TIDMMOL
Molex Incorporated (NASDAQ: MOLX) and (NASDAQ: MOLXA), a global
electronic components company, today reported results for its third
quarter ended March 31, 2013.
Three Months Ended
Mar 31, Dec 31, Mar 31,
USD millions, except per share data 2013 2012 2012
Net revenue $ 852.9 $ 967.7 $ 837.1
Net income 44.8 70.4 64.9
Earnings per share 0.25 0.39 0.36
Net revenue for the March 2013 quarter was $852.9 million, a
decrease of 11.9% from the December 2012 quarter and an increase of
1.9% from the March 2012 quarter. In local currencies, net revenue
declined 11.5% compared with the December 2012 quarter and
increased 3.0% compared with the March 2012 quarter. Orders for the
March 2013 quarter were $909.2 million, a decrease of 1.1% from the
December 2012 quarter and an increase of 4.2% from the March 2012
quarter.
Net income for the March 2013 quarter was $44.8 million or $0.25
per share, compared with $70.4 million, or $0.39 per share, for the
December 2012 quarter and $64.9 million, or $0.36 per share, for
the March 2012 quarter. The current quarter was impacted by the
previously announced litigation settlement related to unauthorized
activities in Japan, which reduced net income by $21.8 million
($13.9 million after-tax or $0.08 per share) representing amounts
related to the settlement not previously accrued.
"Revenue in the March quarter was weaker than expected, largely
due to the sharp reduction in demand from one customer for certain
new programs that were launched in the September quarter and ramped
significantly in the December quarter. The remainder of the
business experienced a normal seasonal decline in revenue. We were
able to mitigate the impact of lower revenue by closely managing
manufacturing and operating costs," stated Martin P. Slark, Chief
Executive Officer. "Our backlog increased both sequentially and
year over year and our order rate for the quarter was stable with
sequential improvements in the automotive and industrial markets.
The distribution channel was also stronger this quarter and we are
optimistic that the remainder of calendar 2013 will provide more
robust growth opportunities."
Other financial highlights for the quarter ended March 31,
2013:
-- Gross profit margin was 29.1%, compared with 29.9% in the December
2012 quarter and 30.5% in the March 2012 quarter.
-- SG&A expense was $167.4 million, compared with $181.0 million in the
December 2012 quarter and $163.9 million in the March 2012
quarter.
-- Backlog was $463.0 million, an increase of 14.6% from the December
2012 quarter and an increase of 22.8% from the March 2012
quarter.
-- The book-to-bill ratio for the March quarter was 1.07 to 1 compared
with 0.95 to 1 for the December 2012 quarter and 1.04 to 1 for
the
March 2012 quarter.
-- Capital expenditures were $55.9 million or 6.6% of revenue.
-- Inventory days outstanding was 89 days compared with 83 days in the
December 2012 quarter and 93 days in the March 2012 quarter.
-- Accounts receivable days outstanding was 70 days compared with 67 days
in the December 2012 quarter and 72 days in the March 2012
quarter.
-- The effective tax rate was 23.6%. Excluding the impact from the Japan
litigation settlement, the effective tax rate was 26.6%.
Japan Litigation Settlement
As previously announced on February 15, 2013, Molex and Mizuho
Bank settled litigation regarding previously reported unauthorized
loans. Pursuant to the settlement, Molex agreed to pay ¥17 billion
($182.8 million) and Mizuho Bank agreed to release Molex cash
accounts and provisional attachments and to release Molex from any
future claims. During the third quarter, the Company recognized a
charge to income from operations of $21.2 million ($13.5 million
after-tax) largely for interest expense and legal fees, and
incurred related transaction costs charged to other income
(expense) of $0.6 million ($0.4 million after-tax).
Increase in Cash Dividend
The Board of Directors has approved an increase in the quarterly
cash dividend to $0.24 per share, an increase of 9.1% from the
previous cash dividend of $0.22 per share. The increase is
effective for the cash dividend payable on July 25, 2013 to
shareholders of record on June 28, 2013, for each share of Common
Stock (MOLX), Class A Common Stock (MOLXA) and Class B Common
Stock, and will continue quarterly until further action by the
Board.
Outlook
Based upon current order rates and customer backlog, the Company
estimates revenue in the range of $870 to $910 million for the June
2013 quarter. At this level of revenue, the Company expects
earnings per share in the range of $0.33 to $0.37, assuming
constant foreign currency rates, unchanged 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, April 23, 2013 at
8:30 a.m. central time. Please dial (888) 679-8034 to participate
in the call. International callers should dial (617) 213-4847.
Please dial in at least five minutes prior to the start of the call
and refer to participant pass code 58992005. 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 a.m. central time at (888) 286-8010 or (617)
801-6888 / pass code 33101742.
Other Investor Events
May 8, 2013 / Jefferies 2013 Global Technology, Media and
Telecom Conference in New York
June 13, 2013 / 33rd Annual William Blair Growth Stock
Conference in Chicago
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 "expect," "anticipate," "outlook," "forecast,"
"could," "project," "intend," "plan," "continue," "believe,"
"seek," "estimate," "should," "may," "assume," "potential,"
variations of such words and similar expressions are intended to
identify such 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 involve certain risks,
uncertainties and assumptions that are difficult to predict.
Respective risks, uncertainties, and assumptions that could affect
the outcome or results of operations are described in Part 1, Item
1A of our Annual Report on Form 10-K for the year ended June 30,
2012, and the Form 10-Q for the quarters ended September 30, 2012
and December 31, 2012, which are incorporated by reference and in
other reports that Molex files or furnishes with the Securities and
Exchange Commission.
