Ohio | 001-13651 | 31-0424220 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
51 Plum St., Suite 260, Dayton, Ohio
|
45440 | |||
(Address of principal executive offices)
|
(Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Robbins & Myers, Inc. |
||||
Date: June 22, 2011 | By: | /s/ Christopher M. Hix | ||
Christopher M. Hix | ||||
Vice President and Chief Financial Officer |
99 | ADDITIONAL EXHIBITS |
99.1 | Press Release of Robbins & Myers, Inc., dated June 22, 2011. |
(in thousands) | May 31, 2011 | August 31, 2010 | ||||||
ASSETS |
||||||||
Current Assets: |
||||||||
Cash and cash equivalents |
$ | 172,066 | $ | 149,213 | ||||
Accounts receivable |
157,093 | 93,466 | ||||||
Inventories |
157,860 | 84,716 | ||||||
Other current assets |
13,110 | 5,983 | ||||||
Deferred taxes |
16,993 | 13,683 | ||||||
Assets of discontinued operations |
| 79,247 | ||||||
Total Current Assets |
517,122 | 426,308 | ||||||
Goodwill & Other Intangible Assets |
801,946 | 253,515 | ||||||
Deferred Taxes |
24,224 | 31,002 | ||||||
Other Assets |
12,799 | 9,715 | ||||||
Property, Plant & Equipment |
156,715 | 96,481 | ||||||
$ | 1,512,806 | $ | 817,021 | |||||
LIABILITIES AND EQUITY |
||||||||
Current Liabilities: |
||||||||
Accounts payable |
$ | 77,296 | $ | 45,888 | ||||
Accrued expenses |
85,957 | 71,905 | ||||||
Current portion of long-term debt |
1,173 | 133 | ||||||
Liabilities of discontinued operations |
| 46,815 | ||||||
Total Current Liabilities |
164,426 | 164,741 | ||||||
Long-Term Debt Less Current Portion |
24 | 93 | ||||||
Deferred Taxes |
105,253 | 40,615 | ||||||
Other Long-Term Liabilities |
119,623 | 120,548 | ||||||
Total Equity |
1,123,480 | 491,024 | ||||||
$ | 1,512,806 | $ | 817,021 | |||||
Three Months Ended | Nine Months Ended | |||||||||||||||
May 31, | May 31, | May 31, | May 31, | |||||||||||||
(in thousands, except per share data) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Sales |
$ | 237,058 | $ | 119,711 | $ | 561,642 | $ | 338,269 | ||||||||
Cost of sales |
150,984 | 78,717 | 356,887 | 227,666 | ||||||||||||
Gross profit |
86,074 | 40,994 | 204,755 | 110,603 | ||||||||||||
Selling, general and administrative expenses |
44,564 | 29,273 | 109,679 | 82,182 | ||||||||||||
Other expense |
2,828 | | 16,140 | | ||||||||||||
Income before interest and income taxes (EBIT) |
38,682 | 11,721 | 78,936 | 28,421 | ||||||||||||
Interest expense, net |
56 | 102 | 39 | 406 | ||||||||||||
Income from continuing operations before income taxes |
38,626 | 11,619 | 78,897 | 28,015 | ||||||||||||
Income tax expense |
19,431 | 4,729 | 33,150 | 10,729 | ||||||||||||
Net income from continuing operations |
19,195 | 6,890 | 45,747 | 17,286 | ||||||||||||
Income from discontinued operations, net of tax |
52,035 | 1,436 | 53,637 | 1,719 | ||||||||||||
Net income including noncontrolling interest |
71,230 | 8,326 | 99,384 | 19,005 | ||||||||||||
Less: Net income attributable to noncontrolling interest |
275 | 164 | 796 | 620 | ||||||||||||
Net income attributable to Robbins & Myers, Inc. |
$ | 70,955 | $ | 8,162 | $ | 98,588 | $ | 18,385 | ||||||||
Net income per share from continuing operations: |
||||||||||||||||
