Unova (NYSE:UNA)
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UNOVA, Inc. (NYSE:UNA):
-- Intermec Revenues increased 16.6% over the prior-year-quarter
to $217.5 million
-- Intermec Operating Profit was $23.8 million; an 11.0%
Operating Margin
-- EPS from Continuing Operations increased to $0.19 versus $0.05
in the prior-year-quarter
UNOVA, Inc. (NYSE:UNA) today announced financial results for its
fiscal second quarter which ended July 3, 2005.
UNOVA reported second quarter revenues of $217.5 million and
earnings from continuing operations of $11.9 million, or $0.19 per
diluted share, compared to 2004 second quarter revenues of $186.6
million and earnings from continuing operations of $3.2 million, or
$0.05 per diluted share. Including discontinued operations, net
earnings for the second quarter of 2005 was $12.1 million, or $0.19
per diluted share compared to net earnings of $5.7 million, or $0.09
per diluted share in the prior year's second quarter.
Intermec operating profits increased to $23.8 million for the
second quarter of 2005, a 53 percent increase compared to $15.6
million for the same prior year period. Intermec operating margins
were 11.0 percent for the second quarter of 2005, compared to 8.4
percent for the prior-year quarter.
"We are pleased with our recent strategic progress," said Larry D.
Brady, Chairman and CEO. "The impact of our Rapid Start licensing
program, the continued advancement of our divestiture plans, and the
strong growth and solid execution we are seeing at Intermec, have
contributed to our conviction that we are on a clear path to
establishing industry leadership."
Intermec product revenue categories achieved double digit growth
over the comparable 2004 quarter. Systems and Solutions revenue
increased 17 percent and Printer and Media revenues increased 19
percent over the comparable prior-year period. Service revenue
increased 9 percent over the comparable prior-year period.
Geographically, North American revenues achieved an increase of 21
percent over the comparable prior-year period. Revenues in Europe,
Mid-East and Africa (EMEA) increased 10 percent, Latin America
revenues increased 30 percent and revenues in Asia Pacific decreased
11 percent.
Corporate and other expenditures were $5.4 million for the second
quarter of 2005, versus $5.7 million in the prior-year-quarter.
The Company's discontinued operations contributed an after-tax
profit of $0.2 million for the current quarter, compared to $2.5
million for the second quarter of 2004.
The Company's cash and cash equivalent position at the end of the
second quarter was $172.8 million, an increase of $17.6 million during
the second quarter.
About UNOVA
UNOVA is a leader in global supply chain solutions and in the
development, manufacture and integration of wired and wireless
automated data collection, Intellitag(R) RFID (radio frequency
identification), mobile computing systems, bar code printers and label
media. The company's products and services are used by customers in
many industries to improve productivity, quality and responsiveness of
business operations, from supply chain management and enterprise
resource planning to field sales and service. www.unova.com.
(Forward-looking Statement)
Certain forward-looking statements in this release (as defined by
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934) relate to matters that are not
historical facts. They include, but are not limited to, statements
about the Company's ability to continue to improve profit of its
business segments, reduce expenses, improve efficiency, leverage its
research and development investment to drive significant future
revenue, complete its divestiture of its IAS businesses and the
ability to continue operational improvement and year over year growth.
Such forward-looking statements involve and are dependent upon certain
risks and uncertainties. These include, but are not limited to, other
risks and uncertainties described more fully in the Company's filings
on Form 10-K and 10-Q with the Securities and Exchange Commission.
SECOND QUARTER FISCAL YEAR 2005 - EARNINGS CONFERENCE CALL
UNOVA will hold a conference call on August 4, 2005 at 5 p.m. EDT
(2 p.m. PDT) to review financial results from its second quarter of
fiscal year 2005. The call will be hosted by UNOVA Chief Executive
Officer, Larry D. Brady, Chief Financial Officer, Michael E. Keane,
Intermec President, Thomas O. Miller, and Kevin P. McCarty, UNOVA
Director of Investor Relations. The dial-in number for participants is
(888) 790-3351 (US); 1-(210) 234-0003 (International) (Pass code is
"UNOVA").
The call also will be broadcast live on the Internet under the
investor information section of the UNOVA web site at
www.unova.com/investorinfo.asp.
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UNOVA, INC.
