Magnetek Previews First Quarter Results
October 10 2011 - 8:45AM
Business Wire
Magnetek, Inc. (“Magnetek” or “the Company”) (NYSE:MAG) today
previewed its expected results for the first quarter of transition
period 2011, which ended October 2, 2011.
The Company currently expects revenue for the first quarter of
transition period 2011 of approximately $29.0 million, roughly
equivalent to bookings during the quarter, compared with the
Company’s previous revenue expectations of $25.0 million to $26.0
million. The Company attributes the better-than-expected quarterly
sales and order rates to continuing strength in its industrial
markets, primarily for products with material handling and mining
applications.
Given the increase in sales volume over the Company’s previous
revenue expectations, as well as an improvement in the Company’s
sales mix, the Company further expects to report net income from
continuing operations of $.05 to $.06 per share for the first
quarter of transition period 2011.
In its prior year fiscal first quarter, ended on October 3,
2010, the Company recorded revenue of $24.9 million and net income
from continuing operations of $0.6 million, or $.02 per share.
The Company expects to release final results for the first
quarter of transition period 2011 on or around November 16,
2011.
About Magnetek, Inc.
Magnetek, Inc. provides digital power and motion control systems
used in overhead material handling, elevator, and energy delivery
applications. The Company is North America’s largest supplier of
digital drive systems for industrial cranes, hoists, and monorails.
Magnetek provides Energy Engineered® drives, radio remote controls,
motors, and braking and collision avoidance subsystems to North
America’s foremost overhead material handling crane builders. The
Company is also the world’s largest independent builder of highly
integrated digital motion control systems for high-rise, high-speed
elevators. In energy delivery, Magnetek develops and markets
digital power inverters that connect renewable energy sources to
the utility grid, and is a leading independent supplier of digital
motion control systems for underground coal mining applications.
Magnetek is headquartered in Menomonee Falls, WI, in the greater
Milwaukee area and operates manufacturing facilities in Pittsburgh,
PA, and Canonsburg, PA, as well as Menomonee Falls.
Special Note Regarding Online Availability of Magnetek
Releases and Filings
All Magnetek financial news releases and filings with the
Security and Exchange Commission (“SEC”) are posted to the Magnetek
website. Material and financial releases as well as SEC filings are
available at www.magnetek.com. Automatic email alerts for these
postings are available from the Investor Relations section of the
site. Corporate and general releases as well as product information
are also available at www.magnetek.com.
Special Note Regarding Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding the Company's anticipated financial
results for its first quarter of transition period 2011. These
forward-looking statements are based on the Company's expectations
and are subject to risks and uncertainties that could cause actual
results to differ materially from those set forth in, contemplated
by, or underlying these forward-looking statements. These include,
but are not limited to, economic conditions in general, business
conditions in material handling, elevator, mining, and renewable
energy markets, operating conditions, competitive factors such as
pricing and technology, risks associated with acquisitions and
divestitures, legal proceedings, unanticipated adjustments to our
projected financial results for the first quarter of transition
period 2011, and the risk that the Company’s ultimate costs of
doing business exceed present estimates. Other factors that could
cause actual results to differ materially from expectations are
described in the Company's reports filed with the Securities and
Exchange Commission pursuant to the Securities Exchange Act of
1934.