EnerSys Reports Increasing Sales for Industrial Energy Storage Solutions

EnerSys, Inc. announced today results for its fourth quarter and full year of fiscal 2014, which ended on March 31, 2014. Net earnings for the fourth quarter of fiscal 2014 were $12.8 million, or $0.26 per diluted share, including an unfavorable highlighted net of tax impact of $0.92 per share from a charge of $10.6 million for restructuring plans, legal proceedings charge of $35.7 million and $0.4 million for fees related to acquisition activities. The Net earnings of $0.26 per diluted share, compares to Net earnings per diluted share of $0.77 for the fourth quarter of fiscal 2013, which included an unfavorable highlighted net of tax charge of $0.03 per share from a charge of $1.3 million for restructuring plans.

"We are pleased with our previously reported full year record earnings of $3.96 per diluted share on an as-adjusted basis," stated John D. Craig, chairman, president and chief executive officer of EnerSys. "In addition, our EMEA employees are to be congratulated for achieving operating earnings of 12.4% for the fiscal fourth quarter. This is the first time they have exceeded our minimum operating earnings target of 10%."

Mr. Craig added, "Our first quarter of fiscal 2015 guidance for non-GAAP adjusted net earnings per diluted share should be $1.02 to $1.06, which excludes an expected net charge of $0.07 from our ongoing restructuring programs and acquisition expenses."

Net sales for the fourth quarter of fiscal 2014 were $665.2 million, a 16% increase from the prior year fourth quarter net sales of $572.2 million. The 16% increase was the result of a 9% increase in organic volume, a 6% increase from acquisitions and a 1% increase due to pricing. Sequential quarterly sales increased 3% from the third quarter of fiscal 2014 net sales of $643.1 million primarily due to a 2% increase in organic volume improvement and a 1% increase from acquisitions in Americas and Asia.

Net earnings for the twelve months of fiscal 2014 were $150.3 million or $3.02 per diluted share, including an unfavorable net of tax impact of $0.94 per share from a charge of $23.0 million for restructuring plans, legal proceedings charge of $35.7 million, write-off of goodwill and other non-operating assets of $8.9 million and $1.6 million for fees related to acquisition activities partially offset by a net tax credit for $22.1 million.

Net earnings for the twelve months of fiscal 2013 were $166.5 million or $3.42 per diluted share, including an unfavorable net of tax impact of $0.13 per share from a charge of $6.1 million for restructuring plans and $0.2 million for fees related to acquisition activities.

Adjusted net earnings for the twelve months of fiscal 2014, on a non-GAAP basis, were $3.96 per diluted share. This compares to the prior year twelve months adjusted net earnings of $3.55 per diluted share. Please refer to the section included herein under the heading "Reconciliation of Non-GAAP Financial Measures" for a discussion of the Company's use of non-GAAP adjusted financial information.

Net sales for the twelve months of fiscal 2014 were $2,474.4 million, an increase of 9% from the net sales of $2,277.6 million in the comparable period in fiscal 2013. The 9% increase was primarily the result of a 5% increase in organic volume, a 3% increase from acquisitions and a 1% increase due to pricing.