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EnerSys Reports First Fiscal Quarter of 2008 Results - EnerSys (NYSE:ENS), the world’s largest manufacturer, marketer and distributor of industrial batteries, announced today its financial results for the first fiscal quarter of 2008
EnerSys Reports First Fiscal Quarter of 2008 Results

 

PRZOOM - /newswire/ - Sellersville, PA, United States, 2007/08/14 - EnerSys (NYSE:ENS), the world’s largest manufacturer, marketer and distributor of industrial batteries, announced today its financial results for the first fiscal quarter of 2008.

   
 
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Net earnings for the Company’s first fiscal quarter of 2008 were $7.4 million, or $0.16 per basic share and $0.15 per diluted share, which includes the $6.8 million ($9.9 million pretax), or $0.14 per share, unfavorable impact of the previously disclosed European restructuring plan and $0.1 million ($0.2 million pretax) of costs associated with a secondary offering of the Company’s common stock held by certain of our stockholders. Net earnings in the first fiscal quarter of the prior year were $ 12.2 million, or $0.26 per basic and diluted share, which included $1.9 million ($2.8 million pretax) or a $0.04 per share favorable impact from a legal settlement. Excluding the highlighted charges and credits, non-GAAP adjusted net earnings for the first fiscal quarter of 2008 were $14.3 million or $0.31 per basic share and $0.30 per diluted share, compared to non-GAAP adjusted net earnings for the first fiscal quarter of 2007 of $10.3 million or $0.22 per basic and diluted share. Please refer to the paragraph below under the heading “Reconciliation of Non-GAAP Adjusted Financial Measures” for a discussion of the Company’s use of Non-GAAP adjusted financial information. These adjusted results exceed diluted EPS guidance of $0.24 - $0.28 per share, which also excluded the $0.14 per share impact of the European restructuring plan, as provided in our press release of June 13, 2007.

Net sales for the first fiscal quarter of 2008 were $429.9 million, compared to $359.0 million in the comparable period of the prior year, or an increase of 19.7%. Our first quarter growth rate includes: approximately 6% growth attributable to ongoing selling price recovery actions; approximately 5% growth due to stronger foreign currencies, primarily the euro compared to the U.S. dollar; and approximately 2% growth due to recent acquisitions. Organic growth in net sales for the first fiscal quarter of 2008 compared to the comparable period of the prior year (net sales growth excluding the effects of foreign currency translation, acquisitions and price increases) was approximately 7%.

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EnerSys Reports First Fiscal Quarter of 2008 Results

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