READING, Pa., Nov. 2, 2015 /PRNewswire/ -- EnerSys (NYSE:
ENS) the global leader in stored energy solutions for industrial
applications, announced today results for its second quarter of
fiscal 2016, which ended on September 27,
2015.
Net earnings attributable to EnerSys stockholders ("Net
earnings") for the second quarter of fiscal 2016 were $40.0 million, or $0.87 per diluted share, including an unfavorable
highlighted net of tax impact of $0.10 per share from a charge of $2.0 million for restructuring plans,
$2.9 million for legal proceedings
charge, net, $0.6 million for ERP
system implementation and $0.2
million for fees related to acquisition activities,
partially offset by a tax benefit of $1.0
million related to accelerated stock-based compensation of
senior executives.
The Net earnings of $0.87 per
diluted share compares to Net earnings of $1.16 per diluted share for the second quarter of
fiscal 2015, which included a favorable highlighted net of tax
impact of $0.10 per share impact from
a legal accrual reversal, net of professional fees of $9.9 million and gain of $2.0 million in connection with the disposition
of our equity interest in Altergy, pursuant to a legal settlement,
offset by charges of $1.4 million for
restructuring and other exit costs, $5.3
million for stock-based compensation of senior executives,
$0.5 million for ERP system
implementation and $0.1 million for
fees related to acquisition activities.
Excluding these highlighted items, adjusted Net earnings per
diluted share for the second quarter of fiscal 2016, on a non-GAAP
basis were $0.97, which exceeds the
guidance of $0.92 to $0.96 per
diluted share given by the Company on August
5, 2015. These earnings compare to the prior year second
quarter adjusted Net earnings of $1.06 per diluted share. Please refer to the
section included herein under the heading "Reconciliation of
Non-GAAP Financial Measures" for a discussion of the Company's use
of non-GAAP adjusted financial information.
Net sales for the second quarter of fiscal 2016 were
$569.1 million, a decrease of 10%
from the prior year second quarter net sales of $629.9 million and a 1% sequential quarterly
increase from the first quarter of fiscal 2016 net sales of
$562.1 million. The 10% decrease
compared to prior year quarter was largely the result of a 9%
decrease due to foreign currency translation impact and a 3%
decrease in organic volume, partially offset by a 1% increase each
from pricing and acquisitions. The 1% increase in the current
quarter compared to the first quarter of fiscal 2016 was the result
of a 1% increase each from pricing and acquisitions, partially
offset by a 1% foreign currency translation impact.
The Company's operating results for its business segments for
the second quarters of fiscal 2016 and 2015 are as follows:
|
Quarter
ended
|
|
($
millions)
|
|
September 27,
2015
|
|
September 28,
2014
|
Net sales by
segment
|
|
|
|
Americas
|
$
|
322.5
|
|
|
$
|
333.2
|
|
EMEA
|
189.4
|
|
|
233.3
|
|
Asia
|
57.2
|
|
|
63.4
|
|
|
|
|
|
Total net
sales
|
$
|
569.1
|
|
|
$
|
629.9
|
|
|
|
|
|
Operating
earnings
|
|
|
|
Americas
|
$
|
49.4
|
|
|
$
|
42.9
|
|
EMEA
|
17.1
|
|
|
26.1
|
|
Asia
|
0.1
|
|
|
4.5
|
|
Restructuring and
other exit charges - EMEA
|
(1.9)
|
|
|
(1.8)
|
|
Restructuring charges
- Asia
|
(0.7)
|
|
|
—
|
|
Competition
investigations and related legal charges - EMEA
|
(4.0)
|
|
|
—
|
|
Reversal of legal
accrual, net of fees - Americas
|
0.8
|
|
|
16.2
|
|
ERP system
implementation - Americas
|
(1.0)
|
|
|
(0.7)
|
|
Stock-based
compensation of senior executives (Americas $3.7, EMEA $2.7, Asia
$0.7)
|
—
|
|
|
(7.1)
|
|
Acquisition activity
expense - Americas
|
—
|
|
|
(0.1)
|
|
Acquisition activity
expense - Asia
|
(0.2)
|
|
|
—
|
|
|
|
|
|
Total operating
earnings
|
$
|
59.6
|
|
|
$
|
80.0
|
|
EMEA - Europe,
Middle East and Africa
Net earnings for the six months of fiscal 2016 were $88.4 million, or $1.91 per diluted share, including an unfavorable
net of tax impact of $0.06 per share
from a charge of $2.9 million for
restructuring plans, $2.9 million for
legal proceedings charge, net, $1.1
million for ERP system implementation and $0.4 million for fees related to acquisition
activities, partially offset by a gain of $3.3 million relating to the sale of a facility
in our Asia segment and a tax
benefit of $1.0 million related to
accelerated stock-based compensation of senior executives.
