Woodhead (NASDAQ:WDHD)
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Woodhead Industries, Inc., (NASDAQ:WDHD) today announced
financial results for its fiscal second quarter ended April 1, 2006.
The Company reported second quarter revenue of $59.0 million, up 4.7%
(7.3% in constant dollars), compared to the same period last year.
Income from operations totaled $4.9 million, up 56.9% from the second
quarter of 2005. Net income increased 129.3% to $3.0 million, or $0.25
per diluted share for the 2006 second quarter, compared to net income
of $1.3 million, or $0.11 per diluted share for the same period in
2005.
Philippe Lemaitre, Woodhead Industries' Chairman and Chief
Executive Officer, commented, "Our second quarter results provide
evidence that our sales and marketing initiatives and cost management
efforts are paying off. Sales were at the high end of our guidance and
earnings exceeded our expectations. Performance in our Electrical
segment was particularly strong, as increased volumes and diligent
cost management led to significantly improved profitability. We were
also pleased with performance in our North American Connectivity
segment, which registered another quarter of solid revenue growth. "
In the Connectivity segment, sales were $43.5 million, up 2.4%
(5.9% in constant dollars) from the second quarter of 2005, with
foreign exchange negatively impacting the year-over-year comparison.
Income from operations totaled $3.0 million, compared to $2.3 million
last year. North American Connectivity revenue growth remained strong,
increasing 9.1% during the quarter. Connectivity segment operating
income improved 32.2% primarily due to higher volume levels and cost
control.
Electrical segment revenue increased 11.5% to $15.5 million, as
compared to $13.9 million for the second quarter of 2005. Income from
operations was $2.8 million, up 79.3% from $1.6 million during the
same period last year. The substantial increase in Electrical segment
profitability is attributable to higher volumes, operational
improvements and cost control.
Outlook
Lemaitre noted, "Our positive outlook for the remainder of the
year is tempered by the start-up of a new ERP system in North America.
We are being cautious and currently anticipate that revenues during
the second half of our 2006 fiscal year will be in a range of $115 to
$118 million, with earnings per share of $0.42 to $0.45. This
performance would result in full year revenues of $227 to $230
million, and earnings per share of $0.85 to $0.88, which is up from
our previous full year earnings guidance of $0.79 to $0.85 as a result
of our strong second quarter performance."
This press release contains statements that are forward-looking.
These statements are based on current expectations that are subject to
risks and uncertainties. In particular, such risks include future
actions, prospective products, future performance or results of
current or anticipated products, sales efforts, expenses, the outcome
of contingencies such as legal proceedings, general economic and
business conditions, business system conversions, competition, and
other issues discussed in our Form 10-K and other SEC filings.
Conference Call
Woodhead Industries, Inc., will host a conference call today,
April 27, 2006, at 11:00 am Eastern Time to discuss performance and
financial results for the fiscal second quarter. The dial-in phone
number is 800-967-7184 or 719-457-2633. The Access code is 2109034. To
access a live internet webcast of the conference call, visit the
Company's website at www.woodhead.com and select the webcast icon. A
replay of the conference call will be archived and available on the
Company's website following the live event.
About Woodhead Industries, Inc.
Woodhead Industries (NASDAQ:WDHD) develops, manufactures and
markets network and electrical infrastructure products engineered for
performance in harsh, demanding, and hazardous industrial
environments. Woodhead is known in the global industrial market by its
recognized brands which include Brad Harrison(R), BradPower(TM),
BradControl(TM), SST(TM), Daniel Woodhead(R), mPm(R), applicom(R),
Aero-Motive(R) and RJ-Lnxx(R). Our expertise extends from mechanical,
electrical, and electronics to communication software products and
technologies. Woodhead operates from 21 locations in 10 countries
spanning North America, Europe and Asia/Pacific.
For further information, contact: Robert Fisher, Vice President,
Finance and CFO, 847-317-2400, e-mail: rfisher@woodhead.com.
