KENT, Wash., Dec. 2 /PRNewswire-FirstCall/ -- Flow International
Corporation (Nasdaq: FLOWE), the world's leading supplier of
ultrahigh-pressure waterjet products, yesterday reported results and filed
the Form 10-Q for its fiscal 2006 first quarter ended July 31, 2005.
FLOW had previously announced preliminary first quarter financial results
on September 15, 2005. Compared to the previously announced results, the
Company has made adjustments to cost of sales, operating expenses and to items
below the operating income line. The effect of these adjustments, compared to
the previously announced preliminary results, is shown below. The adjustments
did not impact previously announced sales or cash flows for the quarter.
-- Operating income decreased by $508,000 to $1.9 million.
Net income decreased by $686,000 to $22,000 and earnings per basic and
diluted earnings per share decreased from $0.02 to $0.00. This decrease was
primarily the result of the recording of additional costs related to the
disposition of Avure, contracts in progress, and compensation expense
Final results for the fiscal 2006 first quarter ended July 31, 2005 are
reported in the financial tables that follow.
With the filing of its Form 10-Q, the Company will again be in compliance
with NASDAQ listing requirements.
About Flow International
Flow International Corporation is the world's leading developer and
manufacturer of ultrahigh-pressure waterjet cutting technology to industries
including automotive, aerospace, job shop, surface preparation, and more. For
more information, visit http://www.flowcorp.com.
Contact: John Leness
General Counsel
253-850-3500
Flow International Corporation
Consolidated Statement of Operations
(Unaudited)
Dollars in thousands, except per share data
Three months ended July 31,
2005 2004 % Change
Sales $49,729 $48,982 2%
Cost of sales 29,106 31,087 -6%
Gross margin 20,623 17,895 15%
Operating expenses:
Marketing 8,545 7,309 17%
Research and engineering 2,691 2,604 3%
General and administrative 7,366 5,728 29%
Restructuring 98 -- NM
Financial Consulting -- 623 -100%
Operating expenses 18,700 16,264 15%
Operating income 1,923 1,631 18%
Interest expense, net (798) (3,095) -74%
Other expense, net (226) (170) -33%
Income (loss) before taxes 899 (1,634) NM
Income tax provision (877) (706) -24%
Net Income (loss) $22 $(2,340) NM
Earnings (loss) per share:
Basic $0.00 $(0.15) NM
Diluted $0.00 (0.15) NM
Weighted average shares outstanding
(000):
Basic 34,299 15,686
Diluted 36,012 15,686
NM = not meaningful
Flow International Corporation
Statement of Operations
Operations Breakdown
(Unaudited)
Dollars in thousands, except per share data
Three Months ended July 31, 2005
Flow Avure
Waterjet Technologies Consolidated
Systems
Sales $41,986 $7,743 $49,729
Cost of sales 24,252 4,854 29,106
Gross margin 17,734 2,889 20,623
Operating expenses 15,568 3,132 18,700
Operating income
(loss) 2,166 (243) 1,923
Three Months ended July 31, 2004
Flow Avure
Waterjet Technologies Consolidated
Systems
Sales $38,299 $10,683 $48,982
Cost of sales 24,326 6,761 31,087
Gross margin 13,973 3,922 17,895
Operating expenses 12,940 3,324 16,264
Operating income
(loss) 1,033 598 1,631
Flow International Corporation
Supplemental Data
(Unaudited)
Dollars in thousands
Three months ended July 31,
2005 2004 % Change
Divisional revenue breakdown:
Flow Waterjet Systems:
Systems $28,721 $25,900 11%
Consumable parts and services 13,265 12,399 7%
Total 41,986 38,299 10%
Avure Technologies
Fresher Under Pressure 2,337 3,868 -40%
General Press 5,406 6,815 -21%
Total 7,743 10,683 -28%
$49,729 $48,982 2%
Geographic revenue breakdown:
United States $28,954 $26,979 7%
Rest of Americas 4,181 4,895 -15%
Europe 10,826 10,757 1%
Asia 5,768 6,351 -9%
$49,729 $48,982 2%
Depreciation and amortization expense $1,165 $1,322 -12%
Capital spending $519 $329 58%
Flow International Corporation
Condensed Balance Sheet Data
(Unaudited)
Dollars in thousands
July 31, April 30,
2005 2005 % Change
Cash, including restricted cash $17,746 $13,445 32%
Receivables, net 28,047 38,325 -27%
Inventories 26,034 24,218 7%
Total current assets 80,366 84,666 -5%
Total assets 112,512 118,467 -5%
Total debt $17,617 $19,147 -8%
Total liabilities 82,156 87,356 -6%
Total shareholders' equity 28,178 28,710 -2%
SOURCE Flow International Corporation
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Related links:
http://www.flowcorp.com
CONTACT:
John Leness, General Counsel of Flow
International Corporation, +1-253-850-3500
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