(Unaudited, amounts in thousands, except
per share amounts)
Three Months Ended Six Months Ended
------------------- -------------------
July 3, June 30, July 3, June 30,
2005 2004 2005 2004
-------- -------- -------- --------
CONSOLIDATED STATEMENTS OF OPERATIONS (Preliminary)
Revenues:
Product $181,007 $152,991 $342,950 $315,247
Service 36,452 33,588 71,004 64,337
-------- -------- -------- --------
Total Revenues 217,459 186,579 413,954 379,584
Costs and Expenses:
Cost of product revenues 101,954 88,610 194,701 173,727
Cost of service revenues 21,084 19,798 41,970 38,008
Selling, general and
administrative 75,992 68,316 148,748 133,071
-------- -------- -------- --------
Total Costs and Expenses 199,030 176,724 385,419 344,806
-------- -------- -------- --------
Operating Profit From
Continuing Operations 18,429 9,855 28,535 34,778
Interest, net (1,120) (3,186) (3,246) (6,254)
Foreign currency exchange,
net 215 (246) 200 (666)
-------- -------- -------- --------
Earnings from Continuing
Operations before Income Taxes 17,524 6,423 25,489 27,858
Provision for income taxes 5,669 3,260 8,222 8,969
-------- -------- -------- --------
Earnings from Continuing
Operations 11,855 3,163 17,267 18,889
Earnings (Loss) from
discontinued operations, net
of tax 213 2,540 (1,719) (2,704)
-------- -------- -------- --------
Net Earnings $ 12,068 $ 5,703 $ 15,548 $ 16,185
======== ======== ======== ========
Basic Earnings (Loss) per Share
Continuing operations $ 0.19 $ 0.05 $ 0.28 $ 0.31
Discontinued operations 0.01 0.04 (0.03) (0.04)
-------- -------- -------- --------
Net earnings per share $ 0.20 $ 0.09 $ 0.25 $ 0.27
======== ======== ======== ========
Diluted Earnings (Loss) per
Share
Continuing operations $ 0.19 $ 0.05 $ 0.28 $ 0.30
Discontinued operations 0.00 0.04 (0.03) (0.04)
-------- -------- -------- --------
Net earnings per share $ 0.19 $ 0.09 $ 0.25 $ 0.26
======== ======== ======== ========
Shares Used in Computing
Earnings (Loss) per Share
Basic 61,361 60,403 61,228 60,296
Diluted 62,768 62,011 62,792 62,069
SELECTED SEGMENT INFORMATION
(Preliminary)
Operating Profit (Loss) From
Continuing Operations
Intermec Operating Profit $ 23,848 $ 15,599 $ 39,888 $ 43,645
Corporate and Other (5,419) (5,744) (11,353) (8,867)
-------- -------- -------- --------
Operating Profit From
Continuing Operations $ 18,429 $ 9,855 $ 28,535 $ 34,778
======== ======== ======== ========
UNOVA, INC.
CONSOLIDATED BALANCE SHEETS (Preliminary)
(Unaudited, amounts in thousands)
July 3, December 31,
2005 2004
--------- ----------
Assets
Current Assets:
Cash and cash equivalents $ 172,769 $ 217,899
Restricted cash - 50,000
Accounts receivable, net 162,706 157,833
Inventories 102,752 80,854
Net deferred tax assets 61,919 81,769
Assets held for sale 13,518 19,748
Current assets of discontinued operations 57,533 211,116
Other current assets 10,081 8,831
--------- ----------
Total Current Assets 581,278 828,050
Property, Plant and Equipment, Net 30,368 30,375
Other Intangibles, Net 3,872 4,072
Net Deferred Tax Assets 183,970 134,978
Long Term Assets of Discontinued Operations 19,683 21,238
Other Assets 59,484 53,964
--------- ----------
Total Assets $ 878,655 $1,072,677
========= ==========
Liabilities and Shareholders' Investment
Current Liabilities:
Accounts payable and accrued expenses $ 178,056 $ 160,001
Payroll and related expenses 26,339 30,077
Current portion of long-term debt 8,500 108,500
Current liabilities of discontinued
operations 34,787 130,257
--------- ----------
Total Current Liabilities 247,682 428,835
Long-term Debt 100,000 100,000
Other Long-term Liabilities 92,682 86,220
Long-term Liabilities of Discontinued
Operations 11,943 46,388
Shareholders' Investment:
Common stock 618 611
Additional paid-in capital 716,128 703,416
Accumulated deficit (291,147) (306,695)
Accumulated other comprehensive income 749 13,902
--------- ----------
Total Shareholders' Investment 426,348 411,234
--------- ----------
Total Liabilities and Shareholders' Investment $ 878,655 $1,072,677
========= ==========
UNOVA, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS (Preliminary)
(Unaudited, amounts in thousands)
Six Months Ended July 3, 2005
Cash and Cash Equivalents at Beginning of Period $ 217,899
Cash Flows from Operating Activities of Continuing
Operations:
Net earnings from continuing operations 17,267
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization 4,992
Change in net deferred tax asset 9,269
Changes in working capital and other operating
activities (10,676)
---------
Net Cash Provided by Operating Activities of Continuing
Operations 20,852
---------
Cash Flows from Investing Activities of Continuing
Operations:
Capital expenditures (5,510)
Other investing activities 6,241
---------
Net Cash Provided by Investing Activities of Continuing
Operations 731
---------
Cash Flows from Financing Activities of Continuing
Operations:
Repayment of long-term obligations (100,000)
Decrease in restricted cash 50,000
Stock options exercised 7,644
Other financing activities 1,258
---------
Net Cash Used in Financing Activities of Continuing
Operations (41,098)
---------
Net Cash Used in Continuing Operations (19,515)
Net Cash Used in Operating Activities of Discontinued
Operations (26,020)
Net Cash Provided by Investing Activities of Discontinued
Operations 405
---------
Resulting Decrease in Cash and Cash Equivalents (45,130)
---------
Cash and Cash Equivalents at End of Period $ 172,769
=========
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