Twin Disc, Incorporated Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 27, 2013; Provides Earnings Guidance for the Fiscal 2014
January 28, 2014 at 08:00 am
Share
Twin Disc, Incorporated announced unaudited consolidated earnings results for the second quarter and six months ended December 27, 2013. For the quarter, the company reported net sales of $63,212,000 against $72,325,000 a year ago. Earnings from operations were $1,359,000 against $5,541,000 a year ago. Earnings before income taxes and non-controlling interest were $1,255,000 against $5,234,000 a year ago. Net earnings attributable to the company were $518,000 or $0.05 diluted per share against $3,360,000 or $0.29 diluted per share a year ago. Earnings before interest, taxes, depreciation and amortization were $4,025,000 against $8,217,000 a year ago.
For the six months, the company reported net sales of $129,638,000 against $141,118,000 a year ago. Earnings from operations were $5,415,000 against $8,337,000 a year ago. Earnings before income taxes and non-controlling interest were $5,091,000 against $7,597,000 a year ago. Net earnings attributable to the company were $1,795,000 or $0.16 diluted per share against $4,591,000 or $0.40 diluted per share a year ago. Earnings before interest, taxes, depreciation and amortization were $10,631,000 against $13,483,000 a year ago. Net cash provided by operating activities was $19,617,000 against $12,092,000 a year ago. Acquisitions of fixed assets were $3,004,000 against $3,529,000 a year ago. The decrease in sales resulted from a lower level of business in both North America and Europe.
The company anticipates investing of $10,000,000 to $15,000,000 in capital expenditures for fiscal 2014 as it continues to upgrade the facilities. The company anticipates results for the fiscal 2014 second half will be similar to first half results.
Twin Disc, Incorporated designs, manufactures and sells marine and heavy duty off-highway power transmission equipment. The Company has two reportable segments: Manufacturing and Distribution. The Companyâs products offered include marine transmissions, azimuth drives, surface drives, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches, and control systems. The Company sells its products to customers primarily in the pleasure craft, commercial and military marine markets, as well as in the energy and natural resources, government and industrial markets. The Company also designs and manufactures gearboxes and power transmission components. It provides modeling, modernization, gearbox repair and maintenance services as well as spare parts. The Companyâs worldwide sales to both domestic and foreign customers are conducted through a direct sales force and a distributor network.
Twin Disc, Incorporated Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 27, 2013; Provides Earnings Guidance for the Fiscal 2014