UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 1, 2012
Breeze-Eastern Corporation
(Exact Name of Small Business Issuer as Specified in Its Charter)
Delaware | 001-07872 | 95-4062211 | ||
State or Other Jurisdiction of Incorporation of Organization) |
(Commission File Number) |
(IRS Employer Identification Number) |
35 Melanie Lane Whippany, New Jersey |
07981 | |||
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code: (973) 602-1001
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | 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)) |
Section 2 Financial Information
Item 2.02. | Results of Operations and Financial Condition. |
On November 1, 2012, Breeze-Eastern Corporation issued a press release announcing its financial results for the quarter ended September 30, 2012. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02 of this Current Report, including Exhibit 99.1, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that Section. The information in this Item 2.02 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act.
Section 9 Financial Information
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits. The following exhibit is furnished with this Current Report on Form 8-K:
No. | Description | |
99.1 | Press Release dated November 1, 2012, announcing financial results for the quarter ended September 30, 2012. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BREEZE-EASTERN CORPORATION | ||||
Dated: November 1, 2012 | /s/ Mark D. Mishler | |||
Mark D. Mishler Senior Vice President, Chief Financial Officer, Treasurer and Secretary |
Exhibit 99.1
PRESS RELEASE
FOR IMMEDIATE DISTRIBUTION
Contact: | Brad Pedersen |
CEO, President, and Director
Phone: 973-602-1001
BREEZE-EASTERN REPORTS FISCAL 2013 SECOND QUARTER
AND FIRST HALF RESULTS
Whippany, New Jersey November 1, 2012 Breeze-Eastern Corporation (NYSE MKT: BZC) today reported its fiscal 2013 second quarter financial results.
| Net sales: $23.4 million, up 31% versus $17.9 million for fiscal 2012 second quarter. |
| Net income: $2.0 million, or $0.21 per diluted share, versus net income of $1.1 million, or $0.12 per diluted share, for the same period last year. |
| Adjusted EBITDA, (as described under Non-GAAP Financial Measures in this press release): $3.9 million versus $2.4 million in the second quarter of fiscal 2012. |
| Debt: zero versus $10.7 million a year ago. |
| Bookings: $30.6 million versus $15.6 million in the fiscal 2012 second quarter. The book-to-bill ratio for the fiscal 2013 second quarter was 1.3 versus 0.9 in the fiscal 2012 second quarter. |
For the fiscal 2013 first six months, the financial results follow.
| Net sales: $37.8 million, up 5% over $36.1 million for the fiscal 2012 first six months. |
| Net income: $1.2 million, or $0.13 per diluted share, versus net income of $1.7 million, or $0.18 per diluted share, for the first six months of fiscal 2012. |
| Adjusted EBITDA: $3.1 million versus $4.0 million in the fiscal 2012 first six months. |
| Bookings: $45.4 million, up 55% from $29.2 million in the fiscal 2012 first six months. The book-to-bill ratio for the fiscal 2013 first six months was 1.2 versus 0.8 in the first six months of fiscal 2012. |
35 Melanie Lane Whippany New Jersey 07981
Tel: (973) 602-1001 Fax: (973) 739-9333 www.breeze-eastern.com
Breeze-Eastern Corporation November 1, 2012 | ||
Fiscal 2013 Second Quarter Earnings Release | Page 2 of 5 |
Brad Pedersen, Chief Executive Officer and President, said, In the quarter, we received strong order flow, led by Sikorsky awarding us the subcontract for hoists and cargo hooks in support of their U.S. Army Multi-Year VIII contract for the Blackhawk helicopter. This contract secures our long-term position as the exclusive supplier of rescue hoists and cargo hooks for this critical helicopter. Mr. Pedersen continued, Our revenue performance in the quarter was positively impacted by another large order that we were able to ship immediately because we had finished inventory on hand. This positively impacted revenue by $4.1 million.
We continue to dedicate significant engineering resources to satisfying customer commitments, and remain devoted to meeting customer needs, Mr. Pedersen said. For our major engineering development programs, management is focused on improving fundamentals, including ensuring engineering solutions are technically viable, program risks are fully understood, and business cases are improved. Year-to-date profitability was reduced by continued high engineering product development costs. These higher engineering costs are expected to continue.
