This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should" or "will," or the negative of such terms, or other comparable terminology. These forward-looking statements are only predictions based on the current intent and expectations of the management of Esterline, are not guarantees of future performance or actions, and involve risks and uncertainties that are difficult to predict and may cause Esterline's or its industry's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Esterline's actual results and the timing and outcome of events may differ materially from those expressed in or implied by the forward-looking statements due to risks detailed in Esterline's public filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.
ESTERLINE TECHNOLOGIES CORPORATION Consolidated Statement of Operations (unaudited) In thousands, except per share amounts Three months ended Six months ended May 1, May 2, May 1, May 2, 2009 2008 2009 2008 ---------- ---------- ---------- ---------- Segment Sales Avionics & Controls $ 169,111 $ 147,174 $ 297,579 $ 290,082 Sensors & Systems 86,755 97,332 171,310 190,873 Advanced Materials 103,636 113,527 200,330 234,403 ---------- ---------- ---------- ---------- Net Sales 359,502 358,033 669,219 715,358 Cost of Sales 246,904 236,646 454,469 478,758 ---------- ---------- ---------- ---------- 112,598 121,387 214,750 236,600 Expenses Selling, General and Administrative 54,619 57,697 114,344 117,125 Research, Development and Engineering 18,294 25,046 35,692 46,678 ---------- ---------- ---------- ---------- Total Expenses 72,913 82,743 150,036 163,803 Other Other Expense 2,714 86 7,728 86 ---------- ---------- ---------- ---------- Total Other 2,714 86 7,728 86 ---------- ---------- ---------- ---------- Operating Earnings From Continuing Operations 36,971 38,558 56,986 72,711 Interest Income (370) (939) (781) (2,231) Interest Expense 7,610 7,272 14,346 15,178 Gain on Derivative Financial Instruments -- -- -- (1,850) ---------- ---------- ---------- ---------- Other Expense, Net 7,240 6,333 13,565 11,097 ---------- ---------- ---------- ---------- Income From Continuing Operations Before Income Taxes 29,731 32,225 43,421 61,614 Income Tax Expense 4,316 8,107 6,484 7,749 ---------- ---------- ---------- ---------- Income From Continuing Operations Before Minority Interest 25,415 24,118 36,937 53,865 Minority Interest (77) (171) (112) (193) ---------- ---------- ---------- ---------- Income From Continuing Operations 25,338 23,947 36,825 53,672 Income From Discontinued Operations, Net of Tax 375 1,238 15,831 2,497 ---------- ---------- ---------- ---------- Net Earnings $ 25,713 $ 25,185 $ 52,656 $ 56,169 ========== ========== ========== ========== Earnings Per Share Basic: Continuing Operations $ .85 $ .81 $ 1.24 $ 1.82 Discontinued Operations .02 .05 .53 .09 ---------- ---------- ---------- ---------- Earnings Per Share - Basic $ .87 $ .86 $ 1.77 $ 1.91 ========== ========== ========== ========== Earnings Per Share Diluted: Continuing Operations $ .85 $ .80 $ 1.23 $ 1.80 Discontinued Operations .01 .04 .53 .08 ---------- ---------- ---------- ---------- Earnings Per Share - Diluted $ .86 $ .84 $ 1.76 $ 1.88 ========== ========== ========== ========== Weighted Average Number of Shares Outstanding Basic 29,705 29,442 29,684 29,413 Weighted Average Number of Shares Outstanding Diluted 29,829 29,882 29,847 29,846 Consolidated Balance Sheet (unaudited) In thousands May 1, May 2, 2009 2008 ------------ ------------ Assets Current Assets Cash and cash equivalents $ 115,406 $ 109,626 Short-term investments -- 12,050 Accounts receivable, net 266,589 248,708 Inventories 286,194 289,678 Income tax refundable 7,635 6,965 Deferred income tax benefits 32,563 30,986 Prepaid expenses 15,036 16,953 Other current assets 55 -- ------------ ------------ Total Current Assets 723,478 714,966 Property, Plant and Equipment, Net 219,820 216,630 Other Non-Current Assets Goodwill 690,518 652,965 Intangibles, net 410,050 345,236 Debt issuance costs, net 8,151 8,326 Deferred income tax benefits 60,597 44,375 Other assets 38,137 26,696 ------------ ------------ $ 2,150,751 $ 2,009,194 ============ ============ Liabilities and Shareholders' Equity Current Liabilities Accounts payable $ 78,205 $ 93,423 Accrued liabilities 201,074 160,226 Credit facilities 2,398 6,819 Current maturities of long-term debt 12,482 7,699 Federal and foreign income taxes 316 10,744 ------------ ------------ Total Current Liabilities 294,475 278,911 Long-Term Liabilities Long-term debt, net of current maturities 513,559 393,594 Deferred income taxes liabilities 122,499 122,394 Other liabilities 123,452 53,118 Commitments and Contingencies -- -- Minority Interest 2,909 3,161 Shareholders' Equity 1,093,857 1,158,016 ------------ ------------ $ 2,150,751 $ 2,009,194 ============ ============
Contact Information: Contact: Brian Keogh 425-453-9400