APW Ltd. Announces Fiscal 2001 Third Quarter Results.Business Editors HAMILTON Hamilton, city, Bermuda Hamilton, city (1990 est. pop. 3,100), capital of Bermuda, on Bermuda Island. It is a port at the head of Great Sound, a huge lagoon and deepwater harbor protected by coral reefs. , Bermuda--(BUSINESS WIRE)--June 21, 2001 APW APW All Pro Wrestling APW Altmar Parish Williamstown (School District; Parish, New York) APW Add-Printer Wizard (Microsoft Windows) APW Augmented Plane Wave APW Apparent Polar Wander Ltd. (NYSE NYSE See: New York Stock Exchange : APW), a leading Technically Enabled Manufacturing Services "TEMS TEMS Terrestrial Ecosystem Monitoring Sites TEMS Tactical Emergency Medical Support TEMS Toyota Electronic Modulated Suspension TEMS Tactical Emergency Medical Services (EMS) TEMS Total Electronic Migration System " Company, announced today financial results for the third quarter ended May 31, 2001. The following results for the quarter and nine months ended May 31, 2001, exclude all non-recurring charges. REVIEW OF FISCAL THIRD QUARTER RESULTS Sales for the three months ended May 31, 2001 were $300.2 million, a 6% decline from the same period last year and down 5% from the second quarter ended February February: see month. 28, 2001. Excluding the negative impact of foreign currency translation, sales declined 3% from the same period a year ago. Sales for the nine months ended May 31, 2001 were a record $977.5 million, an increase of 10% from $886.0 million for the same period last year. Earnings, Cash earnings, which exclude amortization and non-cash financing costs, were a $10.5 million loss or ($0.26) per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the fiscal third quarter ended May 31, 2001 compared to $0.47 for the prior year quarter on a pro-forma basis. For the nine months ended May 31, 2001, cash earnings were $11.9 million or $0.29 per diluted share. Under United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ), including all charges, APW incurred a loss of $54.7 million or ($1.37) per diluted share in the third quarter. Summary of Pro Forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma Financial Results for APW Ltd. (excluding non-recurring charges)
(Dollars in millions, except per share values)
Nine months Nine months
Q3 01 Q3 00 ending 05/31/01 ending 05/31/00
----- ----- --------------- ---------------
Sales $300.2 $319.8 $977.5 $886.0
EBITDA 8.0 39.7 67.9 112.5
Cash Earnings (10.5) 19.2 11.9 51.3
Cash EPS $(0.26) $0.47 $0.29 $1.26
Net Earnings (18.5) 13.1 ($8.9) 33.0
Diluted EPS $(0.46) $0.32 ($0.23) $0.81
Fiscal 3Q Review During the third quarter, APW amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. its bank credit agreements and significantly reduced headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. and inventory. As of May 31, 2001, total headcount in APW was 9,100, 19% and 25% below employment levels at the end of the fiscal second quarter and fiscal first quarter, respectively. Net inventory on May 31, 2001, was $155 million, down $45 million or 22% from the end of the second quarter. $13 million of the inventory reduction was part of non-recurring charges. Restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and other non-recurring items recorded in the quarter totaled $45.5 million, pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta . $12.5 million of the total was for GAAP recognized restructuring and relates to severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when associated with the headcount reductions as well as lease termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. and exit costs associated with the closure of certain manufacturing facilities. $15.5 million relates to inventory and accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying write-offs. $16 million of the total relates to other restructuring initiatives of which $9.8 million relates to a write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of an investment assumed as part of a prior acquisition. The final $1.5 million of the $45.5 million relates to one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. costs associated with amending the bank credit agreements. Of the total $45.5 million recorded, only $14.5 million are cash costs. Fiscal 4Q Outlook APW expects sales to stabilize stabilize See peg. in the fiscal fourth quarter ending August 31, 2001 and sales are forecasted to be in the range of $290 to $300 million. Although uncertainties continue to exist in the customer base, the risks are anticipated to be offset by new program ramps. APW is helped by the fact that only 19% of its sales are in the telecom market. During the second and third quarters, APW's gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. declined due to manufacturing inefficiencies and a decline in the added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
