EnerSys Announces 2006 Financial Results
EnerSys Inc. announced its financial results for the fourth quarter of fiscal 2006. Net earnings for the company's fourth fiscal quarter of 2006 were $11.7 million or $0.25 per basic and diluted share, compared to net earnings of $10.2 million, or $0.22 per basic and diluted share in the fourth fiscal quarter of the prior year.
Net sales for the fourth fiscal quarter of 2006 were $353.2 million compared to $285.6 million in the comparable period of the prior year, or an increase of 23.7%. The results reflect the acquisition of FIAMM SpA's motive power business, which occurred in the first fiscal quarter of 2006 and GAZ GmbH's reserve power business, which occurred in the third fiscal quarter of 2006. These two acquisitions contributed sales of approximately $20 million in the fourth fiscal quarter of 2006 or approximately 7 percentage points of the increase compared to the prior year. Additionally, foreign currency translation (primarily from the Euro) had an unfavorable impact on the fourth fiscal quarter of 2006 net sales, which resulted in an approximate 5 percentage point decrease compared to the comparable period in the prior year.
"I am pleased with the continued strength of our business. Our results for the fourth fiscal quarter of 2006 reflect the initial impact of the price increases we announced in November 2005 and January 2006. It remains a challenge to offset the significant commodity cost increases we have experienced," stated John D. Craig, Chairman, President and Chief Executive Officer of the company. "However, we continue to pursue pricing recovery for our products and remain focused on long-standing cost reduction programs." Craig added, "We anticipate that our first quarter of 2007 diluted net earnings per share will be between $0.17 and $0.21."