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EnerSys Reports Second Quarter Fiscal 2011 Results - EnerSys announced results for its second quarter of fiscal 2011, which ended on October 3 (NYSE: ENS)
EnerSys Reports Second Quarter Fiscal 2011 Results

 

PRZOOM - /newswire/ - Reading, PA, United States, 2010/11/11 - EnerSys announced results for its second quarter of fiscal 2011, which ended on October 3 (NYSE: ENS).

   
 
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EnerSys the global leader in stored energy solutions for industrial applications, announced today results for its second quarter of fiscal 2011, which ended on October 3, 2010.

Net earnings for the second quarter of fiscal 2011 were $26.6 million or $0.53 per diluted share, including an unfavorable highlighted $0.05 per share impact from the $2.2 million, $2.7 million pre-tax, charge for restructuring plans and $0.3 million, $0.5 million pre-tax, for fees related to acquisition activities. Excluding these highlighted items, adjusted net earnings for the second quarter of fiscal 2011, on a non-GAAP basis, were $0.58 per diluted share, which exceeded the guidance of $0.49 to $0.53 per diluted share given by the Company on August 11, 2010. These earnings compare to the prior year second quarter adjusted net earnings of $0.32 per diluted share. Please refer to the section included herein under the heading “Reconciliation of Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information.

The net earnings of $0.53 per diluted share, which includes the highlighted items, compares to diluted net earnings per share of $0.26 for the second quarter of fiscal 2010, which included an unfavorable highlighted charge of $0.06 per share from the $2.2 million, $3.2 million pre-tax, charge for restructuring plans and the $0.6 million, $0.8 million pre-tax, expense related to acquisition activities.

Net sales for the second quarter of fiscal 2011 were $472.8 million, an increase of 29% from the prior year second quarter net sales of $367.3 million and a 9% sequential quarterly increase from the first quarter of fiscal 2011’s net sales of $435.0 million. The 29% increase was the result of an 18% increase in organic volume, 5% from acquisitions, and 7% due to pricing, which was partially offset by a 1% decrease from weaker foreign currencies, primarily the euro and British pound. The sequential revenue increase of $37.8 million in the second quarter was due primarily to organic volume growth.

Net earnings for the six months of fiscal 2011 were $49.6 million or $1.00 per diluted share, and included the unfavorable impact from highlighted charges of $0.06 per share. Highlighted charges include $2.7 million, $3.4 million pre-tax, for restructuring plans and $0.4 million, $0.7 million pre-tax, for expenses related to acquisition activities.

Net earnings for the six months of fiscal 2010 were $21.3 million or $0.44 per diluted share, and included the unfavorable impact from highlighted items of $0.11 per share from the $4.7 million, $6.7 million pre-tax, charge for the restructuring plans and the $0.8 million, $1.2 million pre-tax, expense related to potential acquisition activities.

Adjusted net earnings for the six months of fiscal 2011, on a non-GAAP basis, were $1.06 per diluted share. This compares to $0.55 per diluted share for the comparable period of fiscal 2010. Please refer to the section included herein under the heading “Reconciliation of Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information.

Net sales for the six months of fiscal 2011 were $907.8 million, an increase of 28% from the net sales of $707.6 million in the comparable period in fiscal 2010. The 28% increase was the result of a 19% increase in organic volume, 6% increase due to pricing, a 5% increase from acquisitions, partially offset by a 2% decrease from weaker foreign currencies, primarily the euro and British pound.

“Our second quarter adjusted net earnings of $0.58 per diluted share are the best second quarter earnings in our Company’s history. I am pleased with the continued improvement in our performance and that we exceeded the adjusted net earnings guidance that we gave on August 11, 2010,” stated John D. Craig, chairman, president and chief executive officer of EnerSys. “Our adjusted operating earnings as a percent of sales exceeded 10% in the quarter as both sales and gross profit margin increased from the first quarter of this fiscal year. Our recent rate of incoming orders continues to show improvement and bodes well for future quarters. In addition, our cost savings programs will continue providing earnings benefits.”

Mr. Craig added, “Our third quarter guidance for adjusted net earnings per diluted share will be between $0.59 and $0.63, which excludes an expected charge of $0.06 from our ongoing restructuring programs and acquisition expenses.”

Reconciliation of Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles, "GAAP". EnerSys' management uses the non-GAAP measure “adjusted net earnings” in their analysis of the Company's performance. This measure, as used by EnerSys in past quarters and years, adjusts net earnings determined in accordance with GAAP to reflect changes in financial results associated with the Company's restructuring initiatives and highlighted charges and income items. Management believes the presentation of this financial measure reflecting these non-GAAP adjustments provides important supplemental information in evaluating the operating results of the Company as distinct from results that include items that are not indicative of ongoing operating results; in particular, those charges that the Company incurs as a result of restructuring activities associated with its acquisitions and those charges and credits that are not directly related to operating unit performance. Because these charges are incurred as a result of a potential acquisition, they are not a helpful measure of the performance of our underlying business. This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for net earnings determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

For more information visit enersys.com/.

 
 
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EnerSys Reports Second Quarter Fiscal 2011 Results

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Contact: Beth Smith - SimonGroup.com 
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