Free cash flow in the fourth quarter is expected to be positive, reflecting improved earnings performance and additional reductions in working capital. Fiscal 2002 Outlook During fiscal 2002, APW expects to reduce its cost structure by a minimum of an additional $20 million from the annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. cost levels at May 31, 2001, primarily driven by the consolidation of smaller plants into larger plants. During its third fiscal quarter, APW announced the closing of manufacturing facilities in Wandsworth Wandsworth, inner borough (1991 pop. 237,500) of Greater London, SE London, on the Thames River. An area along the Thames is industrialized, with gasworks, breweries, and candle and paint manufacture. and Barton BARTON, old English law. The demesne land of a manor; a farm distinct from the mansion. Park in the UK; and Austin Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , TX, and Casa Grande Casa Grande (kä`sä grän`dā), city (1990 pop. 19,082), Pinal co., S Ariz.; inc. 1915. It lies in an irrigated farm area near the Casa Grande Mts. , AZ, in the United States. Subsequent to the close of the quarter, APW announced the closure of its plant in Valencia Valencia, region, Spain Valencia (välān`thēä), autonomous region (1990 pop. 3,902,429) and former kingdom, E Spain, on the Mediterranean. It now comprises the provinces of Alicante, Castellón, and Valencia. , CA. Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a G. Sim (1) (Society for Information Management, Chicago, IL, www.simnet.org) Founded in 1968 as the Society for MIS, it is a membership organization made up of corporate and division heads of IT organizations. , Chairman, President and Chief Executive Officer commented, "While we are confident in achieving our cost reduction targets, the magnitude magnitude, in astronomy, measure of the brightness of a star or other celestial object. The stars cataloged by Ptolemy (2d cent. A.D.), all visible with the unaided eye, were ranked on a brightness scale such that the brightest stars were of 1st magnitude and the of our profitability improvement will ultimately depend upon how quickly sales recover". Sim continued, "I strongly believe that APW is competitively well positioned to win its share of new programs. In the two years that we have been marketing our capabilities, we have won significant `share of mind' with a wide array of customers due to our ability to provide superior global support. As APW moves to the summer of 2002, I expect that the forecasted top line growth, coupled with a lower cost structure, will allow us to deliver competitive financial performance." Product and Technology Investments APW is completing a $20 million investment in transforming its backplane An interconnecting device that has sockets for printed circuit boards to plug into. Passive and Active Although resistors may be used, a "passive" backplane adds no processing in the circuit. board manufacturing facility located in the UK. APW's management believes this facility will be the most modern backplane manufacturing facility of its kind in the world. APW will be capable of producing large multi-layer boards of up to 30 inches by 41 inches. Initial customer reactions to utilizing this "world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. " facility have been very positive. The Company has introduced an innovative 500W CompactPCI The PCI bus technology implemented on a Eurocard form factor. Eurocards provide more rugged packaging and a more secure plug and socket than the standard PCI card used in desktop computers. DC/DC converter (1) A device that changes one set of codes, modes, sequences or frequencies to a different set. See A/D converter. (2) A device that changes current from 60Hz to 50Hz and vice versa. . This technology enables large output currents at a lower voltage The force, or pressure, of electricity. Also known as "potential." "Voltage drop" is the difference in voltage from one end of an electrical circuit to the other. For instructional purposes, voltage is often compared to water pressure. See volt-amps and current. with high efficiency. The Company has also introduced a compact High Power Telecom (DC/DC) converter technology at exceptionally competitive prices. The high reliability and the low cost of this product are achieved through sophisticated thermal thermal /ther·mal/ (ther´m'l) pertaining to or characterized by heat. ther·mal adj. 1. Of, relating to, using, producing, or