Record Quarterly Revenue and Highest Quarterly Operating
Profit Since 2008
KENT, Wash., March 1, 2012 /PRNewswire/ -- Flow
International Corporation (NASDAQ: FLOW), the world's
leading developer and manufacturer of industrial waterjet
machines for cutting and cleaning applications, today
reported results for its fiscal 2012 third quarter ended
January 31, 2012.
For the third quarter of fiscal year 2012, Flow reported
consolidated revenues of $65.8 million, a 15% increase from
$57.5 million in the prior fiscal year. Net income in
the current quarter was $3.3 million or $0.07 per
share. In comparison, the Company reported net income
in the prior-year period of $1.2 million or $0.03 per
share.
Adjusted EBITDA for the quarter was $8.1 million or 12.3%
of sales, compared to $4.9 million in the year-ago
quarter. A reconciliation of Adjusted EBITDA to Net
Income is provided in the accompanying financial tables.
"This marks our sixth sequential quarter of increased
sales and a new quarterly record for Flow," said
Charley Brown, President and CEO of Flow. "We
also generated operating income in excess of 9% of sales,
which represents our highest level of profitability in
almost four years."
Operations Review for the Third Quarter of Fiscal 2012
-
Standard segment sales, which include sales of systems
that do not require significant custom configuration as
well as parts and services for those installed systems,
were $59.1 million, an increase of $9.2 million or 18%
from the year-ago quarter.
-
Advanced segment sales, which include sales of complex
aerospace and application systems requiring specific
custom configuration and advanced features, were $6.7
million, a decline of $0.8 million or 11% from the
year-ago quarter. Advanced segment sales are recorded
using the percentage of completion method, with lead
times generally ranging from 12 to 24 months.
-
Aggregate gross margins were 40% for the quarter, which
was consistent with the year-ago quarter. Standard
segment gross margins were 41%, which is down from 42% in
the year-ago quarter as a result of product mix. Advanced
segment gross margins were 27% in the current quarter, in
line with the year-ago quarter.
-
Total operating expenses for the quarter were $20.1
million, consistent with $20.3 million in the year-ago
quarter.
Consolidated
Statement of Operations >>
Conference Call
Flow plans to hold a conference call to discuss these
results today: Thursday, March 1, 2012 at 5:00 p.m.
Eastern Time (2:00 p.m. Pacific Time). The conference
call may be heard by dialing 888-846-5003 or
480-629-9856. A 7-day replay will be available
following the call by dialing 800-406-7325 or
303-590-3030. The conference call passcode is
4516393. A live audio Webcast of the conference call
may be found in the
investor section. A Webcast replay of the
call will also be available for 90 days.
About Flow International
Flow International Corporation is the world's leading
developer and manufacturer of industrial waterjet machines
for cutting and cleaning applications used in multiple
industries including automotive, aerospace, job shop,
surface preparation, and more. For more information, visit
www.FlowWaterjet.com.
This press release contains forward-looking statements
relating to future events or future financial performance
that involve risks and uncertainties. The words
"believe," "expect,"
"intend," "anticipate," variations of
such words, and similar expressions identify
forward-looking statements but their absence does not mean
that the statement is not forward-looking. These statements
are only predictions and actual results could differ
materially from those anticipated in these statements based
on a number of risk factors, including those set forth in
the Company's filings with the U.S. Securities and
Exchange Commission. Forward-looking statements in this
press release include, without limitation, statements
regarding the increased reach and penetration of
distribution channels. Readers are cautioned not to
place undue reliance on these forward-looking statements
that speak only as of the date of this announcement.
Flow Investor Relations
Geoffrey Buscher
253-813-3286
investors@flowcorp.com
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