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Share Name | Share Symbol | Market | Type |
---|---|---|---|
LS Starrett Company | NYSE:SCX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.06 | 0.37% | 16.18 | 16.18 | 16.13 | 16.15 | 163,318 | 23:00:00 |
The L.S. Starrett Company (NYSE: SCX) (“Starrett” or “the Company”) a global innovator, manufacturer and marketer of precision measuring tools, cutting tools and equipment, and high-end metrology solutions for industrial, professional, and consumer markets, today announced operating results for the quarter ended September 30, 2023.
Financial results include non-U.S. GAAP financial measures. These non-U.S. GAAP measures are more fully described and are reconciled from the respective measures determined under U.S. GAAP in the section titled “Use of Non-U.S. GAAP Financial Measures” and the attached tables.
Fiscal 2024 First Quarter Financial Highlights
Use of Non- U.S. GAAP Financial Measures
The Company uses the following non-U.S. GAAP financial measures: “currency-neutral net sales,” which are sales calculated using actual exchange rates in use during the comparative prior year period to enhance the visibility of the underlying business trends excluding the impact of translation arising from foreign currency exchange rate fluctuations.
The Company discusses these non-U.S. GAAP financial measures because management believes they assist investors in comparing the Company’s performance across reporting periods on a consistent basis by eliminating items that the Company does not believe are indicative of its core operating performance. Such non-U.S. GAAP financial measures assist investors in understanding the ongoing operating performance of the Company by presenting financial results between periods on a more comparable basis. Such measures should be considered in addition to, and not in lieu of, the financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
References to currency-neutral net sales should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP, and may not be comparable to similarly titled non-U.S. GAAP financial measures used by other companies. In evaluating these non-U.S. GAAP financial measures, investors should be aware that in the future the Company may incur expenses or be involved in transactions that are the same as or similar to some of the adjustments in this press release. The Company’s discussion of non-U.S. GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. Non-U.S. GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of our results as reported under U.S. GAAP.
About The L.S. Starrett Company:
Founded in 1880 by Laroy S. Starrett and incorporated in 1929, The L.S. Starrett Company is a leading manufacturer of high-end precision tools, cutting equipment, and metrology systems for industrial, professional and consumer markets and is engaged in the business of manufacturing over 5,000 different products for industrial, professional and consumer markets. The Company has a long history of global manufacturing experience and currently operates three major global manufacturing plants. All subsidiaries principally serve the global manufacturing industrial base with concentration in the metalworking, construction, machinery, equipment, aerospace and automotive markets. The Company offers its broad array of measuring and cutting products to the market through multiple channels of distribution throughout the world. Starrett is a brand recognized around the world for precision, quality and innovation. For more information, please visit: https://www.starrett.com.
Forward-Looking Statements:
This press release may contain forward-looking statements concerning the Company’s expectations, anticipations, intentions, beliefs or strategies regarding the future. These forward-looking statements are based on its current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that it has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond its control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, and other risks and uncertainties described in its Annual Report on Form 10-K, as amended, which was filed with the Securities and Exchange Commission on September 27, 2023 in the section entitled “Risk Factors,” and in its other filings from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of its assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
L.S. Starrett Company
Summary of Operations
Quarter Ended September 30, 2023
TABLE 1
QuarterEnded9/30/2023 Comparison to Quarter Ended09/30/2022 (Amounts in Thousands, except income per share) 9/30/2022 $ Change % Change Net Sales$
60,636
$
60,461
+175
0.3%
Gross Profit
19,536
20,200
-664
-3.3%
as % of Net Sales
32.2%
33.4%
Selling, general, and administrative expenses
17,077
16,294
+783
4.8%
as % of Net Sales
28.2%
26.9%
Restructuring Charges
-
190
(190)
-100.0%
Operating income
2,459
3,716
(1,257)
-33.8%
as % of Net Sales
4.1%
6.1%
Other expense
(365)
(676)
+311
-46.0%
Income before income taxes
2,094
3,040
(946)
-31.1%
Income tax expense
174
984
(810)
-82.3%
Net Income$
1,920
$
2,056
(136)
-6.6%
Basic net income per share$
0.26
$
0.28
$
(0.02)
-7.1%
Diluted net income per share$
0.25
$
0.27
$
(0.02)
-7.4%
L.S. Starrett Company
Consolidated, Condensed Balance Sheet
September 30, 2023
TABLE 2
ASSETS 9/30/2023 6/30/2023 Cash$
12,529
$
10,454
Accounts receivable
34,506
36,611
Inventories, net
65,126
65,414
Prepaid expenses and other current assets
9,859
9,723
Total current assets
122,020
122,202
Property, plant and equipment, net
42,600
39,375
Other long-term assets
31,149
31,225
Deferred tax assets, net
19,073
19,073
Intangible assets, net
4,888
4,888
Goodwill
1,015
1,015
Total assets$
195,769
$
192,802
LIABILITIES AND STOCKHOLDERS’ EQUITY 9/30/2023 6/30/2023 Notes payable and current maturities of long-term debt$
5,270
$
4,961
Current lease liability
1,650
1,650
Accounts payable
16,587
15,047
Other current liabilities
19,650
19,555
Accrued compensation
8,040
8,040
Total current liabilities
41,507
39,563
Other long term liabilities
6,008
6,307
Long-term lease liability Long-term debt, net of current portion
7,944
5,273
Postretirement benefit and pension obligations
11,320
12,192
Total Liabilities
66,779
63,335
Stockholders' Equity
128,990
129,467
Total liabilities and stockholders' equity$
195,769
$
192,802
L.S. Starrett Company
Reconciliation of Net Sales to Currency Neutral Net Sales
Quarter Ended September 30, 2023
TABLE 3
QuarterEnded9/30/2023 Comparison to Quarter Ended09/30/2022 (Amounts in Thousands) 9/30/2022 $ Change % Change Net sales, as reported
60,636
60,461
+1750.3%
*Currency Impact
(1,574)
-
(1,574)
-2.6%
Currency neutral net sales$
59,062
$
60,461
(1,399)
-2.3%
*Change when converting FY24 sales in non USD functional currencies at the same exchange rates used in the comparison period
View source version on businesswire.com: https://www.businesswire.com/news/home/20231113019649/en/
John C. Tripp Chief Financial Officer (978) 249-3551 jtripp@starrett.com
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