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Sales at Standex Corp grow, albiet slowly

31
Oct '08
Standex International Corporation today reported financial results for the first quarter of fiscal year 2009.

-- Net sales for the first quarter of fiscal 2009 increased 2.9% to $180.7 million from $175.5 million in the first quarter of fiscal 2008.
-- Income from operations for the first quarter of fiscal 2009, including a $4.3 million pre-tax restructuring expense, was $10.8 million, which compares with $10.8 million in the first quarter of last year. Excluding the charge, the company
reported a 39% increase in non-GAAP income from operations to
$15.1 million in the first quarter of fiscal 2009.

The $4.3 million pre-tax expense related to the closure of three facilities and included severance and other employee benefit termination costs and expenses associated with the relocation of production capacity to other company facilities.

-- Net income from continuing operations for the first quarter of fiscal 2009, including the $4.3 million restructuring charge
and a $1.1 million benefit from a life insurance policy for a
former executive, increased 33% to $7.1 million, or $0.57 per
diluted share. This compares with $5.3 million, or $0.43 per
share, in the first quarter of fiscal 2008.

Excluding the restructuring charge and insurance benefit, the company reported a 69% increase in non-GAAP net income from continuing operations to $9.0 million, or $0.72 per share for the first quarter of fiscal 2009. A reconciliation of net income and earnings per share from reported GAAP amounts to non-GAAP amounts is included later in this release.

-- Net income for the first quarter of fiscal 2009 was $5.0
million, or $0.40 per diluted share, compared with net income
of $5.9 million, or $0.48 per diluted share, in the first
quarter of fiscal 2008.

Net income for the first quarter of fiscal 2009 includes the aforementioned restructuring charge and insurance benefit as well as a $3.0 million expense ($2.0 million net of tax) charged to discontinued operations related to the Company's environmental remediation activity in Cleveland, Ohio.

The expense brings the total accrual for the clean-up to $5 million, which is the Company's best estimate at this time of the total clean-up cost. Two insurance companies that had provided general property liability coverage to Standex during the years that the alleged contamination occurred have agreed to reimburse the Company for defense expenses incurred during the clean-up process under a standard reservation of rights.

Thus far, they have not agreed to indemnify the Company to cover the costs of the remediation.

-- EBITDA (earnings before interest, income taxes, plus depreciation and amortization) increased 2.8% to $15.7 millon in the first quarter of fiscal 2009 from $15.2 million in the
first quarter a year ago. Excluding the restructuring expense
and insurance benefit, EBITDA for the quarter was $18.9


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