SAN FRANCISCO, Aug. 5 /PRNewswire-FirstCall/ -- BEI Technologies,
Inc. (NASDAQ:BEIQ), an established manufacturer of electronic
sensors and motion control products, announces third quarter 2005
revenue and earnings. Fiscal 2005 Third Quarter compared with
Fiscal 2004 Third Quarter: -- Revenues increased 21.5% to $83.6
million, including automotive revenue of $49.3 million, which also
increased 20.5% -- Net income increased 56.9% to $5.3 million from
$3.4 million -- EPS increased 56.5% to $0.36 from $0.23 per share
Quarterly Results Charles Crocker, Chairman and Chief Executive
Officer stated, "Revenue for the quarter increased by $14.8 million
or 21.5% compared with the prior year third quarter, with increases
in all market sectors. Revenue from industrial sensors, actuators
and motors increased in the quarter to $27.0 million from $21.9
million in the prior year third quarter, primarily due to the
inclusion of Newall Measurement Systems' linear encoders and higher
GyroChip(R) aviation sales. Government, aerospace and defense
revenue increased to $7.3 million compared with $6.0 million in the
prior year third quarter due to higher quartz sensor shipments.
Automotive revenue increased to $49.3 million with GyroChip sensor
shipments of 1.7 million units. While Systron Donner Automotive
Division continues to expand production capacity, the Company's
largest customer, Continental Teves (CT), has advised the Company
that it engaged a second source for microgyro products beginning
with model year 2008. The Company is in discussions with CT
regarding the potential implications for the Company of this
development." Gross margin increased to 30.0% in the fiscal 2005
third quarter from 24.8% in the prior year third quarter. Average
gross margin percentages improved both in automotive products,
principally as a result of the transition to sales of nuggets, and
in aerospace and defense products compared with the prior year
third quarter. Selling, general and administrative (SG&A)
expense increased in the third quarter of 2005 to $12.3 million
compared with the prior year third quarter of $8.1 million. The
inclusion of Newall SG&A, accruals associated with
Sarbanes-Oxley Section 404 compliance and legal expenses associated
with the July 21, 2005 Agreement and Plan of Merger with Schneider
Electric S.A. drove the higher spending. Research and development
expense in the third quarter of 2005 increased to $4.2 million
compared with $3.7 million in the prior year third quarter due to
the inclusion of Newall spending and increased spending associated
with gyro development. During the third quarter of 2005 Company
operations generated $15.3 million in positive cash flow, which
included net income of $5.3 million. Purchases of property, plant
and equipment used $5.1 million, primarily to increase GyroChip
production capacity at Systron Donner Automotive Division. A $9.2
million reduction of the outstanding balance under the Company's
line of credit reduced the outstanding balance to $3.0 million. The
cash balance at the end of the third quarter was $6.7 million. Nine
Months Results For the nine month period ended July 2, 2005, the
Company reported consolidated after tax net income of $13.6
million, or $0.92 per share, versus $8.9 million, or $0.61 per
share, in the comparable period of fiscal 2004. Revenue in the nine
month period ended July 2, 2005 was $248.4 million, compared to
$211.2 million in the comparable period of the prior year.
Automotive revenue increased 18.0% to $151.0 million and industrial
revenue increased 20.1% to $77.6 million. Gross margin for the nine
month period ended July 2, 2005 increased to 28.4% from 24.0% in
the prior year period, with improved margins in all sectors.
