Technitrol Reports Record Revenues in Fourth Quarter
Technitrol Inc., parent company of Pulse and AMI Doduco, reported consolidated revenues of $184.5 million for its fourth fiscal quarter ended Dec. 30. Revenues were $147.2 million in the previous quarter and $144.1 million in the fourth quarter of 2004.
These figures include contributions to Pulse results from LK Products since its acquisition on Sept. 8 and exclude results from AMI Doduco's bimetal and metal cladding business, which was sold in June.
Fourth-quarter net earnings from continuing operations were $7.8 million, or $0.19 per diluted share, including the cumulative effect of an accounting change.
By comparison, net earnings from continuing operations in the previous quarter were $5.3 million, or $0.13 per diluted share. Net loss in the year-ago quarter was $12.2 million, or $0.30 per diluted share. Excluding charges, continuing earnings per diluted share were $0.16 in both the previous quarter and the fourth quarter of 2004.
Earnings before interest, taxes, depreciation and amortization were $21.4 million in the fourth quarter of 2005, compared with $13.3 million in the previous quarter and $13.7 million in the fourth quarter of 2004, excluding pre-tax severance and asset-impairment expenses in all periods and, in the fourth quarter of 2005, the cumulative effect of accounting changes and the purchase accounting step-up adjustments related to LK inventories.
Net cash at Dec. 30 was $87 million (cash and equivalents of $173.7 million less debt of $86.7 million), compared with $86.6 million at the end of the previous quarter. Technitrol's capital spending in the fourth quarter of 2005 was about $4.1 million.
After-tax severance and asset-impairment expenses of approximately $2 million in the fourth quarter included severance and production relocation expenses of about $1 million each at Pulse and AMI Doduco. The Pulse expenses were primarily related to cutting jobs in Chinese connector division factories division and costs to relocate consumer division production from Turkey to China. The AMI expenses were primarily costs related to closing a factory in Italy and relocating its production to Spain.
For fiscal 2005, Technitrol's revenues from continuing operations were $616.4 million, compared with $561.3 million in fiscal 2004.
Pulse designs and manufactures a variety of passive electronic components and modules, electronic connector products, antennas for wireless communication/information devices and automotive ignition and other automotive components.
AMI Doduco manufactures electrical contacts, contact materials and contact assemblies.