Delaware
|
001-34036
|
91-1650317
|
||
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02
|
Results of Operations and Financial Condition.
|
(d)
|
Exhibits.
|
Exhibit No.
|
|
Description
|
99.1
|
|
Press release issued November 5, 2012
|
John Bean Technologies Corporation
|
||||
Date: November 5, 2012
|
By:
|
/s/ Megan J. Donnelly
|
||
Name
|
Megan J. Donnelly
|
|||
Title
|
Chief Accounting Officer, and duly authorized officer
|
News Release
|
JBT Corporation |
![]() |
70 W. Madison Suite 4400
Chicago, IL 60602
|
For Release: IMMEDIATE
|
Investors:
|
Debarshi Sengupta
|
+1 312. 861.6933
|
Media:
|
Jeff Miller
|
+1 312. 861.6461
|
|
o
|
Inbound orders and backlog increased substantially both year-over-year and sequentially
|
|
o
|
Segment operating profit margin of 8.5 percent expanded 120 basis points over last year
|
|
o
|
Strong cash flow generated from operating activities resulted in record low level of debt, net of cash, of $92 million at quarter-end
|
|
o
|
Diluted earnings per share from continuing operations of $0.21, as revenue declined due to a shift in delivery schedules of several orders
|
|
o
|
Full-year diluted earnings per share guidance updated to $1.22 to $1.28
|
JBT CORPORATION
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
(Unaudited and in millions)
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenue
|
$ | 205.3 | $ | 230.3 | $ | 624.4 | $ | 684.3 | ||||||||
Cost of sales
|
153.3 | 173.1 | 468.0 | 516.1 | ||||||||||||
Gross profit
|
52.0 | 57.2 | 156.4 | 168.2 | ||||||||||||
Selling, general and administrative expense
|
37.9 | 37.8 | 114.6 | 113.3 | ||||||||||||
Research and development expense
|
3.3 | 4.5 | 10.5 | 14.3 | ||||||||||||
Other expense (income), net
|
0.5 | 0.6 | (0.8 | ) | (0.4 | ) | ||||||||||
Operating income
|
10.3 | 14.3 | 32.1 | 41.0 | ||||||||||||
Net interest expense
|
(1.8 | ) | (1.5 | ) | (5.2 | ) | (4.9 | ) | ||||||||
Income from continuing operations before income taxes
|
8.5 | 12.8 | 26.9 | 36.1 | ||||||||||||
Provision for income taxes
|
2.3 | 4.7 | 8.8 | 12.7 | ||||||||||||
Income from continuing operations
|
6.2 | 8.1 | 18.1 | 23.4 | ||||||||||||
Loss from discontinued operations, net of taxes
|
(0.1 | ) | - | (0.4 | ) | (0.1 | ) | |||||||||
Net income
|
$ | 6.1 | $ | 8.1 | $ | 17.7 | $ | 23.3 | ||||||||
Basic earnings per share:
|
||||||||||||||||
Income from continuing operations
|
$ | 0.21 | $ | 0.28 | $ | 0.62 | $ | 0.81 | ||||||||
Loss from discontinued operations
|
- | - | (0.01 | ) | - | |||||||||||
Net income
|
$ | 0.21 | $ | 0.28 | $ | 0.61 | $ | 0.81 | ||||||||
Diluted earnings per share:
|
||||||||||||||||
Income from continuing operations
|
$ | 0.21 | $ | 0.28 | $ | 0.61 | $ | 0.80 | ||||||||
Loss from discontinued operations
|
(0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | ||||||||
Net income
|
$ | 0.20 | $ | 0.27 | $ | 0.60 | $ | 0.79 | ||||||||
Weighted average shares outstanding
|
||||||||||||||||
Basic
|
29.2 | 28.8 | 29.1 | 28.8 | ||||||||||||
Diluted
|
29.6 | 29.4 | 29.5 | 29.3 |
JBT CORPORATION
|
||||||||||||||||
BUSINESS SEGMENT DATA
|
||||||||||||||||
(Unaudited and in millions)
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenue
|
||||||||||||||||
JBT FoodTech
|
$ | 117.1 | $ | 129.5 | $ | 370.9 | $ | 390.7 | ||||||||
JBT AeroTech
|
88.0 | 98.5 | 251.5 | 288.2 | ||||||||||||
Other revenue (1) and intercompany eliminations
|
0.2 | 2.3 | 2.0 | 5.4 | ||||||||||||
Total revenue
|
$ | 205.3 | $ | 230.3 | $ | 624.4 | $ | 684.3 | ||||||||
Income before income taxes
|
||||||||||||||||
Segment operating profit
|
||||||||||||||||
JBT FoodTech
|
$ | 9.0 | $ | 8.2 | $ | 29.8 | $ | 27.9 | ||||||||
JBT AeroTech
|
8.4 | 8.7 | 21.2 | 24.0 | ||||||||||||
Total segment operating profit
|
17.4 | 16.9 | 51.0 | 51.9 | ||||||||||||
Corporate items
|
||||||||||||||||
Corporate expense
|
(4.0 | ) | (4.4 | ) | (12.3 | ) | (12.2 | ) | ||||||||
Other (expense) income, net (2)
|
(3.1 | ) | 1.8 | (6.6 | ) | 1.3 | ||||||||||
Net interest expense
|
(1.8 | ) | (1.5 | ) | (5.2 | ) | (4.9 | ) | ||||||||
Total corporate items
|
(8.9 | ) | (4.1 | ) | (24.1 | ) | (15.8 | ) | ||||||||
Income from continuing operations before income taxes
|
$ | 8.5 | $ | 12.8 | $ | 26.9 | $ | 36.1 | ||||||||
(1) Other revenue comprises certain gains and losses on derivatives related to foreign exchange exposure.