Net earnings for the six months of fiscal 2015 were $105.5 million, or $2.15 per diluted share, including a favorable
net of tax impact of $0.07 per share
from a legal accrual reversal, net of professional fees of
$9.9 million and gain of $2.0 million in connection with the disposition
of our equity interest in Altergy, pursuant to a legal settlement,
offset by charges of $2.7 million for
restructuring and other exit costs, $5.3
million for stock-based compensation of senior executives,
$0.5 million for ERP system
implementation and $0.3 million for
fees related to acquisition activities.
Adjusted Net earnings for the six months of fiscal 2016, on a
non-GAAP basis, were $1.97 per
diluted share. This compares to the prior year six months adjusted
Net earnings of $2.08 per diluted
share. Please refer to the section included herein under the
heading "Reconciliation of Non-GAAP Financial Measures" for a
discussion of the Company's use of non-GAAP adjusted financial
information.
Net sales for the six months of fiscal 2016 were $1,131.2 million, a decrease of 11% from the net
sales of $1,264.0 million in the
comparable period in fiscal 2015. The 11% decrease was largely the
result of a 9% decrease due to foreign currency translation impact
and a 3% decrease in organic volume, partially offset by a 1%
increase from acquisitions.
The Company's operating results for its business segments for
the six months of fiscal years 2016 and 2015 are as follows:
|
Six months
ended
|
|
($
millions)
|
|
September 27,
2015
|
|
September 28,
2014
|
Net sales by
segment
|
|
|
|
Americas
|
$
|
639.5
|
|
|
$
|
664.1
|
|
EMEA
|
386.1
|
|
|
475.3
|
|
Asia
|
105.6
|
|
|
124.6
|
|
|
|
|
|
Total net
sales
|
$
|
1,131.2
|
|
|
$
|
1,264.0
|
|
|
|
|
|
Operating
earnings
|
|
|
|
Americas
|
$
|
95.7
|
|
|
$
|
84.4
|
|
EMEA
|
37.7
|
|
|
54.7
|
|
Asia
|
0.1
|
|
|
8.1
|
|
Restructuring charges
- Americas
|
(0.6)
|
|
|
—
|
|
Restructuring and
other exit charges - EMEA
|
(2.5)
|
|
|
(3.6)
|
|
Restructuring charges
- Asia
|
(0.7)
|
|
|
—
|
|
Competition
investigations and related legal charges - EMEA
|
(4.0)
|
|
|
—
|
|
Reversal of legal
accrual, net of fees - Americas
|
0.8
|
|
|
16.2
|
|
Gain on sale of
facility - Asia
|
4.3
|
|
|
—
|
|
Stock-based
compensation of senior executives (Americas $3.7, EMEA $2.7, Asia
$0.7)
|
—
|
|
|
(7.1)
|
|
ERP system
implementation - Americas
|
(1.8)
|
|
|
(0.7)
|
|
Acquisition activity
expense - Americas
|
(0.2)
|
|
|
(0.1)
|
|
Acquisition activity
expense - Asia
|
(0.2)
|
|
|
(0.2)
|
|
|
|
|
|
Total operating
earnings
|
$
|
128.6
|
|
|
$
|
151.7
|
|
"Our adjusted earnings per share of $0.97 for our second quarter exceeded the range
of our previous guidance of $0.92 to
$0.96," stated John D. Craig,
chairman and chief executive officer of EnerSys. "We continue to
experience a global reserve power spending pause and have taken
actions to reduce our manufacturing and SG&A costs until our
order rate picks up. Our current order intake and backlog remain
positive in motive power. Our third quarter guidance for non-GAAP
adjusted Net earnings per diluted share is $0.90 to $0.94, which excludes an expected
charge of $0.06 from our ongoing
restructuring programs, ERP system implementation and acquisition
expenses."