caused by heat. 2. design and automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. production. APW has applied for a patent for a new bus bridging method for CompactPCI (cPCI) that allows backplanes to be fully populated A circuit board whose sockets are completely filled with chips. with cPCI plug-in An auxiliary program that works with a major software package to enhance its capability. For example, plug-ins are widely used in image editing programs such as Photoshop to add a filter for some special effect. boards and I/O (Input/Output) The transfer of data between the CPU and a peripheral device. Every transfer is an output from one device and an input to another. See PC input/output. I/O - Input/Output expansion cards. This new APW bridge is called STEALTHBridgeTM. With a STEALTHBridge backplane, a single 19-inch subrack can contain a system with 21 cPCI cards and a full complement of rear-mounted I/O transition cards, a gain of two or more slots Slots may refer to:
APW has just commissioned a new manufacturing capability for outdoor shelters that allows for the production of a shelter A general term used in statutes that relates to the provision of food, clothing, and housing for specified individuals; a home with a proper environment that affords protection from the weather. outfitted out·fit n. 1. A set of tools or equipment for a specialized purpose: a welder's outfit. See Synonyms at equipment. 2. A set of clothing, often with accessories. 3. with mechanical, electrical and thermal capabilities with a takt time Takt time can be defined as the maximum time allowed to produce a product in order to meet demand. It is derived from the German word taktzeit which translates to clock cycle. There is a logic therefore to setting the pace of production flow to this takt time. of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 70 minutes. The shelter facility, located in the UK, is expected to benefit from the expansion in mobile wireless networks throughout Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). .APW has recently scaled up its manufacturing capabilities of brushless DC motors in its Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). plant. These motors, which incorporate DSP (1) (Digital Signal Processor) A special-purpose CPU used for digital signal processing applications (see definition #2 below). It provides ultra-fast instruction sequences, such as shift and add, and multiply and add, which are commonly used in math-intensive (digital signal processor A digital signal processor (DSP) is a specialized microprocessor designed specifically for digital signal processing, generally in real-time computing. Characteristics of typical Digital Signal Processors
These initiatives emphasize APW's continued commitment to developing new products and capabilities for its customers. About APW Ltd. APW Ltd. is a Technically Enabled Manufacturing Services "TEMS" Company that designs, manufactures and integrates large, complex infrastructure products for OEM's in the large enterprise hardware, communications and internet markets. APW Ltd. is particularly strong in the design and manufacture of enclosures, thermal management, and backplanes. APW is also involved in a specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. way in the design and manufacture of power supplies and PCBA's. APW has core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
For further information contact: APW Ltd. Susan SUSAN Smallest Univalue Segment Assimilating Nucleus SUSAN Sub Saharan African Network SUSAN Smart Ultrasonic System for Aircraft NDE Hrobar, Vice President 262-523-7775 www.apw.com Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain of the above comments represent forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made pursuant to the provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Management cautions that these statements are based on current estimates of future performance and are highly dependent upon a variety of factors, which could cause actual results to differ from these estimates. APW Ltd.'s results are also subject to general economic conditions, market conditions in the computer, semiconductor, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , and electronic industries in North America, South America, Europe and Asia, continued market acceptance of APW's existing products and new product introductions, competition, the successful integration of recent acquisitions, competitive product and pricing pressures, foreign currency risk, interest rate risk, and APW's ability to access capital markets. See our Form 10 and Form S-3 for further information on risk factors.
APW Ltd.