(Tables to Follow)
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WOODHEAD INDUSTRIES, INC. Consolidated Balance Sheet
(Amounts in thousands)
------------------------
Assets 4/1/2006 10/1/2005
------------------------
Current Assets
Cash and short-term investments $16,276 $13,887
Accounts receivable 42,303 39,040
Inventories 22,750 21,173
Prepaid expenses 5,764 5,785
Refundable income taxes 366 2,097
Deferred income taxes 3,133 2,164
----------------------------------------------------------------------
Total current assets 90,592 84,146
Property, plant and equipment, net 55,340 54,758
Goodwill, net 35,993 35,730
Deferred income taxes 2,502 2,746
Other Assets 942 1,000
----------------------------------------------------------------------
Total Assets $185,369 $178,380
----------------------------------------------------------------------
Liabilities and Stockholders' Investment
Current Liabilities
Accounts payable $11,336 $11,080
Accrued expenses 13,979 11,531
Income taxes payable 1,725 1,053
Current portion of long-term debt 5,700 5,700
----------------------------------------------------------------------
Total current liabilities 32,740 29,364
Long-term debt 19,500 19,500
Deferred income taxes 4,958 4,698
Other liabilities 3,828 4,139
----------------------------------------------------------------------
Total Liabilities 61,026 57,701
Stockholders' investment:
Common stock at par (shares issued: 12,405
at 4/1/06, 12,260 at 10/1/05) 12,218 12,260
Additional paid-in capital 22,157 21,596
Deferred stock compensation - (397)
Accumulated other comprehensive income 4,679 4,726
Retained earnings 85,289 82,494
----------------------------------------------------------------------
Total stockholders' investment 124,343 120,679
----------------------------------------------------------------------
Total Liabilities and Stockholders'
Investment $185,369 $178,380
----------------------------------------------------------------------
WOODHEAD INDUSTRIES, INC. Consolidated Income Statement
(Amounts in thousands, except per share data)
Quarter Ended: Six Months Ended:
------------------ --------- ------------------ ---------
4/1/2006 4/2/2005 % Change 4/1/2006 4/2/2005 % Change
------------------ --------- ------------------ ---------
Net Sales $59,028 $56,393 4.7% $112,467 $105,069 7.0%
Cost of
Sales 36,704 35,548 3.3% 69,987 67,502 3.7%
------------------ ------------------
Gross Profit 22,324 20,845 7.1% 42,480 37,567 13.1%
% of Net
Sales 37.8% 37.0% 37.8% 35.8%
Operating
Expenses 17,466 17,748 (1.6%) 33,993 34,244 (0.7%)
% of Net
Sales 29.6% 31.5% 30.2% 32.6%
------------------ ------------------
Income From
Operations 4,858 3,097 56.9% 8,487 3,323 155.4%
% of Net
Sales 8.2% 5.5% 7.5% 3.2%
Other
Expenses
Interest
Expense 223 477 (53.2%) 527 963 (45.3%)
Other
(Income)/
Expenses,
Net (147) 515 (302) (1,303)
------------------ ------------------
Other
(Income)/
Expenses 76 992 225 (340)
Income
Before
Taxes 4,782 2,105 127.2% 8,262 3,663 125.6%
% of Net
Sales 8.1% 3.7% 7.3% 3.5%
Provision
For Income
Taxes 1,739 778 123.5% 3,003 1,120 168.1%
------------------ ------------------
Net Income $3,043 $1,327 129.3% $5,259 $2,543 106.8%
% of Net
Sales 5.2% 2.4% 4.7% 2.4%
================== ==================
Earnings per
share
Diluted $0.25 $0.11 127.3% $0.43 $0.21 104.8%
Weighted-
average
common
shares
outstanding
Diluted 12,383 12,287 0.8% 12,333 12,284 0.4%
================== ==================
Dividends
Per Share $0.10 $0.10 0.0% $0.20 $0.20 0.0%
================== ==================
SEGMENT DATA Quarter Ended: Six Months Ended:
------------------ --------- ------------------ ---------
4/1/2006 4/2/2005 % Change 4/1/2006 4/2/2005 % Change
------------------ --------- ------------------ ---------
Net Sales
---------
Connectivity $43,527 $42,495 2.4% $83,904 $79,381 5.7%
Electrical 15,501 13,898 11.5% 28,563 25,688 11.2%
------------------ ------------------
Total $59,028 $56,393 4.7% $112,467 $105,069 7.0%
================== ==================
Income From
Operations
-----------
Connectivity $3,020 $2,284 32.2% $4,728 $2,345 101.6%
Electrical 2,813 1,569 79.3% 4,060 1,869 117.2%
Corporate
and Other (975) (756) (301) (891)
------------------ ------------------
Total $4,858 $3,097 56.9% $8,487 $3,323 155.4%
================== ==================
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