Technitrol Reports Fourth Quarter 2007 Financial Results
Technitrol, Inc. reported revenues of $256.5 million for its fourth quarter ended December 28, 2007. Revenues were $257.1 million in the previous quarter and $236.1 million in the fourth quarter of 2006.
According to U.S. Generally Accepted Accounting Principles (GAAP), fourth-quarter net earnings from continuing operations were $16.8 million or $0.41 per diluted share, compared with $19.2 million, or $0.47 per share in the prior quarter and $14.4 million, or $0.35 per share in the fourth quarter of 2006. Excluding after-tax severance and asset-impairment expenses of $4.4 million ($0.11 per share), consistent with expectations and related primarily to previously announced relocation of automotive electronic component operations, earnings per diluted share in the fourth quarter were $0.52. On a comparable basis, adjusted net earnings were $0.51 per diluted share in the previous quarter and $0.40 in the year-ago quarter.
Earnings before interest, taxes, depreciation and amortization (EBITDA, a non-GAAP measure reconciled with GAAP net earnings) were $33.7 million in the fourth quarter of 2007, compared with $33.0 million in the previous quarter and $26.5 million in the fourth quarter of 2006.
Net cash at December 28, 2007 was $105.8 million (cash and equivalents of $116.3 million less debt of $10.5 million, of which approximately $3.0 million was retired in January), compared with $76.6 million (cash and equivalents of $99.6 million less debt of $23.0 million) at the end of the previous quarter. Technitrol’s capital spending in the fourth quarter of 2007 was approximately $6.7 million.
For fiscal 2007, Technitrol’s revenues were approximately $1.03 billion, compared with $954.1 million in fiscal 2006. GAAP earnings from continuing operations were $61.7 million, or $1.51 per diluted share, for the year, compared with $56.9 million, or $1.40 per diluted share, in fiscal 2006. Excluding severance and asset impairment expenses related primarily to transferring automotive component operations from high-cost locations to China, and other unusual items in both years, earnings per diluted share in 2007 were $1.88, compared with $1.69 per diluted share a year earlier. Full-year capital spending totaled $21.6 million in 2007.