UNOVA, Inc. (NYSE:UNA); -- Intermec Product and Service Revenues up
13.3% year-over-year to $196.5 million -- EPS $0.09 from continuing
operations -- Intermec Operating Profit from Product and Service
Revenues of $16.0 million up 31% over prior-year quarter --
Intermec Product and Service Operating Margins increased 15.5% over
prior-year quarter -- Sale of Cincinnati Lamb operations completed
UNOVA, Inc. (NYSE:UNA) today announced financial results for its
fiscal first quarter which ended April 3, 2005. UNOVA reported
first quarter revenues of $196.5 million and earnings from
continuing operations of $5.4 million, or $0.09 per diluted share,
compared to 2004 first quarter revenues of $193.0 million and
earnings from continuing operations of $15.7 million, or $0.25 per
diluted share. The prior year's first quarter includes Intellectual
Property (IP) settlement revenue and operating profit of $19.7
million and $15.8 million, respectively. Including the impact of
discontinued operations, the net income for the first quarter of
2005 was $3.5 million, or $0.06 per diluted share compared to net
income of $10.5 million, or $0.17 per diluted share in the prior
year's first quarter, respectively. Intermec operating profits from
product and service revenues increased by 31 percent to $16.0
million for the first quarter of 2005, compared to $12.3 million
for the same prior year period. Operating margins for Intermec
product and service revenues were 8.2 percent in the first quarter
of 2005, compared to 7.1 percent for the prior-year quarter. "For
nearly four years now, we have achieved or exceeded the operating
forecast for our Intermec operations that we provided at the
beginning of each quarter," said Larry Brady, Chairman and CEO. "We
are encouraged by this continuing strength and growth of our
business, along with our strategic progress in repositioning our
company. These results are particularly notable following the
record level of shipments in the fourth quarter." All major
Intermec product and service revenue categories achieved double
digit growth over the comparable 2004 quarter. This was
attributable to Systems and Solutions revenue growth of 11 percent,
Services growth of 12 percent and Printer and Media growth of 16
percent over the comparable prior-year period. Geographically,
North America revenues achieved an increase of 11 percent over the
comparable prior-year period. Revenues in Europe, Mid-East and
Africa (EMEA) increased 11 percent, Latin America revenues
increased 34 percent and revenues in Asia Pacific increased 30
percent. Corporate and other expenditures of $5.9 million for the
first quarter of 2005 included expense for outside resources and
independent audit fees of $1.3 million related to compliance with
the internal control provisions of Sarbanes-Oxley Section 404 and
the year end audit. Corporate and other expenditures for the first
quarter of 2004 were $3.1 million and included the reversal of a
$2.0 million legal accrual due to a favorable ruling in an
Intellectual Property dispute during the quarter. The sale of the
Cincinnati Lamb operations was concluded at the end of the first
quarter of 2005. The loss from discontinued operations, net of tax,
for the quarter was ($1.9) million, compared to ($5.2) million in
the first quarter of 2004. In March of 2005, the Company retired
$100 million of its bonds and thus removed the cash restriction of
$50 million required under the Company's credit agreements. The
Company's cash and cash equivalent position at the end of the first
quarter was $155.2 million. About UNOVA UNOVA is a leader in global
supply chain solutions and in the development, manufacture and
integration of wired and wireless automated data collection,
Intellitag(R) RFID (radio frequency identification), mobile
computing systems, bar code printers and label media. The company's
products and services are used by customers in many industries to
improve productivity, quality and responsiveness of business
operations, from supply chain management and enterprise resource
planning to field sales and service. www.unova.com (Forward-looking
Statement) Certain forward-looking statements in this release (as
defined by Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934) relate to
matters that are not historical facts. They include, but are not
limited to, statements about the Company's ability to continue to
improve profit of its business segments, reduce expenses, improve
efficiency, leverage its research and development investment to
drive significant future revenue, complete its divestiture of its
IAS businesses and the ability to continue operational improvement
and year over year growth. Such forward-looking statements involve
and are dependent upon certain risks and uncertainties. These
include, but are not limited to, other risks and uncertainties
described more fully in the Company's filings on Form 10-K and 10-Q
with the Securities and Exchange Commission. UNOVA, Inc. First
Quarter Fiscal Year 2005 -- Earnings Conference Call UNOVA, Inc.