Comparative Statement of Operations - Excluding Non-Recurring Items
(Dollars in thousands, except per share amounts)
Three Months Ended May 31, 2001 (2)
(1) Pro Forma
APW 3rd Quarter APW Three Months
As Non-Recurring Excluding Ended
Reported Items Non-Recurring May 31,
Items 2000
-------- ------ -------- -------
Net sales $ 300,208 $ - $ 300,208 $ 319,798
Cost of products
sold 268,408 (19,164) 249,244 237,060
------- ------ ------- -------
Gross profit 31,800 19,164 50,964 82,738
Engineering, selling
and administrative
expenses 67,187 (13,027) 54,160 51,835
------ ------ ------ ------
EBITA (35,387) 32,191 (3,196) 30,903
Amortization of
intangible assets 7,581 - 7,581 6,002
Restructuring expenses 12,484 (12,484) - -
Other expense:
Net financing costs 15,368 (841) 14,527 6,634
Other - net 980 - 980 (395)
------ ------ ------ ------
Earnings (loss) before
income taxes (71,800) 45,516 (26,284) 18,662
Income tax expense
(benefit) (17,059) 9,253 (7,806) 5,598
------ ------ ------ ------
Net earnings (loss) $ (54,741) $ 36,263 $ (18,478) $ 13,064
====== ====== ====== ======
Cash earnings
(loss) (3) $ (46,658) $ 36,171 $ (10,487) $ 19,221
====== ====== ====== ======
Depreciation expense 16,918 (5,737) 11,181 8,781
EBITDA (18,469) 26,454 7,985 39,684
Memo: Non-cash
financing costs 502 (92) 410 155
Earnings (loss) per share:
Cash earnings (loss)
per share: $ (1.17) $ 0.90 $ (0.26) $ 0.47
===== ==== ===== ====
Basic earnings (loss)
per share: $ (1.37) $ 0.91 $ (0.46) $ 0.33
==== ==== ==== ====
Diluted earnings (loss)
per share: $ (1.37) $ 0.91 $ (0.46) $ 0.32
Weighted average
common shares
outstanding
(000's) 40,038 40,038 40,038 39,094
====== ====== ====== ======
Weighted average
common and potential
dilutive common shares
outstanding
(000's) (4) 40,038 40,038 40,038 40,837
(1) Non-recurring items in the quarter ended May 31, 2001 are: (i)
$12.5M restructuring charge for severance, lease exit and dilapidation
costs, (ii) $15.4M in other non-recurring items related to the
restructuring, and (iii) $17.6M in non-cash asset write-offs of
inventory, accounts receivable and equipment.
(2) Pro forma adjustments to Fiscal 2000 are: (i) adjustments to
include $3.0M of general corporate expenses per quarter, (ii)
adjustments to exclude corporate reorganization expenses allocated
from Applied Power Inc. relating to the spin-off transaction, (iii)
adjustments to net financing costs based on the debt structure of the
company after the spin-off from Applied Power Inc., and (iv)
adjustments to income tax expense to reflect an estimated 30% tax rate
APW Ltd. is subject to after its incorporation in Bermuda.
(3) Cash earnings exclude the amortization of intangible assets and
non-cash financing costs.
(4) Shares outstanding for the three months ended May 31, 2001 reflect
no dilution due to the loss in the quarter then ended. Diluted shares
outstanding for the three months ended May 31, 2000 reflect the same
level of dilution as in the quarter ended August 31, 2000.
APW Ltd.
Comparative Statement of Operations - Excluding Non-Recurring Items
(Dollars in thousands, except per share amounts)
Nine Months Ended May 31, 2001 (2)
----------------------------------
(1) Pro Forma
APW Non- APW Excluding Nine Months
As Recurring Non-Recurring Ended
Reported Items Items May 31, 2000
--------- ---------- ----------- ------------
Net sales $ 977,494 $ - $ 977,494 $ 886,014
Cost of products sold 791,574 (19,164) 772,410 653,577
--------- -------- -------- --------
Gross profit 185,920 19,164 205,084 232,437
Engineering, selling and
administrative expenses 180,452 (13,027) 167,425 146,008
Loss on sale of
subsidiary 2,667 (2,667) - -
EBITA 2,801 34,858 37,659 86,429
--------- -------- -------- --------
Amortization of
intangible assets 20,022 - 20,022 17,844
Restructuring expenses 12,484 (12,484) - -
Other expense:
Net financing costs 29,141 (841) 28,300 20,536
Other - net 2,038 - 2,038 958
--------- -------- -------- --------