Mark Mishler, Chief Financial Officer, said, Our selling, general, and administrative expenses for both the fiscal second quarter and first six months were lower than the prior year, reflecting our emphasis on controlling costs. For fiscal 2013, we expect to be profitable, but below fiscal 2012 levels. We continue to be debt-free compared with a slight net debt position a year ago.
Mr. Pedersen concluded, We were fortunate that hurricane Sandy did not damage our headquarters and manufacturing facility in Whippany, New Jersey. Although we closed the factory for two days, we are now open and will be able to catch up quickly on all customer shipments.
* * *
The Company will conduct a conference call at 10:00 AM EDT on Thursday, November 1, 2012 with the following numbers: (800) 638-5495 or (617) 614-3946 and passcode 51954914.
We are pleased to introduce a mobile phone and tablet friendly Investor Relations site. Visit
http://phx.corporate-ir.net/Mobile.view?c=114678 from your mobile device or tablet for listen-only mode for the conference call.
* * *
Breeze-Eastern Corporation (http://www.breeze-eastern.com) is a leading global designer and manufacturer of high performance lifting and pulling devices for military and civilian aircraft, including rescue hoists, winches and cargo hooks, and weapons-lifting systems. The Company employs approximately 180 people at its facilities in Whippany, New Jersey.
Breeze-Eastern Corporation November 1, 2012 | ||
Fiscal 2013 Second Quarter Earnings Release | Page 3 of 5 |
NonGAAP Financial Measures
In addition to disclosing financial results that are determined in accordance with Generally Accepted Accounting Principles (GAAP), the Company also discloses Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, other income/expense, loss on debt extinguishment, and relocation expense). The Company presents Adjusted EBITDA because it considers it an important supplemental measure of performance. Measures similar to Adjusted EBITDA are widely used by the Company and by others in the Companys industry to evaluate performance and valuation. The Company believes Adjusted EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structure (affecting relative interest expense), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense). The Company also presents Adjusted EBITDA because it believes it is frequently used by investors and other interested parties as a basis for evaluating performance.
Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of the Companys results as reported under GAAP. Some of the limitations of Adjusted EBITDA are that (i) it does not reflect the Companys cash expenditures for capital assets, (ii) it does not reflect the significant interest expense or cash requirements necessary to service interest or principal payments on the Companys debt, and (iii) it does not reflect changes in, or cash requirements for, the Companys working capital. Furthermore, other companies in the aerospace and defense industry may calculate these measures differently than the manner presented above. Accordingly, the Company focuses primarily on its GAAP results and uses Adjusted EBITDA only supplementally. A reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure, for the three and six months ended September 30, 2012 is shown in the tables below.
INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding our future operating performance, financial results, events, trends and plans. All statements in this news release other than statements of historical facts are forward-looking statements. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as anticipates, believes, could, expects, intends, may, should and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within the forward-looking statements. Such factors include, but are not limited to competition from other companies; changes in applicable laws, rules, and regulations affecting the Company in the locations in which it conducts its business; interest rate trends; a decline or redirection of the United States government defense budget, the failure of Congress to approve a budget or continuing resolution, changes in spending allocation or the termination, postponement, or failure to fund one or more significant contracts by the United States government or other customers; changes in our sales strategy and product development plans; changes in the marketplace; developments in environmental proceedings that we are involved in; continued services of our executive management team; status of labor relations; competitive pricing pressures; market acceptance of our products under development; delays in the development of products; determination by us to dispose of or acquire additional assets; general industry and economic conditions; events impacting the U.S. and world financial markets and economies; and those specific risks disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2012, and other filings with the Securities and Exchange Commission. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information or future events.