SG&A spending was $35.4 million, versus $26.0 million in the
comparable period of fiscal 2004, principally due to higher
activity levels and the inclusion of Newall and Sarbanes-Oxley
Section 404 compliance costs. Research and development spending for
the nine month period ended July 2, 2005 of $12.8 million increased
from $10.4 million in the comparable prior year period as a result
of higher spending associated with gyro development,
commercializing licensed technologies, and the inclusion of Newall
spending. About BEI Technologies, Inc. BEI Technologies, Inc. (the
"Company" or "Technologies") is an established manufacturer of
electronic sensors, motors, actuators, rotary optical encoders,
linear encoders with associated digital readouts (DROs), and motion
control products used for factory and office automation, medical
equipment, military, aviation and space systems. In addition, sales
to manufacturers of transportation equipment, including
automobiles, trucks and off-road equipment, have become a
significant addition to the Company's business in recent years. The
Company's micromachined quartz rate sensors are being used in
advanced vehicle stability control systems and a significant
increase in the production of those sensors has been in progress
from the middle of 1998 into fiscal year 2005 except for a decrease
in production in fiscal 2002 due to increased competition. The
Company also manufactures electronic steering wheel position
sensors, seat-memory modules, throttle position sensors, inertial
navigation systems, and other devices used in transportation
systems. Except for historical information, this news release may
be deemed to contain forward-looking statements that involve risks
and uncertainties. The Company's actual results could differ
materially from those discussed in this release. Factors that could
cause or contribute to such differences include, but are not
limited to, the Risk Factors discussed from time to time in the
Company's reports to the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for fiscal 2004.
BEI TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED
BALANCE SHEETS (dollars in thousands) July 2, October 2,* 2005 2004
(Unaudited) ASSETS Cash and cash equivalents $6,706 $8,218
Investments 4,436 4,299 Trade receivables, net 43,544 45,482
Inventories, net 30,538 29,897 Other current assets 11,203 17,147
Total current assets 96,427 105,043 Property, plant and equipment,
net 50,481 39,905 Goodwill 8,734 1,612 Other assets, net 10,067
6,008 $165,709 $152,568 LIABILITIES AND STOCKHOLDERS' EQUITY Trade
accounts payable $22,741 $33,698 Accrued expenses and other
liabilities 27,445 25,450 Current portion of long-term debt 7,260
7,263 Total current liabilities 57,446 66,411 Long-term debt, less
current portion 18,361 10,639 Other liabilities 2,612 2,783
Stockholders' equity 87,290 72,735 $165,709 $152,568 * Based on
audited information included on Form 10-K for fiscal year ended
October 2, 2004 BEI TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands except
per share amounts) Unaudited Quarter Ended Nine Months Ended July
2, July 3, July 2, July 3, 2005 2004 2005 2004 Net sales $83,616
$68,827 $248,379 $211,163 Cost of sales 58,491 51,726 177,820
160,347 25,125 17,101 70,559 50,816 Selling, general and
administrative expenses 12,265 8,062 35,380 25,950 Research,
development and related expenses 4,221 3,717 12,753 10,367 Income
from operations 8,639 5,322 22,426 14,499 Other income 273 328 671
609 Interest expense (460) (295) (1,351) (1,016) Income before
taxes 8,452 5,355 21,746 14,092 Provision for income taxes 3,160
1,983 8,127 5,213 Net income $5,292 $3,372 $13,619 $8,879 BASIC
EARNINGS PER COMMON SHARE Net income per common share $0.36 $0.24
$0.94 $0.62 Weighted average shares outstanding 14,579 14,338
14,488 14,290 DILUTED EARNINGS PER COMMON AND COMMON EQUIVALENT
SHARE Net income per common and common equivalent share $0.36 $0.23
$0.92 $0.61 Weighted average shares outstanding 14,816 14,709
14,785 14,641 BEI TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in thousands)
Unaudited Quarter Ended Nine Months Ended July 2, July 3, July 2,
July 3, 2005 2004 2005 2004 Net income $5,292 $3,372 $13,619 $8,879
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 2,776 2,308
7,805 7,858 Other 7,257 (2,312) (1,547) (507) Net cash provided by
operating activities 15,325 3,368 19,877 16,230 Net cash used by
investing activities (5,091) (2,014) (28,543) (6,490) Net cash
provided (used) by financing activities (9,465) 45 7,154 (7,428)
Net increase (decrease) in cash and cash equivalents 769 1,399
(1,512) 2,312 Cash and cash equivalents at beginning of period
5,937 10,124 8,218 9,211 Cash and cash equivalents at end of period
$6,706 $11,523 $6,706 $11,523 DATASOURCE: BEI Technologies, Inc.
CONTACT: John LaBoskey, Senior Vice President/CFO of BEI
Technologies, Inc., +1-415-956-4477 Web site:
http://www.bei-tech.com/
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