Reconciliation of Non-GAAP Financial Measures
This press release contains financial information determined by
methods other than in accordance with U.S. Generally Accepted
Accounting Principles, ("GAAP"). EnerSys' management uses the
non-GAAP measure "adjusted Net Earnings" in their analysis of the
Company's performance. This measure, as used by EnerSys in past
quarters and years, adjusts Net Earnings determined in accordance
with GAAP to reflect changes in financial results associated with
the Company's restructuring initiatives and other highlighted
charges and income items. Management believes the presentation of
this financial measure reflecting these non-GAAP adjustments
provides important supplemental information in evaluating the
operating results of the Company as distinct from results that
include items that are not indicative of ongoing operating results;
in particular, those charges that the Company incurs as a result of
restructuring activities, impairment of goodwill and
indefinite-lived intangibles and those charges and credits that are
not directly related to operating unit performance, such as fees
and expenses related to acquisition activities, stock-based
compensation of senior executives, significant legal proceedings,
ERP system implementation and tax valuation allowance changes.
Because these charges are not incurred as a result of ongoing
operations or are incurred as a result of a potential or previous
acquisition, they are not a helpful measure of the performance of
our underlying business particularly in light of their
unpredictable nature. This non-GAAP disclosure has limitations as
an analytical tool, should not be viewed as a substitute for Net
Earnings determined in accordance with GAAP, and should not be
considered in isolation or as a substitute for analysis of the
Company's results as reported under GAAP, nor is it necessarily
comparable to non-GAAP performance measures that may be presented
by other companies. Management believes that this non-GAAP
supplemental information will be helpful in understanding the
Company's ongoing operating results. This supplemental presentation
should not be construed as an inference that the Company's future
results will be unaffected by similar adjustments to Net Earnings
determined in accordance with GAAP.
Included below is a reconciliation of non-GAAP adjusted
financial measures to preliminary amounts. Non-GAAP adjusted Net
earnings are calculated excluding restructuring and other
highlighted charges and credits. The following tables provide
additional information regarding certain non-GAAP measures:
|
Quarter
ended
|
|
|
September 27,
2015
|
|
|
September 28,
2014
|
|
|
(in millions,
except share and per share amounts)
|
|
Net earnings
reconciliation
|
|
|
|
|
|
As reported Net
earnings