will hold a conference call on May 4, 2005 at 5 p.m. Eastern (2
p.m. Pacific) to review financial results from its first quarter of
fiscal year 2005. The call will be hosted by UNOVA Chief Executive
Officer, Larry D. Brady; Chief Financial Officer, Michael E. Keane;
Intermec President, Thomas O. Miller, Industrial Automation Systems
President, Robert T. Smith and Kevin McCarty, UNOVA Director of
Investor Relations. The dial-in number for participants is
888-889-1955 (US); 312-470-0046 (International) (Pass code is
"UNOVA"). The call also will be broadcast live on the Internet
under the investor information section of the UNOVA web site at
www.unova.com. -0- *T UNOVA, INC. (Unaudited, amounts in thousands
except per share amounts) Quarter Ended ------------------- April
3, March 31, 2005 2004 -------- -------- CONSOLIDATED STATEMENTS OF
OPERATIONS (Preliminary) Revenues Product and Service Revenues
$196,495 $173,355 Intellectual Property Settlements - 19,650
-------- -------- Total Revenues 196,495 193,005 Costs and Expenses
Cost of product and service revenues 113,633 99,470 Cost of
intellectual property settlements - 3,857 Selling, general and
administrative 72,756 64,755 -------- -------- Total Costs and
Expenses 186,389 168,082 -------- -------- Operating Profit From
Continuing Operations 10,106 24,923 Other Income (Expense)
Interest, net (2,126) (3,068) Foreign currency exchange, net (15)
(420) -------- -------- Total Other Income (Expense) (2,141)
(3,488) Earnings From Continuing Operations Before Taxes 7,965
21,435 Provision for income taxes 2,553 5,709 -------- --------
Earnings From Continuing Operations 5,412 15,726 Loss from
discontinued operations, net of tax (1,932) (5,244) --------
-------- Net Earnings $ 3,480 $ 10,482 ======== ======== Basic
Earnings (Loss) per Share Continuing operations $ 0.09 $ 0.26
Discontinued operations (0.03) (0.09) -------- -------- Net
earnings per share $ 0.06 $ 0.17 ======== ======== Diluted Earnings
(Loss) per Share Continuing operations $ 0.09 $ 0.25 Discontinued
operations (0.03) (0.08) -------- -------- Net earnings per share $
0.06 $ 0.17 ======== ======== Shares Used in Computing Earnings
(Loss) per Share Basic 61,093 60,188 Diluted 62,813 62,126 SELECTED
SEGMENT INFORMATION (Preliminary) Revenues from Continuing
Operations Product Related Revenues $161,943 $142,606 Service and
Service Related Revenues 34,552 30,749 Intellectual Property
Settlements 19,650 --------- -------- Total Revenues $196,495
$193,005 ======== ======== Operating Profit (Loss) From Continuing
Operations Intermec Operating Profit $ 16,040 $ 28,046 Corporate
and Other (5,934) (3,123) -------- -------- Operating Profit From
Continuing Operations $ 10,106 $ 24,923 ======== ======== UNOVA,
INC. CONSOLIDATED BALANCE SHEETS (Preliminary) (Unaudited, amounts
in thousands) April 3, Dec. 31, 2005 2004 --------- ----------
Assets Current Assets: Cash and cash equivalents $ 155,150 $
217,899 Restricted cash 50,000 Accounts receivable, net 162,184
157,833 Inventories 93,165 80,854 Net deferred tax assets 58,730
81,769 Assets held for sale 14,196 19,748 Current assets of
discontinued operations 52,214 211,116 Other current assets 9,987
8,831 --------- ---------- Total Current Assets 545,626 828,050
Property, Plant and Equipment, Net 30,462 30,375 Other Intangibles,
Net 3,972 4,072 Net Deferred Tax Assets 192,127 134,978 Long Term
Assets of Discontinued Operations 20,504 21,238 Other Assets 59,868
53,964 --------- ---------- Total Assets $ 852,559 $1,072,677
========= ========== Liabilities and Shareholders' Investment
Current Liabilities: Accounts payable and accrued expenses $
176,902 $ 160,001 Payroll and related expenses 24,510 30,077
Current portion of long-term debt 8,500 108,500 Current liabilities
of discontinued operations 31,327 130,257 --------- ----------
Total Current Liabilities 241,239 428,835 Long-term Debt 100,000
100,000 Other Long-term Liabilities 86,751 86,220 Long Term
Liabilities of Discontinued Operations 12,112 46,388 Shareholders'
Investment: Common stock 611 611 Additional paid-in capital 706,235
703,416 Accumulated deficit (303,215) (306,695) Accumulated other
comprehensive loss 8,826 13,902 --------- ---------- Total
Shareholders' Investment 412,457 411,234 --------- ---------- Total
Liabilities and Shareholders' Investment $ 852,559 $1,072,677
========= ========== UNOVA, INC. CONSOLIDATED STATEMENT OF CASH
FLOWS (Preliminary) (Unaudited, amounts in thousands) Quarter Ended
April 3, 2005 Cash and Cash Equivalents at Beginning of Period $
217,899 Cash Flows from Operating Activities: Net earnings from
continuing operations 5,412 Adjustments to reconcile net earnings
to net cash used in operating activities: Depreciation and
amortization 2,313 Loss on sale of business 34,723 Change in net
deferred tax asset (34,110) Changes in working capital and other
operating activities (8,602) --------- Net Cash Used in Operating
Activities of Continuing Operations (264) --------- Cash Flows from
Investing Activities: Capital expenditures (2,624) Other investing
activities 6,152 --------- Net Cash Provided by Investing
Activities of Continuing Operations 3,528 --------- Cash Flows from
Financing Activities: Repayment of long-term obligations (100,000)
Decrease in restricted cash 50,000 Stock options exercised 1,269
Other financing activities (302) --------- Net Cash Used in
Financing Activities of Continuing Operations (49,033) ---------
Net Cash Used in Continuing Operations (45,769) Net Cash Used in
Operating Activities of Discontinued Operations (17,221) Net Cash
Provided by Investing Activities of Discontinued Operations 241
--------- Resulting Decrease in Cash and Cash Equivalents (62,749)
--------- Cash and Cash Equivalents at End of Period $ 155,150
========= *T
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