RACINE, Wis. - Sales increased 29 percent during the three months ended Dec. 31, compared to the same period last year, marine transmission manufacturer Twin Disc, Inc. reported in a release detailing its fiscal 2005 second-quarter results yesterday.
Twin Disc said its sales were $54,731,000 compared to $42,371,000 during the same period one year before. The company said the second quarter of fiscal 2005 represents the fourth consecutive quarter sales improved year-over-year and the eighth consecutive quarter net earnings improved year-over-year.
Year-to-date sales have increased $19,776,000, or 24 percent to $100,113,000 from $80,337,000 in the fiscal 2004 first half.
Net earnings for the fiscal 2005 second quarter increased to $1,174,000, or $0.40 per diluted share from $508,000, or $0.18 per diluted share in the fiscal 2004 second quarter.
Year-to-date net earnings increased to $2,326,000, or $0.80 per diluted share from $679,000, or $0.24 per diluted share a year ago.
The year-to-date results include the effect of the Company's recent acquisition of Rolla SP Propellers SA (Rolla), which was acquired as of the end of the prior fiscal year.
"We are very pleased with both the operating and financial progress achieved for the first half of the fiscal year and over the past 12 months,” said Michael E. Batten, Twin Disc chairman and CEO. “The benefits of implementing and enhancing the restructuring strategies that were begun approximately two years ago are contributing to leveraging our capability to manufacture at higher unit volumes.
“However, continued increases in raw material prices are restricting some of these improvements and prior benefits of our cost control policies. Our backlog of orders, excluding Rolla, to be shipped over the next six months is $51.8 million, which is down slightly from the prior quarter, but is higher than the backlog at the end of the fiscal year and is nine percent higher than it was a year ago.”
Batten said the company is encouraged with its financial growth and is seeking acquisitions to add to future growth and profitability.
“With our trailing twelve-month sales and earnings now at $205.9 million and $2.40 per diluted share, respectively, we are confident about the financial outlook for fiscal 2005,” he said.
Twin Disc declares dividend
Twin Disc, Inc. said Monday that its board of directors had also declared a regular quarterly cash dividend of $0.175 per share payable on March 1, to shareholders of record on Feb. 11.
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