|
$
|
40.0
|
|
|
$
|
56.3
|
|
Non-GAAP adjustments,
net of tax:
|
|
|
|
|
|
Restructuring
charges
|
2.0
|
(1)
|
|
1.4
|
(1)
|
Legal proceedings
charge / (reversal of legal accrual, net of fees)
|
2.9
|
(2)
|
|
(9.9)
|
(2)
|
Gain on disposition of
equity interest in Altergy
|
—
|
|
|
(2.0)
|
(2)
|
ERP system
implementation
|
0.6
|
(3)
|
|
0.5
|
(3)
|
Stock-based
compensation of senior executives
|
—
|
|
|
5.3
|
(4)
|
Acquisition activity
expense
|
0.2
|
(6)
|
|
0.1
|
(6)
|
Tax benefit related to
stock-based compensation of senior executives
|
(1.0)
|
(7)
|
|
—
|
|
Non-GAAP adjusted
Net earnings
|
$
|
44.7
|
|
|
$
|
51.7
|
|
|
|
|
|
|
|
Outstanding shares
used in per share calculations
|
|
|
|
|
|
Basic
|
44,944,027
|
|
|
46,133,637
|
|
Diluted
|
46,005,399
|
|
|
48,537,276
|
|
|
|
|
|
|
|
Non-GAAP adjusted
Net earnings per share:
|
|
|
|
|
|
Basic
|
$
|
1.00
|
|
|
$
|
1.12
|
|
Diluted
|
$
|
0.97
|
|
|
$
|
1.06
|
|
|
|
|
|
|
|
Reported Net
earnings per share:
|
|
|
|
|
|
Basic
|
$
|
0.89
|
|
|
$
|
1.22
|
|
Diluted
|
$
|
0.87
|
|
|
$
|
1.16
|
|
Dividends per
common share
|
$
|
0.175
|
|
|
$
|
0.175
|
|
The following table provides the regional allocation of the
non-GAAP adjustments shown in the reconciliation above:
|
|
Quarter
ended
|
|
|
September 27,
2015
|
|
September 28,
2014
|
|
|
Pre-tax
|
|
Net of tax
|
|
Pre-tax
|
|
Net of tax
|
|
|
($
millions)
|
|
($
millions)
|
(1) Restructuring and
other exit charges - EMEA
|
|
$
|
1.9
|
|
|
$
|
1.3
|
|
|
$
|
1.8
|
|
|
$
|
1.4
|
|
(1) Restructuring -
Asia
|
|
0.7
|
|
|
0.7
|
|
|
—
|
|
|
—
|
|
(2) Competition
investigations and related legal charges - EMEA
|
|
4.0
|
|
|
3.4
|
|
|
—
|
|
|
—
|
|
(2) Reversal of legal
accrual, net of fees - Americas
|
|
(0.8)
|
|
|
(0.5)
|
|
|
(16.2)
|
|
|
(9.9)
|
|
(2) Gain on
disposition of equity interest in Altergy - Americas
|
|
—
|
|
|
—
|
|
|
(2.0)
|
|
|
(2.0)
|
|
(3) ERP system
implementation - Americas
|
|
1.0
|
|
|
0.6
|
|
|
0.7
|
|
|
0.5
|
|
(4) Stock-based
compensation of senior executives - Americas
|
|
—
|
|
|
—
|
|
|
3.7
|
|
|
2.8
|
|
(4) Stock-based
compensation of senior executives - EMEA
|
|
—
|
|
|
—
|
|
|
2.7
|
|
|
2.0
|
|
(4) Stock-based
compensation of senior executives - Asia
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|
0.5
|
|
(6) Acquisition
activity expense - Americas
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
(6) Acquisition
activity expense - Asia
|
|
0.2
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
(7) Tax benefit
related to stock-based compensation of senior executives
|
|
(1.0)
|
|
|
(1.0)
|
|
|
—
|
|
|
—
|
|
Total Non-GAAP
adjustments
|
|
|
$
|
6.0
|
|
|
$
|
4.7
|
|
|
$
|
(8.5)
|
|
|
$
|
(4.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA - Europe,
Middle East and Africa
|
|
Six months
ended
|
|
|
September 27,