Basic |
$ | 0.41 | $ | 0.20 | $ | 1.14 | $ | 0.51 | ||||||||
Diluted |
$ | 0.41 | $ | 0.20 | $ | 1.13 | $ | 0.51 | ||||||||
Net income per share: |
||||||||||||||||
Basic |
$ | 1.56 | $ | 0.25 | $ | 2.50 | $ | 0.56 | ||||||||
Diluted |
$ | 1.54 | $ | 0.25 | $ | 2.48 | $ | 0.56 | ||||||||
Weighted average common shares outstanding: |
||||||||||||||||
Basic |
45,616 | 32,941 | 39,449 | 32,913 | ||||||||||||
Diluted |
45,965 | 33,016 | 39,812 | 32,973 |
Three Months Ended | Nine Months Ended | |||||||||||||||
May 31, | May 31, | May 31, | May 31, | |||||||||||||
(in thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Customer Sales |
||||||||||||||||
Fluid Management |
$ | 180,506 | $ | 79,813 | $ | 406,628 | $ | 214,971 | ||||||||
Process Solutions |
56,552 | 39,898 | 155,014 | 123,298 | ||||||||||||
Total |
$ | 237,058 | $ | 119,711 | $ | 561,642 | $ | 338,269 | ||||||||
Income Before Interest and Income Taxes (EBIT) (4) |
||||||||||||||||
Fluid Management |
$ | 42,909 | (1) | $ | 20,104 | $ | 97,870 | (2) | $ | 50,471 | ||||||
Process Solutions |
1,525 | (1,895 | ) | 3,150 | (6,084 | ) | ||||||||||
Corporate and Eliminations |
(5,752 | ) | (6,488 | ) | (22,084) | (3) | (15,966 | ) | ||||||||
Total |
$ | 38,682 | $ | 11,721 | $ | 78,936 | $ | 28,421 | ||||||||
Depreciation and Amortization |
||||||||||||||||
Fluid Management |
$ | 8,883 | $ | 1,995 | $ | 19,733 | $ | 6,011 | ||||||||
Process Solutions |
1,269 | 1,262 | 3,741 | 4,164 | ||||||||||||
Corporate and Eliminations |
97 | 74 | 243 | 231 | ||||||||||||
Total |
$ | 10,249 | $ | 3,331 | $ | 23,717 | $ | 10,406 | ||||||||
Orders |
||||||||||||||||
Fluid Management |
$ | 204,000 | $ | 84,987 | $ | 449,651 | $ | 232,954 | ||||||||
Process Solutions |
58,666 | 47,320 | 164,601 | 134,034 | ||||||||||||
Total |
$ | 262,666 | $ | 132,307 | $ | 614,252 | $ | 366,988 | ||||||||
Backlog |
||||||||||||||||
Fluid Management |
$ | 155,084 | $ | 52,000 | $ | 155,084 | $ | 52,000 | ||||||||
Process Solutions |
92,834 | 68,323 | 92,834 | 68,323 | ||||||||||||
Total |
$ | 247,918 | $ | 120,323 | $ | 247,918 | $ | 120,323 | ||||||||
(1) | Includes merger related costs of $2.8 million associated with backlog amortization and $5.4 million of expense due to inventory write-up values recorded in cost of sales. | |
(2) | Includes merger related costs of $10.2 million associated with employee termination benefits, backlog amortization and $9.5 million of expense due to inventory write-up values recorded in cost of sales. | |
(3) | Includes costs of $5.9 million due to merger related professional fees and accelerated equity compensation expense. | |
(4) | EBIT is a non-GAAP measure. The Company uses this measure to evaluate its performance and believes this measure is helpful to investors in assessing its performance. A reconciliation of this measure to net income is included in our Condensed Consolidated Income Statement. EBIT is not a measure of cash available for use by the Company. |
Three Months Ended | Nine Months Ended | |||||||||||||||
May 31, | May 31, | May 31, | May 31, | |||||||||||||
(in thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Operating activities: |