|
||||||||||||||||
(2) Other expense, net, generally includes stock-based compensation, other employee benefits, LIFO adjustments, restructuring costs, foreign exchange gains and losses, and the impact of unusual or strategic transactions not representative of segment operations. Other expense, net includes a release of $0.3 million of restructuring reserves in nine months ended September 30, 2012 related to JBT AeroTech and $0.1 million and $1.3 million of restructuring costs in the three months and nine months ended September 30, 2011, respectively, related to JBT FoodTech.
|
JBT CORPORATION
|
||||||||||||||||
BUSINESS SEGMENT DATA
|
||||||||||||||||
(Unaudited and in millions)
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Inbound Orders
|
||||||||||||||||
JBT FoodTech
|
$ | 135.7 | $ | 126.1 | $ | 445.5 | $ | 414.9 | ||||||||
JBT AeroTech
|
122.8 | 83.4 | 292.3 | 287.8 | ||||||||||||
Other and intercompany eliminations
|
0.2 | 2.3 | 2.0 | 5.4 | ||||||||||||
Total inbound orders
|
$ | 258.7 | $ | 211.8 | $ | 739.8 | $ | 708.1 | ||||||||
September 30,
|
||||||||||||||||
2012 | 2011 | |||||||||||||||
Order Backlog
|
||||||||||||||||
JBT FoodTech
|
$ | 173.1 | $ | 127.6 | ||||||||||||
JBT AeroTech
|
170.8 | 183.0 | ||||||||||||||
Total order backlog
|
$ | 343.9 | $ | 310.6 |
JBT CORPORATION
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||
(In millions)
|
||||||||
September 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
(Unaudited)
|
||||||||
Cash and cash equivalents
|
$ | 84.4 | $ | 9.0 | ||||
Trade receivables, net
|
148.1 | 189.4 | ||||||
Inventories
|
142.8 | 122.3 | ||||||
Other current assets
|
47.9 | 38.4 | ||||||
Total current assets
|
423.2 | 359.1 | ||||||
Property, plant and equipment, net
|
124.3 | 124.7 | ||||||
Other assets
|
113.0 | 108.4 | ||||||
Total assets
|
$ | 660.5 | $ | 592.2 | ||||
Short term debt and current portion of long-term debt
|
$ | 101.1 | $ | 4.4 | ||||
Accounts payable, trade and other
|
78.0 | 82.5 | ||||||
Advance payments and progress billings
|
91.3 | 57.4 | ||||||
Other current liabilities
|
92.1 | 95.4 | ||||||
Total current liabilities
|
362.5 | 239.7 | ||||||
Long-term debt, less current portion
|
75.7 | 135.7 | ||||||
Accrued pension and other postretirement benefits, less current portion
|
96.1 | 109.2 | ||||||
Other liabilities
|
29.7 | 27.8 | ||||||
Common stock, paid-in capital and retained earnings
|
171.5 | 156.5 | ||||||
Accumulated other comprehensive loss
|
(75.0 | ) | (76.7 | ) | ||||
Total stockholders' equity
|
96.5 | 79.8 | ||||||
Total liabilities and stockholders' equity
|
$ | 660.5 | $ | 592.2 |
JBT CORPORATION
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(Unaudited and in millions)
|
||||||||
Nine Months Ended
|
||||||||
September 30,
|
||||||||
2012
|
2011
|
|||||||
Cash Flows From Operating Activities:
|
||||||||
Income from continuing operations
|
$ | 18.1 | $ | 23.4 | ||||
Adjustments to reconcile income to cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
17.9 | 18.3 | ||||||
Other
|
8.7 | 6.1 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Trade accounts receivable, net
|
42.5 | 31.9 | ||||||
Inventories
|
(18.9 | ) | (37.0 | ) | ||||
Accounts payable, trade and other
|
(4.5 | ) | 0.5 | |||||
Advance payments and progress billings
|
33.0 | 16.4 | ||||||
Other - assets and liabilities
|
(28.2 | ) | (15.4 | ) | ||||
Cash provided by continuing operating activities
|
68.6 | 44.2 | ||||||
Cash required by discontinued operating activities
|
(0.5 | ) | (0.4 | ) | ||||
Cash Flows From Investing Activities:
|
||||||||
Acquisitions
|
(5.0 | ) | - | |||||
Capital expenditures
|
(17.3 | ) | (15.2 | ) | ||||
Other
|
0.9 | (0.8 | ) | |||||
Cash required by investing activities
|
(21.4 | ) | (16.0 | ) | ||||
Cash Flows From Financing Activities:
|
||||||||
Net proceeds (payments) on credit facilities
|
36.6 | (10.7 | ) | |||||
Dividends paid
|
(6.4 | ) | (6.4 | ) | ||||
Other
|
(1.6 | ) | (3.1 | ) | ||||
Cash provided (required) by financing activities
|
28.6 | (20.2 | ) | |||||
Effect of foreign exchange rate changes on cash and cash equivalents
|
0.1 | (1.2 | ) | |||||
Increase in cash and cash equivalents
|
75.4 | 6.4 | ||||||
Cash and cash equivalents, beginning of period
|
9.0 | 13.7 | ||||||
Cash and cash equivalents, end of period
|
$ | 84.4 | $ | 20.1 |
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