2015
|
|
|
September 28,
2014
|
|
|
(in millions,
except share and per share amounts)
|
|
Net earnings
reconciliation
|
|
|
|
|
|
As reported Net
earnings
|
$
|
88.4
|
|
|
$
|
105.5
|
|
Non-GAAP adjustments,
net of tax:
|
|
|
|
|
|
Restructuring
charges
|
2.9
|
(1)
|
|
2.7
|
(1)
|
Legal proceedings
charge / (reversal of legal accrual, net of fees)
|
2.9
|
(2)
|
|
(9.9)
|
(2)
|
Gain on disposition of
equity interest in Altergy
|
—
|
|
|
(2.0)
|
(2)
|
ERP system
implementation
|
1.1
|
(3)
|
|
0.5
|
(3)
|
Stock-based
compensation of senior executives
|
—
|
|
|
5.3
|
(4)
|
Gain on sale of
facility
|
(3.3)
|
(5)
|
|
—
|
|
Acquisition activity
expense
|
0.4
|
(6)
|
|
0.3
|
(6)
|
Tax benefit related to
stock-based compensation of senior executives
|
(1.0)
|
(7)
|
|
—
|
|
Non-GAAP adjusted
Net earnings
|
$
|
91.4
|
|
|
$
|
102.4
|
|
|
|
|
|
|
|
Outstanding shares
used in per share calculations
|
|
|
|
|
|
Basic
|
44,588,971
|
|
|
46,516,470
|
|
Diluted
|
46,380,887
|
|
|
49,131,757
|
|
|
|
|
|
|
|
Non-GAAP adjusted
Net earnings per share:
|
|
|
|
|
|
Basic
|
$
|
2.05
|
|
|
$
|
2.20
|
|
Diluted
|
$
|
1.97
|
|
|
$
|
2.08
|
|
|
|
|
|
|
|
Reported Net
earnings per share:
|
|
|
|
|
|
Basic
|
$
|
1.98
|
|
|
$
|
2.27
|
|
Diluted
|
$
|
1.91
|
|
|
$
|
2.15
|
|
Dividends per
common share
|
$
|
0.35
|
|
|
$
|
0.35
|
|
The following table provides the regional allocation of the
non-GAAP adjustments shown in the reconciliation above:
|
|
|
|
|
|
|
Six months
ended
|
|
|
September 27,
2015
|
|
September 28,
2014
|
|
|
Pre-tax
|
|
Net of tax
|
|
Pre-tax
|
|
Net of tax
|
|
|
($
millions)
|
|
($
millions)
|
(1) Restructuring -
Americas
|
|
$
|
0.6
|
|
|
$
|
0.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(1) Restructuring and
other exit charges - EMEA
|
|
2.5
|
|
|
1.8
|
|
|
3.6
|
|
|
2.7
|
|
(1) Restructuring -
Asia
|
|
0.7
|
|
|
0.7
|
|
|
—
|
|
|
—
|
|
(2) Competition
investigations and related legal charges - EMEA
|
|
4.0
|
|
|
3.4
|
|
|
—
|
|
|
—
|
|
(2) Reversal of legal
accrual, net of fees - Americas
|
|
(0.8)
|
|
|
(0.5)
|
|
|
(16.2)
|
|
|
(9.9)
|
|
(2) Gain on
disposition of equity interest in Altergy - Americas
|
|
—
|
|
|
—
|
|
|
(2.0)
|
|
|
(2.0)
|
|
(3) ERP system
implementation - Americas
|
|
1.8
|
|
|
1.1
|
|
|
0.7
|
|
|
0.5
|
|
(4) Stock-based
compensation of senior executives - Americas
|
|
—
|
|
|
—
|
|
|
3.7
|
|
|
2.8
|
|
(4) Stock-based
compensation of senior executives - EMEA
|
|
—
|
|
|
—
|
|
|
2.7
|
|
|
2.0
|
|
(4) Stock-based
compensation of senior executives - Asia
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|
0.5
|
|
(5) Gain on sale of
facility - Asia
|
|
(4.3)
|
|
|
(3.3)
|
|
|
—
|
|
|
—
|
|
(6) Acquisition
activity expense - Americas
|
|
0.2
|
|
|
0.2
|
|
|
0.1
|
|
|
0.1
|
|
(6) Acquisition
activity expense - Asia
|
|
0.2
|
|
|
0.2