||||||||||||||||
Net income including noncontrolling interest |
$ | 71,230 | $ | 8,326 | $ | 99,384 | $ | 19,005 | ||||||||
Depreciation and amortization |
10,655 | 3,906 | 25,390 | 12,131 | ||||||||||||
Gain on sale of businesses |
(53,357 | ) | | (53,357 | ) | | ||||||||||
Gain on asset sales |
| | | (547 | ) | |||||||||||
Working capital |
2,421 | 12,803 | (53,442 | ) | 21,539 | |||||||||||
Other changes, net |
7,591 | 2,576 | 7,733 | 4,986 | ||||||||||||
Cash provided by operating activities |
38,540 | 27,611 | 25,708 | 57,114 | ||||||||||||
Investing activities: |
||||||||||||||||
Business acquisition, net of cash acquired |
| | (90,410 | ) | | |||||||||||
Proceeds from sale of businesses |
89,247 | | 89,247 | | ||||||||||||
Capital expenditures, net of nominal disposals |
(7,026 | ) | (3,259 | ) | (14,223 | ) | (6,706 | ) | ||||||||
Proceeds from asset sales |
| | | 1,094 | ||||||||||||
Cash provided (used) by investing activities |
82,221 | (3,259 | ) | (15,386 | ) | (5,612 | ) | |||||||||
Financing activities: |
||||||||||||||||
Payments of long-term debt, net |
(728 | ) | (30,227 | ) | (3,097 | ) | (29,657 | ) | ||||||||
Dividends paid |
(2,053 | ) | (1,402 | ) | (5,493 | ) | (4,115 | ) | ||||||||
Proceeds from issuance of common stock and other, net |
7,319 | 273 | 22,905 | 639 | ||||||||||||
Cash provided (used) by financing activities |
4,538 | (31,356 | ) | 14,315 | (33,133 | ) | ||||||||||
Exchange rate impact on cash |
(4,014 | ) | (2,719 | ) | (1,784 | ) | (3,841 | ) | ||||||||
Increase (decrease) in cash |
121,285 | (9,723 | ) | 22,853 | 14,528 | |||||||||||
Cash and cash equivalents at beginning of period |
50,781 | 132,420 | 149,213 | 108,169 | ||||||||||||
Cash and cash equivalents at end of period |
$ | 172,066 | $ | 122,697 | $ | 172,066 | $ | 122,697 | ||||||||
Three Months Ended | ||||||||
May 31, | May 31, | |||||||
(in thousands, except per share data) | 2011 | 2010 | ||||||
CONSOLIDATED: |
||||||||
Net income attributable to Robbins & Myers, Inc. |
$ | 70,955 | $ | 8,162 | ||||
Net income of discontinued operations |
(52,035 | ) | (1,436 | ) | ||||
Net income attributable to noncontrolling interest |
275 | 164 | ||||||
Income tax expense |
19,431 | 4,729 | ||||||
Interest expense, net |
56 | 102 | ||||||
EBIT (operating profit) |
38,682 | 11,721 | ||||||
Special items: |
||||||||
Fluid Management Segment: |
||||||||
Backlog amortization |
2,828 | | ||||||
Inventory write-up expensed in cost of sales |
5,396 | | ||||||
8,224 | | |||||||
Adjusted EBIT |
46,906 | 11,721 | ||||||
Adjusted EBIT margin |
19.8 | % | 9.8 | % | ||||
Depreciation and amortization, excluding backlog amortization |
7,421 | 3,331 | ||||||
Adjusted EBITDA |
$ | 54,327 | $ | 15,052 | ||||
Diluted EPS from continuing operations |
$ | 0.41 | ||||||
Per share effect of special items above |
0.12 | |||||||
Adjusted Diluted EPS from continuing operations |
$ | 0.53 | ||||||
FLUID MANAGEMENT SEGMENT: |
||||||||
EBIT |
$ | 42,909 | ||||||
Backlog amortization |
2,828 | |||||||
Inventory write-up expensed in cost of sales |
5,396 | |||||||
Adjusted EBIT |
$ | 51,133 | ||||||
Adjusted EBIT margin |
28.3 | % |