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Molex Incorporated (NASDAQ: MOLX and MOLXA), a global electronic
components company, today reported results for its first quarter
ended September 30, 2011.
Three Months Ended
Sept. 30, Jun. 30, Sept. 30,
USD millions, except per share data 2011 2011 2010
Net revenue $ 936.0 $ 913.7 $ 897.7
Net income 80.5 77.3 75.1
Earnings per share 0.46 0.44 0.43
Revenue for the September 2011 quarter was $936.0 million, an
increase of 2.4% from the June 2011 quarter and an increase of 4.3%
from the September 2010 quarter. This is a record for the Company
and above the high end of the guidance provided on August 3, 2011.
Revenue in local currencies increased 1.2% from the June 2011
quarter and declined 1.6% from the September 2010 quarter. Net
income for the September 2011 quarter was $80.5 million or $0.46
per share, compared with net income of $77.3 million or $0.44 per
share for the June 2011 quarter and net income of $75.1 million or
$0.43 per share for the September 2010 quarter.
"Molex had another strong quarter, once again setting records
for revenue and earnings per share. Production in Japan increased
during the quarter as our operations recovered from the earthquake
and tsunami and as our customers pushed to prepare for the
Christmas selling season," commented Martin P. Slark, Molex's Chief
Executive Officer. "We successfully converted the higher revenue to
income, which allowed us to expand our margins and exceed our
guidance for the September quarter."
"While near term demand for our products is impacted by economic
uncertainty, we remain confident that the long term trends of
increased mobility, growth in emerging markets and a hardware
replacement cycle will continue to drive the industry forward. With
our global footprint, innovative design capabilities and improved
cost structure, we are well positioned to capitalize on these
opportunities."
Other financial highlights for the quarter ended September 30,
2011:
-- Gross profit margin was 31.3% in the September 2011 quarter, compared
with 30.6% in the September 2010 quarter and 30.8% in the June
2011
quarter.
-- SG&A expense was $169.2 million, or 18.1% of revenue compared with
17.5% in the September 2010 quarter and 18.4% in the June 2011
quarter.
-- Capital expenditures were $42.8 million or 4.6% of revenue.
-- Depreciation and amortization was $61.2 million or 6.5% of revenue.
-- Backlog was $387.2 million, a decrease of $31.3 million or 7.5% from
the June 2011 quarter.
-- The book-to-bill ratio was 0.97 to 1 for the September 2011 quarter.
-- Inventory days outstanding was 84 days compared with 85 days in the
September 2010 quarter and 84 days in the June 2011 quarter.
-- Accounts receivable days outstanding was 69 days compared with 76 days
in the September 2010 quarter and 72 days in the June 2011
quarter.
-- Cash flow from operations was $150.5 million, an increase of 141% from
the September 2010 quarter and a new record.
-- The effective tax rate was 32.6%. Excluding the reversal of a tax
benefit for a significant number of employee stock options
that
expired unexercised during the quarter, the effective tax rate
was
30.0%.
Outlook
At the current time, the global economic environment is very
difficult to interpret and this uncertainty as well as our recent
incoming order trend has been reflected in the Company's outlook
for the coming quarter. The Company estimates revenue in a range of
$870 to $910 million for the December 2011 quarter. At this level
of revenue, the Company expects earnings per share in a range of
$0.37 to $0.43 assuming constant foreign currency rates and
commodity prices and an effective tax rate in the range of 30% to
32%.
Earnings Conference Call Information
A conference call will be held on Tuesday, October 25, 2011 at
7:30 am central time. Please dial (888) 680-0890 to participate in
the call. International callers should dial (617) 213-4857. Please
dial in at least five minutes prior to the start of the call and
refer to participant pass code 469 206 39#. Internet users will be
able to access the webcast, including slide materials, live and in
replay in the "Investors" section of the Company's website at
www.molex.com. A 48-hour telephone replay will be available at
approximately 10:30 am central time at (888) 286-8010 or (617)
801-6888 / pass code 47915877.
Other Investor Events
Oct 28, 2011 - Molex Annual Meeting of Stockholders in Lisle,
IL
Nov 16, 2011 - UBS Global Technology & Services Conference
in New York, NY
Nov 30, 2011 - Credit Suisse Annual Technology Conference,
Scottsdale, AZ
Dec 7, 2011 - NASDAQ OMX 27th Investor Program in London
Forward-Looking Statements
Statements in this release that are not historical are
forward-looking and are subject to various risks and uncertainties
that could cause actual results to vary materially from those
stated.Words such as "anticipates," "expects," "believes,"
"intends," "plans," "projects," "estimates," "potential," and
similar expressions are used to identify these forward-looking
statements.Forward-looking statements are based on currently
available information and include, among others, the discussion
under "Outlook."These statements are not guarantees of future
performance and are subject to risks, uncertainties and assumptions
including those associated with the operation of our business,
including the risk that customer demand will decrease either
temporarily or permanently, whether due to the Company's actions or
the demand for the Company's products, and that the Company may not
be able to respond through cost reductions in a timely and
effective manner; the risk that the value of our inventory may
decline; price cutting, new product introductions and other actions
by our competitors; fluctuations in the costs of raw materials that
the Company is not able to pass through to customers because of
existing contracts or market factors; the availability of credit
and general market liquidity; fluctuations in currency exchange
rates; natural disasters; the financial condition of our customers;
labor cost increases; and the ability to realize cost savings from
cost reduction initiatives, the outcome of legal proceedings and
losses resulting from unauthorized activities in Molex Japan.
