TIDMMOL
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Molex Incorporated (NASDAQ: MOLX and MOLXA), a global electronic
components company, today reported results for its second quarter
ended December 31, 2011.
Three Months Ended
Dec. 31, Sept. 30, Dec. 31,
USD millions, except per share data 2011 2011 2010
Net revenue $ 857.6 $ 936.0 $ 901.5
Net income 64.0 80.5 78.3
Earnings per share 0.36 0.46 0.45
Revenue for the December 2011 quarter was $857.6 million, down
8.4% from the September 2011 quarter and 4.9% from the December
2010 quarter. The impact of the floods in Thailand reduced revenue
in the December quarter by approximately $15 million. Revenue in
local currencies declined 7.8% from the September 2011 quarter and
6.6% from the December 2010 quarter. Net income for the December
2011 quarter was $64.0 million or $0.36 per share, compared with
net income of $80.5 million or $0.46 per share for the September
2011 quarter and net income of $78.3 million or $0.45 per share for
the December 2010 quarter. In the December 2011 quarter, we
recorded a one-time charge for additional income tax expense of
$2.7 million ($0.02 per share). This charge reflects the cumulative
effect of a reduction in future tax benefits from deferred tax
assets in Japan resulting from a decrease in the Japanese statutory
corporate tax rate enacted in November 2011.
"We continue to be optimistic about the future as our new
product pipeline is quite strong and long-term growth opportunities
remain healthy," commented Martin P. Slark, Molex's Chief Executive
Officer. "The uncertain economic environment coupled with the
disruption from the floods in Thailand, however, made the December
quarter challenging from a booking and revenue perspective. We are
pleased with our cost control, cash flow and resulting margins and
are encouraged by improvements in recent booking trends. During the
quarter we completed the purchase of Temp-Flex Cable, Inc., a
specialty wire and cable company. Temp-Flex increases our presence
in the medical market and will complement our high performance
cable business."
Other financial highlights for the quarter ended December 31,
2011:
-- Gross profit margin was 30.7%, compared with 30.1% in the December
2010 quarter and 31.3% in the September 2011 quarter.
-- SG&A expense was $163.1 million, compared with $159.0 million in the
December 2010 quarter and $169.2 million in the September 2011
quarter.
-- Capital expenditures were $52.3 million or 6.1% of revenue.
-- Depreciation and amortization was $59.9 million or 7.0% of revenue.
-- Backlog was $346.3 million, a decrease of $40.9 million or 10.6% from
the September 2011 quarter.
-- The book-to-bill ratio was 0.95 to 1.
-- Inventory days outstanding was 91 days compared with 87 days in the
December 2010 quarter and 84 days in the September 2011
quarter.
-- Accounts receivable days outstanding was 71 days compared with 73 days
in the December 2010 quarter and 69 days in the September 2011
quarter.
-- Cash flow from operations was $141.0 million.
-- The effective tax rate was 33.7%. Excluding the impact of the
adjustment for deferred tax assets in Japan, the effective tax
rate
was 30.9%.
Outlook
Based upon current order rates, backlog and normal seasonality,
the Company estimates revenue in a range of $830 to $860 million
for the March 2012 quarter. At this level of revenue, the Company
expects earnings per share in a range of $0.32 to $0.36 assuming
constant foreign currency rates and commodity prices and an
effective tax rate of 32%.
Earnings Conference Call Information
A conference call will be held on Wednesday, January 25, 2012 at
8:30 am central time. Please dial (888) 679-8038 to participate in
the call. International callers should dial (617) 213-4850. Please
dial in at least five minutes prior to the start of the call and
refer to participant pass code 82556528. Internet users will be
able to access the webcast, including slide materials, live and in
replay in the "Investors" section of the Company's website at
www.molex.com. A 48-hour telephone replay will be available at
approximately 10:30 am central time at (888) 286-8010 or (617)
801-6888 / pass code 34557282.
Other Investor Events
Feb. 14, 2012 - Goldman Sachs Technology and Internet Conference
2012 in San Francisco, CA
Forward-Looking Statements
Statements in this release that are not historical are
forward-looking and are subject to various risks and uncertainties
that could cause actual results to vary materially from those
stated.Words such as "anticipates," "expects," "believes,"
"intends," "plans," "projects," "estimates," "potential," and
similar expressions are used to identify these forward-looking
statements.Forward-looking statements are based on currently
available information and include, among others, the discussion
under "Outlook."These statements are not guarantees of future
performance and are subject to risks, uncertainties and assumptions
including those associated with the operation of our business,
including the risk that customer demand will decrease either
temporarily or permanently, whether due to the Company's actions or
the demand for the Company's products, and that the Company may not
be able to respond through cost reductions in a timely and
effective manner; the risk that the value of our inventory may
decline; price cutting, new product introductions and other actions
by our competitors; fluctuations in the costs of raw materials that
the Company is not able to pass through to customers because of
existing contracts or market factors; the availability of credit
and general market liquidity; fluctuations in currency exchange
rates; natural disasters; the financial condition of our customers;
labor cost increases; and the ability to realize cost savings from
cost reduction initiatives, the outcome of legal proceedings and
losses resulting from unauthorized activities in Molex Japan.
