"Despite strong first quarter results, most of our product lines experienced order declines late in the quarter, thus providing a cautionary tone as we enter our second quarter. We responded to this initial change in business conditions by reducing discretionary spending, deferring certain capital expenditures and developing plans to further adjust our cost structure. At the same time, we continue to pursue our key 2009 objectives to implement lean, develop our people, invest in our selling efforts, develop new products and applications, and pursue modest acquisitions."
"Robbins & Myers remains financially secure with $74 million of cash, an undrawn senior credit facility, and $33 million of debt. We have revised our expectations for the full year to reflect recent changes in order levels, unfavorable global economic conditions and currency translation headwinds, mitigated somewhat by announced share repurchases and efforts to reduce costs."
The Company announced fiscal 2009 DEPS expectations of $1.80-$2.00, which includes approximately $0.11 of benefit from recent share repurchases. The Company also expects fiscal second quarter 2009 DEPS of $0.40-$0.50, as compared with actual results of $0.47 in the second quarter of fiscal 2008, which included $0.04 of benefits from a facility sale and tax benefits.
First Quarter Results by Segment
All comparisons are made against the comparable year-ago quarterly period unless otherwise stated.
The Fluid Management segment reported first
|SOURCE Robbins & Myers, Inc.|
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