Other factors, risks and uncertainties are set forth in Item 1A
"Risk Factors" of the Company's Form 10-K for the year ended June
30, 2011, which is incorporated by reference and in other reports
that Molex files or furnishes with the Securities and Exchange
Commission.Forward-looking statements are based upon assumptions as
to future events that may not prove to be accurate.Actual outcomes
and results may differ materially from what is expressed in these
forward-looking statements.As a result, this release speaks only as
of its date and Molex disclaims any obligation to revise these
forward-looking statements or to provide any updates regarding
information contained in this release resulting from new
information, future events or otherwise.
Molex Incorporated is a 73-year-old global manufacturer of
electronic, electrical and fiber optic interconnection systems.
Based in Lisle, Illinois, USA, the Company operates 39
manufacturing locations in 16 countries. The Molex website is
www.molex.com.
Editor's note: Molex is traded on the NASDAQ Global Select
Market (MOLX and MOLXA) in the United States and on the London
Stock Exchange. The Company's voting common stock (MOLX) is
included in the S&P 500 Index.
Molex Incorporated
Condensed Consolidated Balance Sheets
(in thousands)
Sept. 30, June 30,
2011 2011
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 557,376 $ 532,599
Marketable securities 11,150 13,947
Accounts receivable, less allowances 782,833 811,449
of $40,685 and $42,297 respectively
Inventories 547,209 535,953
Deferred income taxes 131,819 129,158
Other current assets 40,917 32,239
Total current assets 2,071,304 2,055,345
Property, plant and equipment, net 1,144,023 1,168,448
Goodwill 148,349 149,452
Non-current deferred income taxes 39,404 38,178
Other assets 177,498 186,429
Total assets $ 3,580,578 $ 3,597,852
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 129,781 $ 119,764
and short-term borrowings
Accounts payable 349,657 359,812
Accrued expenses:
Accrual for unauthorized activities in Japan 191,873 182,460
Income taxes payable 32,349 2,383
Other 222,930 217,628
Total current liabilities 926,590 882,047
Other non-current liabilities 22,253 23,879
Accrued pension and postretirement benefits 96,232 100,866
Long-term debt 176,925 222,794
Total liabilities 1,222,000 1,229,586
Commitments and contingencies
Total stockholders' equity 2,358,578 2,368,266
Total liabilities and stockholders' equity $ 3,580,578 $ 3,597,852
Molex Incorporated
Condensed Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
Three Months Ended
September 30,
2011 2010
Net revenue $ 935,985 $ 897,672
Cost of sales 643,257 622,596
Gross profit 292,728 275,076
Selling, general and administrative 169,225 157,056
Unauthorized activities in Japan 2,922 5,542
Total operating expenses 172,147 162,598
Income from operations 120,581 112,478
Interest expense, net 1,391 1,335
Other (income) expense (276 ) 351
Total other expense, net 1,115 1,686
Income before income taxes 119,466 110,792
Income taxes 38,949 35,688
Net income $ 80,517 $ 75,104
Earnings per share:
Basic $ 0.46 $ 0.43
Diluted $ 0.46 $ 0.43
Dividends declared per share $ 0.2000 $ 0.1525
Average common shares outstanding:
Basic 175,466 174,370
Diluted 176,585 175,156
Molex Incorporated
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended
September 30,
2011 2010
Operating activities:
Net income $ 80,517 $ 75,104
Add non-cash items included in net income:
Depreciation and amortization 61,239 59,108
Share-based compensation 5,135 5,149
Other non-cash items 5,991 8,634
Changes in assets and liabilities:
Accounts receivable 22,927 (29,343 )
Inventories (18,260 ) (57,988 )
Accounts payable (10,702 ) (24,876 )
Other current assets and liabilities 28,890 27,886
Other assets and liabilities (25,188 ) (1,079 )
Cash provided from operating activities 150,549 62,595
Investing activities:
Capital expenditures (42,804 ) (71,192 )
Proceeds from sales of property, 1,396 643
plant and equipment
Proceeds from sales or maturities 4,868 2,184
of marketable securities
Purchases of marketable securities (2,777 ) (1,257 )
Cash used for investing activities (39,317 ) (69,622 )
Financing activities:
Proceeds from revolving credit facility 30,000 20,000
Payments on revolving credit facility (195,000 ) (10,000 )
Payments on short-term loans (27,266 ) -
Proceeds from issuance of long-term debt 150,000 797
Payments of long-term debt (143 ) (24,840 )
Cash dividends paid (35,068 ) (26,565 )
Exercise of stock options 620 358
Other financing activities (1,014 ) (967 )
Cash used for financing activities (77,871 ) (41,217 )
Effect of exchange rate changes on cash (8,584 ) 12,536
Net increase (decrease) in 24,777 (35,708 )
cash and cash equivalents
Cash and cash equivalents, beginning of period 532,599 376,352
Cash and cash equivalents, end of period $ 557,376 $ 340,644
Steve Martens, VP Investor RelationsMolex
Incorporated630-527-4344
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