|
|
|
0.2
|
|
|
0.2
|
|
(7) Tax benefit
related to stock-based compensation of senior executives
|
|
(1.0)
|
|
|
(1.0)
|
|
|
—
|
|
|
—
|
|
Total Non-GAAP
adjustments
|
|
$
|
3.9
|
|
|
$
|
3.0
|
|
|
$
|
(6.5)
|
|
|
$
|
(3.1)
|
|
|
|
|
|
|
|
|
EMEA - Europe,
Middle East and Africa
|
Summary of
Earnings (Unaudited)
|
(In millions,
except share and per share data)
|
|
|
|
|
|
Quarter
ended
|
|
September 27,
2015
|
|
September 28,
2014
|
Net sales
|
$
|
569.1
|
|
|
$
|
629.9
|
|
Gross
profit
|
155.0
|
|
|
162.5
|
|
Operating
expenses
|
89.6
|
|
|
96.9
|
|
Restructuring
charges
|
2.6
|
|
|
1.8
|
|
Legal accrual /
(reversal of legal accrual, net of fees)
|
3.2
|
|
|
(16.2)
|
|
Operating
earnings
|
59.6
|
|
|
80.0
|
|
Earnings before
income taxes
|
53.8
|
|
|
79.1
|
|
Net earnings
attributable to EnerSys stockholders
|
$
|
40.0
|
|
|
$
|
56.3
|
|
|
|
|
|
Net earnings per
common share attributable to EnerSys stockholders:
|
|
|
|
Basic
|
$
|
0.89
|
|
|
$
|
1.22
|
|
Diluted
|
$
|
0.87
|
|
|
$
|
1.16
|
|
Dividends per common
share
|
$
|
0.175
|
|
|
$
|
0.175
|
|
Weighted-average
number of common shares used in per share calculations:
|
|
|
|
Basic
|
44,944,027
|
|
|
46,133,637
|
|
Diluted
|
46,005,399
|
|
|
48,537,276
|
|
|
Six months
ended
|
|
September 27,
2015
|
|
September 28,
2014
|
Net sales
|
$
|
1,131.2
|
|
|
$
|
1,264.0
|
|
Gross
profit
|
305.4
|
|
|
325.1
|
|
Operating
expenses
|
174.1
|
|
|
186.0
|
|
Restructuring
charges
|
3.8
|
|
|
3.6
|
|
Legal accrual /
(reversal of legal accrual, net of fees)
|
3.2
|
|
|
(16.2)
|
|
Gain on sale of
facility
|
(4.3)
|
|
|
—
|
|
Operating
earnings
|
128.6
|
|
|
151.7
|
|
Earnings before
income taxes
|
115.8
|
|
|
144.9
|
|
Net earnings
attributable to EnerSys stockholders
|
$
|
88.4
|
|
|
$
|
105.5
|
|
|
|
|
|
Net earnings per
common share attributable to EnerSys stockholders:
|
|
|
|
Basic
|
$
|
1.98
|
|
|
$
|
2.27
|
|
Diluted
|
$
|
1.91
|
|
|
$
|
2.15
|
|
Dividends per common
share
|
$
|
0.35
|
|
|
$
|
0.35
|
|
Weighted-average
number of common shares used in per share calculations:
|
|
|
|
Basic
|
44,588,971
|
|
|
46,516,470
|
|
Diluted
|
46,380,887
|
|
|
49,131,757
|
|
EnerSys also announced that it will host a conference call to
discuss the Company's second quarter fiscal year 2016 financial
results and provide an overview of the business. The call will
conclude with a question and answer session.
The call, scheduled for Wednesday,
November 4, 2015 at 9:00 a.m. Eastern
Time, will be hosted by John D.
Craig, Chairman and Chief Executive Officer, David M. Shaffer, President & Chief
Operating Officer, and Michael J.
Schmidtlein, Chief Financial Officer.
The call will also be Webcast on EnerSys' website. There will be
a free download of a compatible media player on the Company's web
site at http://www.enersys.com.