Earnings (loss) before
income taxes (60,884) 48,183 (12,701) 47,091
Income tax expense
(benefit) (13,025) 9,253 (3,772) 14,127
---------- -------- -------- --------
Net earnings (loss) $ (47,859) $ 38,930 $ (8,929) $ 32,964
========== ======== ======== ========
Cash earnings (loss)(3) $ (26,963) $ 38,838 $ 11,875 $ 51,273
========== ======== ======== ========
Depreciation expense 35,991 (5,737) 30,254 26,061
EBITDA 38,792 29,121 67,913 112,490
Memo: Non-cash financing
costs 874 (92) 782 465
Earnings (loss) per
share:
Cash earnings (loss) per
share: (4) $ (0.68) $ 0.98 $ 0.29 $ 1.26
======== ====== ======== ======
Basic earnings (loss)
per share: $ (1.21) $ 0.98 $ (0.23) $ 0.84
======== ====== ======== ======
Diluted earnings (loss)
per share: $ (1.21) $ 0.98 $ (0.23) $ 0.81
======== ====== ======== ======
Weighted average common
shares outstanding
(000's) 39,551 39,551 39,551 39,045
====== ====== ====== ======
Weighted average common
and potential dilutive
common shares
outstanding (000's)(5) 39,551 39,551 39,551 40,789
====== ====== ====== ======
(1) Non-recurring items in the quarter ended May 31, 2001 are: (i)
$12.5M restructuring charge for severance, lease exit and dilapidation
costs, (ii) $15.4M in other non-recurring items related to the
restructuring, and (iii) $17.6M in non-cash asset write-offs of
inventory, accounts receivable and equipment.
(2) Pro forma adjustments to Fiscal 2000 are: (i) adjustments to
include $3.0M of general corporate expenses per quarter, (ii)
adjustments to exclude corporate reorganization expenses allocated
from Applied Power Inc. relating to the spin-off transaction, (iii)
adjustments to net financing costs based on the debt structure of the
company after the spin-off from Applied Power Inc., and (iv)
adjustments to income tax expense to reflect an estimated 30% tax rate
APW Ltd. is subject to after its incorporation in Bermuda.
(3) Cash earnings exclude the amortization of intangible assets
and non-cash financing costs.
(4) Cash earnings per share for the nine months ended May 31,
2001, excluding non-recurring items, reflects the potential dilutive
effect on common shares outstanding of 1,498,000 shares in the nine
month period due to positive cash earnings.
(5) Shares outstanding for the three months ended May 31, 2001
reflect no dilution due to the loss in the quarter then ended. Diluted
shares outstanding for the three months ended May 31, 2000 reflect the
same level of dilution as in the quarter ended August 31, 2000.
APW Ltd.
Comparative Balance Sheets
(Dollars in Thousands)
May 31, August 31,
2001 2000
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 8,573 $ 570
Accounts receivable, net 120,139 118,481
Inventories, net 155,038 155,402
Prepaid expenses and other assets 35,850 23,149
------------ ------------
Total current assets 319,600 297,602
Property, plant & equipment:
Gross property, plant & equipment 502,145 359,007
Less: accumulated depreciation (238,599) (181,975)
------------ ------------
Net property, plant & equipment 263,546 177,032
------------ ------------
Goodwill, net 855,107 673,060
Other intangible assets, net 28,535 9,262
Other assets 48,341 57,114
------------ ------------
Total assets $ 1,515,129 $ 1,214,070
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings $ 5,434 $ -
Trade accounts payable 129,596 149,877
Accrued compensation and benefits 29,199 31,174
Income taxes payable
(including amounts due to Actuant) 28,681 71,073
Other current liabilities 41,910 40,113
------------ ------------
Total current liabilities 234,820 292,237
Long-term debt 616,377 236,370
Deferred income taxes 9,109 9,580
Other non-current liabilities
(including amounts due to Actuant) 50,651 49,504
------------ ------------
Total liabilities 910,957 587,691
Shareholders' equity 604,172 626,379
------------ ------------
Total liabilities and
shareholders' equity $ 1,515,129 $ 1,214,070
============ ============
APW Ltd.