We have based our forward-looking statements on our management's
beliefs and assumptions based on information available to
management at the time the statements are made. We caution you that
actual outcomes and results may differ materially from what is
expressed, implied, or forecasted by our forward-looking
statements. Reference is made in particular to forward-looking
statements regarding growth strategies, industry trends, global
economic conditions, success of customers, cost of raw materials,
value of inventory, foreign currency exchange rates, labor costs,
protection of intellectual property, cost reduction initiatives,
acquisition synergies, manufacturing strategies, product
development introduction and sales, regulatory changes, competitive
strengths, income tax fluctuations, natural disasters, unauthorized
access to data, government investigations and outcomes of legal
proceedings. Except as required under the federal securities laws,
we do not have any intention or obligation to update publicly any
forward-looking statements after the distribution of this report,
whether as a result of new information, future events, changes in
assumptions, or otherwise.
Molex Incorporated is a 74-year-old global manufacturer of
electronic, electrical and fiber optic interconnection systems.
Based in Lisle, Illinois, USA, the Company operates 41
manufacturing locations in 15 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)
Mar. 31, June 30,
2013 2012
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 702,786 $ 637,417
Marketable securities 10,145 14,830
Accounts receivable, less allowances of 657,447 751,279
$38,530 and $37,876, respectively
Inventories 544,633 531,825
Income taxes receivable 18,628 -
Deferred income taxes 38,601 110,789
Other current assets 30,015 33,098
Total current assets 2,002,255 2,079,238
Property, plant and equipment, net 1,135,637 1,150,549
Goodwill 191,551 160,986
Non-current deferred income taxes 49,095 50,038
Other assets 183,288 170,692
Total assets $ 3,561,826 $ 3,611,503
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of short-term borrowings $ 88,725 $ 104,933
and long-term debt
Accounts payable 301,536 355,491
Accrued expenses:
Accrued liability for unauthorized - 184,177
activities in Japan
Income taxes payable - 35,360
Other 225,592 212,035
Total current liabilities 615,853 891,996
Other non-current liabilities 17,381 18,174
Accrued pension and other 92,020 115,176
postretirement benefits
Long-term debt 315,000 150,032
Total liabilities 1,040,254 1,175,378
Commitments and contingencies
Total stockholders' equity 2,521,572 2,436,125
Total liabilities and stockholders' equity $ 3,561,826 $ 3,611,503
Molex
Incorporated
Condensed
Consolidated
Statements
of Income
(Unaudited)
(in thousands,
except
per share
data)
Three Months Ended Nine Months Ended
March 31, March 31,
2013 2012 2013 2012
Net revenue $ 852,858 $ 837,080 $ 2,737,514 $ 2,630,663
Cost of sales 604,326 581,904 1,931,395 1,819,822
Gross profit 248,532 255,176 806,119 810,841
Selling, 167,384 163,853 511,533 496,151
general
and
administrative
Unauthorized 21,210 2,521 25,398 8,166
activities
in Japan
Total 188,594 166,374 536,931 504,317
operating
expenses
Income from 59,938 88,802 269,188 306,524
operations
Interest (1,582 ) (1,212 ) (3,525 ) (4,697 )
(expense)
income, net
Other income 265 1,561 (1,690 ) 3,319
(expense)
Total other (1,317 ) 349 (5,215 ) (1,378 )
(expense)
income, net
Income before 58,621 89,151 263,973 305,146
income taxes
Income taxes 13,854 24,268 77,498 95,730
Net income $ 44,767 $ 64,883 $ 186,475 $ 209,416
Earnings per
share:
Basic $ 0.25 $ 0.37 $ 1.05 $ 1.19
Diluted $ 0.25 $ 0.36 $ 1.04 $ 1.18
Dividends $ 0.2200 $ 0.2000 $ 0.6600 $ 0.6000
declared
per share
Average common
shares
outstanding:
Basic 177,527 176,164 177,102 175,830
Diluted 179,652 178,134 179,031 177,152
Molex Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Nine Months Ended
March 31,
2013 2012
Operating activities:
Net income $ 186,475 $ 209,416
Add non-cash items included in net income:
Depreciation and amortization 176,445 179,664
Share-based compensation 22,045 17,248
Other non-cash items 1,356 8,914
Changes in assets and liabilities:
Accounts receivable 80,152 71,833
Inventories (23,751 ) (20,896 )
Accounts payable (41,703 ) (38,382 )
Other current assets and liabilities 21,633 (4,747 )
Unauthorized activities in Japan (165,813 ) -
Other assets and liabilities (22,349 ) 7,328
Cash provided from operating activities 234,490 430,378
Investing activities:
Capital expenditures (203,985 ) (149,427 )
Acquisitions (55,299 ) (24,000 )
Proceeds from sales of property, 15,189 3,373
plant and equipment
Proceeds from sales or maturities 12,722 8,348
of marketable securities
Purchases of marketable securities (7,959 ) (8,881 )
Insurance proceeds and other 9,962 11,000
investing activities
Cash used for investing activities (229,370 ) (159,587 )
Financing activities:
Proceeds from revolving credit facility, 441,401 75,000
short-term loans and debt
Payments on revolving credit facility, (277,434 ) (308,615 )
short-term loans and debt
Net proceeds from issuance of long-term debt - 149,521
Cash dividends paid (116,706 ) (105,375 )
Exercise of stock options 9,894 6,867
Other financing activities (3,233 ) (3,199 )
Cash provided by (used for) 53,922 (185,801 )
financing activities
Effect of exchange rate changes on cash 6,327 (8,780 )
Net increase in cash and cash equivalents 65,369 76,210
Cash and cash equivalents, beginning of period 637,417 532,599
Cash and cash equivalents, end of period $ 702,786 $ 608,809
Molex IncorporatedSteve Martens, VP Investor
Relations630-527-4344
This information is provided by Business Wire
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