Other factors, risks and uncertainties are set forth in Item 1A
"Risk Factors" of the Company's Form 10-K for the year ended June
30, 2011, and the Form 10-Q for the quarter ended September 30,
2011, which are incorporated by reference and in other reports that
Molex files or furnishes with the Securities and Exchange
Commission.Forward-looking statements are based upon assumptions as
to future events that may not prove to be accurate.Actual outcomes
and results may differ materially from what is expressed in these
forward-looking statements. As a result, this release speaks only
as of its date and Molex disclaims any obligation to revise these
forward-looking statements or to provide any updates regarding
information contained in this release resulting from new
information, future events or otherwise.
Molex Incorporated is a 73-year-old global manufacturer of
electronic, electrical and fiber optic interconnection systems.
Based in Lisle, Illinois, USA, the Company operates 40
manufacturing locations in 16 countries. The Molex website is
www.molex.com.
Editor's note: Molex is traded on the NASDAQ Global Select
Market (MOLX and MOLXA) in the United States and on the London
Stock Exchange. The Company's voting common stock (MOLX) is
included in the S&P 500 Index.
Molex Incorporated
Condensed Consolidated Balance Sheets
(in thousands)
Dec. 31, June 30,
2011 2011
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 607,336 $ 532,599
Marketable securities 11,230 13,947
Accounts receivable, less allowances 708,197 811,449
of $38,525 and $42,297 respectively
Inventories 552,264 535,953
Deferred income taxes 130,759 129,158
Other current assets 39,084 32,239
Total current assets 2,048,870 2,055,345
Property, plant and equipment, net 1,135,735 1,168,448
Goodwill 166,409 149,452
Non-current deferred income taxes 37,273 38,178
Other assets 181,831 186,429
Total assets $ 3,570,118 $ 3,597,852
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 127,631 $ 119,764
and short-term borrowings
Accounts payable 317,103 359,812
Accrued expenses:
Accrual for unauthorized activities in Japan 188,601 182,460
Income taxes payable 27,672 2,383
Other 215,233 217,628
Total current liabilities 876,240 882,047
Other non-current liabilities 20,538 23,879
Accrued pension and postretirement benefits 93,056 100,866
Long-term debt 196,671 222,794
Total liabilities 1,186,505 1,229,586
Commitments and contingencies
Total stockholders' equity 2,383,613 2,368,266
Total liabilities and stockholders' equity $ 3,570,118 $ 3,597,852
Molex
Incorporated
Condensed
Consolidated
Statements
of Income
(in thousands,
except
per share
data)
(unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
2011 2010 2011 2010
Net revenue $ 857,598 $ 901,465 $ 1,793,583 $ 1,799,137
Cost of sales 594,661 630,420 1,237,918 1,253,016
Gross profit 262,937 271,045 555,665 546,121
Selling, 163,073 159,044 332,298 316,100
general
and
administrative
Unauthorized 2,723 2,713 5,645 8,255
activities
in Japan
Total 165,796 161,757 337,943 324,355
operating
expenses
Income from 97,141 109,288 217,722 221,766
operations
Interest (2,094 ) (1,788 ) (3,485 ) (3,123 )
(expense)
income, net
Other income 1,482 4,792 1,758 4,441
Total other (612 ) 3,004 (1,727 ) 1,318
(expense)
income, net
Income before 96,529 112,292 215,995 223,084
income taxes
Income taxes 32,513 34,009 71,462 69,697
Net income $ 64,016 $ 78,283 $ 144,533 $ 153,387
Earnings per
share:
Basic $ 0.36 $ 0.45 $ 0.82 $ 0.88
Diluted $ 0.36 $ 0.45 $ 0.82 $ 0.88
Dividends $ 0.2000 $ 0.1750 $ 0.4000 $ 0.3275
declared
per share
Average common
shares
outstanding:
Basic 175,830 174,664 175,656 174,510
Diluted 176,985 175,556 176,778 175,329
Molex Incorporated
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended
December 31,
2011 2010
Operating activities:
Net income $ 144,533 $ 153,387
Add non-cash items included in net income:
Depreciation and amortization 121,174 120,804
Share-based compensation 11,402 11,460
Other non-cash items 5,213 7,275
Changes in assets and liabilities:
Accounts receivable 94,400 3,221
Inventories (26,442 ) (67,631 )
Accounts payable (40,976 ) (36,945 )
Other current assets and liabilities (7,183 ) (11,280 )
Other assets and liabilities (10,608 ) 2,184
Cash provided from operating activities 291,513 182,475
Investing activities:
Capital expenditures (95,055 ) (132,728 )
Acquisitions (24,000 ) -
Proceeds from sales of property, 2,202 1,400
plant and equipment
Proceeds from sales or maturities 6,553 5,203
of marketable securities
Purchases of marketable securities (4,787 ) (3,612 )
Cash used for investing activities (115,087 ) (129,737 )
Financing activities:
Proceeds from revolving credit facility 75,000 50,000
Payments on revolving credit facility (220,000 ) (15,000 )
Payments on short-term loans (27,389 ) (11,479 )
Proceeds from issuance of long-term debt 150,000 -
Payments of long-term debt (287 ) (24,572 )
Cash dividends paid (70,186 ) (53,186 )
Exercise of stock options 2,630 1,820
Other financing activities (2,087 ) (1,954 )
Cash used for financing activities (92,319 ) (54,371 )
Effect of exchange rate changes on cash (9,370 ) 17,671
Net increase in cash and cash equivalents 74,737 16,038
Cash and cash equivalents, beginning of period 532,599 376,352
Cash and cash equivalents, end of period $ 607,336 $ 392,390
Molex IncorporatedSteve Martens, VP Investor
Relations630-527-4344
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