Comparative Statements of Operations
(Dollars in thousands, except per share amounts)
Three Months Ended May 31,
2001 2000
--------------------------
Net sales $ 300,208 $ 319,798
Cost of products sold 268,408 237,060
--------- ---------
Gross profit 31,800 82,738
Engineering, selling and
administrative expenses 67,187 50,933
Corporate reorganization expenses - 641
--------- ---------
EBITA (35,387) 31,164
Amortization of intangible assets 7,581 6,002
Restructuring expenses 12,484 -
Other expense (income):
Net financing costs 15,368 14,655
Other - net 980 (395)
--------- ---------
Earnings (loss) before income taxes (71,800) 10,902
Income tax expense (benefit) (17,059) 4,576
--------- ---------
Net earnings (loss) $ (54,741) $ 6,326
========= =========
Depreciation expense 16,918 8,781
EBITDA (18,469) 39,945
Earnings (loss) per share:
Basic and Diluted earnings (loss)
per share: $ (1.37) $ 0.16
========= =========
Weighted average common and
potential dilutive common shares
outstanding (000's) (1) 40,038 39,094
========= =========
(1) Shares outstanding for the three months ended May 31, 2001 reflect
no dilution due to the loss in the quarter then ended.
APW Ltd.
Comparative Statements of Operations
(Dollars in thousands, except per share amounts)
Nine Months Ended May 31,
2001 2000
---- ----
Net sales $ 977,494 $ 886,014
Cost of products sold 791,574 653,577
------- -------
Gross profit 185,920 232,437
Engineering, selling and
administrative expenses 180,452 142,792
Corporate reorganization expenses - 2,803
Loss on sale of subsidiary 2,667 -
EBITA 2,801 86,842
----- ------
Amortization of intangible assets 20,022 17,844
Restructuring expenses 12,484 -
Other expense:
Net financing costs 29,141 38,222
Other - net 2,038 958
------ ------
Earnings (loss) before income taxes (60,884) 29,818
Income tax expense (benefit) (13,025) 12,548
------ ------
Income (loss) before extraordinary item (47,859) 17,270
Extraordinary loss on early retirement of debt,
net of income tax benefit of $1,250 - (2,083)
Net earnings (loss) $ (47,859) $ 15,187
====== ======
Depreciation expense 35,991 26,061
EBITDA 38,792 112,903
Earnings (loss) per share:
Basic and Diluted earnings (loss)
per share before extraordinary item: $ (1.21) $ 0.44
Extraordinary loss on early retirement of debt,
net of income tax benefit - (0.05)
------- ------
Basic and Diluted earnings (loss) per share: $ (1.21) $ 0.39
======= ======
Weighted average common and potential
dilutive common shares outstanding
(000's) (1) 39,551 39,045
====== ======
(1) Shares outstanding for the nine months ended May 31, 2001 reflect
no dilution due to the loss in the nine month period then ended.
APW Ltd.
Customer Sales Summary
Top 10 Customers
Actual Actual
Quarter Ended Quarter Ended
November 30, 2000 February 28, 2001
---------------------------------- ----------------------------------
Applied Materials Applied Materials
Compaq Compaq
Cymer Cymer
EMC EMC
Ericsson Ericsson
Hewlett-Packard Hewlett-Packard
Lucent Lucent
NCR NCR
Nortel Nortel
Sun Microsystems Sun Microsystems
Top 10 Customers Sales $ 147,634 Top 10 Customers Sales $ 128,600
----------- -----------
% of Total Sales 41% % of Total Sales 40%
----------- -----------
Top Customer Top Customer
% of Total Sales 9% % of Total Sales 10%
----------- -----------
Actual Actual
Quarter Ended FY 2001 Year-To-Date
May 31, 2001
---------------------------------- -----------------------------------
Compaq Applied Materials
Cymer Compaq
EMC Cymer
Ericsson EMC
Fujitsu Ericsson
Hewlett-Packard Hewlett-Packard
Lucent Lucent
NCR NCR
Nortel Nortel
Sun Microsystems Sun Microsystems
Top 10 Customers Sales $ 127,546 Top 10 Customers Sales $ 401,634
----------- -----------
% of Total Sales 42% % of Total Sales 41%
----------- -----------
Top Customer Top Customer
% of Total Sales 11% % of Total Sales 10%
----------- -----------
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