Breeze-Eastern Corporation November 1, 2012 | ||
Fiscal 2013 Second Quarter Earnings Release | Page 4 of 5 |
BREEZE-EASTERN CORPORATION
STATEMENTS OF CONSOLIDATED OPERATIONS
(In Thousands of Dollars Except Share Data)
Three Months Ended | Six Months Ended | |||||||||||||||
9/30/12 | 9/30/11 | 9/30/12 | 9/30/11 | |||||||||||||
Net sales |
$ | 23,421 | $ | 17,880 | $ | 37,834 | $ | 36,128 | ||||||||
Cost of sales |
13,592 | 9,921 | 22,494 | 20,785 | ||||||||||||
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Gross profit |
9,829 | 7,959 | 15,340 | 15,343 | ||||||||||||
Selling, general, and administrative expenses |
3,763 | 3,851 | 7,035 | 7,755 | ||||||||||||
Engineering expense |
2,511 | 2,063 | 5,980 | 4,348 | ||||||||||||
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Operating income |
3,555 | 2,045 | 2,325 | 3,240 | ||||||||||||
Interest expense |
19 | 102 | 192 | 236 | ||||||||||||
Other expense-net |
21 | 20 | 46 | 50 | ||||||||||||
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Income before income taxes |
3,515 | 1,923 | 2,087 | 2,954 | ||||||||||||
Provision for income taxes |
1,476 | 808 | 876 | 1,241 | ||||||||||||
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Net income |
$ | 2,039 | $ | 1,115 | $ | 1,211 | $ | 1,713 | ||||||||
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Basic earnings per share: |
$ | 0.21 | $ | 0.12 | $ | 0.13 | $ | 0.18 | ||||||||
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Diluted earnings per share: |
$ | 0.21 | $ | 0.12 | $ | 0.13 | $ | 0.18 | ||||||||
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Weighted average basic shares |
9,499,000 | 9,470,000 | 9,496,000 | 9,457,000 | ||||||||||||
Weighted average diluted shares |
9,540,000 | 9,628,000 | 9,549,000 | 9,596,000 |
BALANCE SHEET INFORMATION
(In Thousands of Dollars)
9/30/12 | 3/31/12 | |||||||
Current assets |
$ | 46,476 | $ | 56,337 | ||||
Fixed assets net |
7,069 | 7,620 | ||||||
Other assets |
17,256 | 15,894 | ||||||
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Total assets |
$ | 70,801 | $ | 79,851 | ||||
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Current portion of long-term debt and short term borrowings |
$ | | $ | 2,464 | ||||
Other current liabilities |
14,434 | 14,068 | ||||||
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Total current liabilities |
14,434 | 16,532 | ||||||
Long-term debt |
| 8,215 | ||||||
Other non-current liabilities |
16,558 | 16,952 | ||||||
Stockholders equity |
39,809 | 38,152 | ||||||
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Total liabilities and stockholders equity |
$ | 70,801 | $ | 79,851 | ||||
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Breeze-Eastern Corporation November 1, 2012 | ||
Fiscal 2013 Second Quarter Earnings Release | Page 5 of 5 |
Reconciliation of Reported Income to Adjusted EBITDA
(In Thousands of Dollars)
Three Months Ended | Six Months Ended | |||||||||||||||
9/30/12 | 9/30/11 | 9/30/12 | 9/30/11 | |||||||||||||
Net sales |
$ | 23,421 | $ | 17,880 | $ | 37,834 | $ | 36,128 | ||||||||
Cost of sales |
13,592 | 9,921 | 22,494 | 20,785 | ||||||||||||
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Gross profit |
9,829 | 7,959 | 15,340 | 15,343 | ||||||||||||
Selling, general and administrative expenses |
3,763 | 3,851 | 7,035 | 7,755 | ||||||||||||
Engineering expense |
2,511 | 2,063 | 5,980 | 4,348 | ||||||||||||
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Operating income |
3,555 | 2,045 | 2,325 | 3,240 | ||||||||||||
Add back: Depreciation and amortization |
382 | 391 | 746 | 767 | ||||||||||||
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Adjusted EBITDA |
$ | 3,937 | $ | 2,436 | $ | 3,071 | $ | 4,007 | ||||||||
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Net income |
$ | 2,039 | $ | 1,115 | $ | 1,211 | $ | 1,713 | ||||||||
Provision for income taxes |
1,476 | 808 | 876 | 1,241 | ||||||||||||
Depreciation and amortization |
382 | 391 | 746 | 767 | ||||||||||||
Interest expense |
19 | 102 | 192 | 236 | ||||||||||||
Other expense-net |
21 | 20 | 46 | 50 | ||||||||||||
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Adjusted EBITDA |
$ | 3,937 | $ | 2,436 | $ | 3,071 | $ | 4,007 | ||||||||
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