The conference call information is:
Date:
|
Wednesday, November
4, 2015
|
Time:
|
9:00 a.m. Eastern
Time
|
Via
Internet:
|
http://www.enersys.com
|
Domestic Dial-In
Number:
|
877-359-9508
|
International Dial-In
Number:
|
224-357-2393
|
Passcode:
|
21398899
|
A replay of the conference call will be available from
12:30 p.m. on November 4, 2015 through midnight on December 4, 2015.
The replay information is:
Via
Internet:
|
http://www.enersys.com
|
Domestic Replay
Number:
|
855-859-2056
|
International Replay
Number:
|
404-537-3406
|
Passcode:
|
21398899
|
For more information, contact Thomas
O'Neill, Vice President and Treasurer, EnerSys, P.O. Box
14145, Reading, PA 19612-4145,
USA. Tel: 610-236-4040; Web site:
www.enersys.com.
EDITOR'S NOTE: EnerSys, the global leader in stored energy
solutions for industrial applications, manufactures and distributes
reserve power and motive power batteries, battery chargers, power
equipment, battery accessories and outdoor equipment enclosure
solutions to customers worldwide. Motive power batteries and
chargers are utilized in electric forklift trucks and other
commercial electric powered vehicles. Reserve power batteries
are used in the telecommunication and utility industries,
uninterruptible power supplies, and numerous applications requiring
stored energy solutions including medical, aerospace and defense
systems. Outdoor equipment enclosure products are utilized in
the telecommunication, cable, utility, transportation
industries and by government and defense customers. The
company also provides aftermarket and customer support services to
its customers from over 100 countries through its sales and
manufacturing locations around the world.
More information regarding EnerSys can be found at
www.enersys.com.
Caution Concerning Forward-Looking Statements
This press release, and oral statements made regarding the
subjects of this release, contains forward-looking statements,
within the meaning of the Private Securities Litigation Reform Act
of 1995, or the Reform Act, which may include, but are not limited
to, statements regarding EnerSys' earnings estimates, intention to
pay quarterly cash dividends, return capital to stockholders,
plans, objectives, expectations and intentions and other statements
contained in this press release that are not historical facts,
including statements identified by words such as "believe," "plan,"
"seek," "expect," "intend," "estimate," "anticipate," "will," and
similar expressions. All statements addressing operating
performance, events, or developments that EnerSys expects or
anticipates will occur in the future, including statements relating
to sales growth, earnings or earnings per share growth, order
intake, backlog, payment of future cash dividends, execution of its
stock buy back program, judicial or regulatory proceedings, and
market share, as well as statements expressing optimism or
pessimism about future operating results or benefits from either
its cash dividend or its stock buy back programs, are
forward-looking statements within the meaning of the Reform Act.
The forward-looking statements are based on management's current
views and assumptions regarding future events and operating
performance, and are inherently subject to significant business,
economic, and competitive uncertainties and contingencies and
changes in circumstances, many of which are beyond the Company's
control. The statements in this press release are made as of the
date of this press release, even if subsequently made available by
EnerSys on its website or otherwise. EnerSys does not undertake any
obligation to update or revise these statements to reflect events
or circumstances occurring after the date of this press
release.
Although EnerSys does not make forward-looking statements unless
it believes it has a reasonable basis for doing so, EnerSys cannot
guarantee their accuracy. The foregoing factors, among others,
could cause actual results to differ materially from those
described in these forward-looking statements. For a list of other
factors which could affect EnerSys' results, including earnings
estimates, see EnerSys' filings with the Securities and Exchange
Commission, "Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations," including
"Forward-Looking Statements," set forth in EnerSys' Quarterly
Report on Form 10-Q for the period ended September 27, 2015. No undue reliance should be
placed on any forward-looking statements.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/enersys-reports-second-quarter-fiscal-2016-results-300170092.html
SOURCE EnerSys