable to the company was $11.3 million for the fiscal 2012 first quarter, compared to $13.2 million for the first three months of fiscal 2011. Earnings per share-diluted for the fiscal 2012 first quarter were $0.40 per share, compared to $0.45 per share for the same quarter a year ago. As the company announced in November 2011, earnings for the fiscal 2012 first quarter were impacted by costs resulting from the implementation of a new ERP system for the Cemetery Products (formerly Bronze) segment. In addition, severance costs and an increase in pension and post-retirement costs (resulting principally from a decline in discount rates) also affected earnings comparability. On a non-GAAP adjusted basis, earnings for the current quarter were $0.47 per share, compared to $0.49 per share a year ago. Further, delayed sales resulting from the ERP implementation unfavorably impacted earnings for the current quarter by an additional $0.02 per share, which is expected to be recovered over the next several quarters. Sales for the fiscal 2012 first quarter increased approximately 5% to $217.2 million, compared to $207.3 million in the same quarter a year ago. The increase was principally attributable to sales growth in the company's Brand Solutions businesses and Cremation segment, and the impact of recent acquisitions. Operating profit was $18.925 million versus $21.966 million of previous year period. Income before taxes was $17.454 million against $21.096 million for the comparable period of last year.
The Board of Directors also declared at its regularly scheduled meeting on January 26, a dividend of $0.09 per share on the company's common stock for the quarter ended December 31, 2011. The dividend is payable February 20, 2012 to stockholders of record February 6, 2012.
In November 2011, the company provided guidance that fiscal 2012 earnings were projected to grow in the mid-single digit percentage range over fiscal 2011 (excluding unusual items from both years). Based on the fiscal 2012 first quarter operating results and current forecasts, the company is maintaining projections at this time.
Matthews International Corporation is a global provider of memorialization products, industrial technologies, and brand solutions. The Company operates through three segments: Memorialization, Industrial Technologies and SGK Brand Solutions. The Memorialization segment consists primarily of bronze and granite memorials and other memorialization products, caskets, cremation-related products, and cremation and incineration equipment primarily for the cemetery and funeral home industries. The Industrial technologies segment includes the design, manufacturing, service and distribution of high-tech custom energy storage solutions, product identification and warehouse automation technologies and solutions. The SGK Brand Solutions segment consists of brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries.
Matthews International Corporation Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2011; Declares Dividend Payable on February 20, 2012; Re-affirms Earnings Guidance for the Fiscal Year 2012