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First quarter 2009 revenue of
"Despite the significant challenges posed by the current global economy,
we are pleased with our operating results for the first quarter, which has
historically been our weakest quarter in the year," said
Mr. Cannon continued, "Although market conditions will remain challenging, we are aggressively managing our cost structure and will initiate further cost reduction actions as needed. Our aftermarket demand remains reasonably stable as many customers are working to boost their operating efficiencies while reducing capital investment. We are focused on providing outstanding products and services to our customers to strengthen our leading market positions."
JBT FoodTech
JBT FoodTech's first quarter revenue of
JBT AeroTech
JBT AeroTech's first quarter revenue of
Corporate Items
Corporate expense in the first quarter of 2009 was
Other expense, net, of
Cash generated from operating activities in the quarter was
The company recorded income taxes from continuing operations in the first quarter at an effective tax rate of 34 percent.
Year-to-date capital expenditures totaled
2009 Outlook
Looking forward, the company expects continued economic instability in the world economy through 2009 and likely into 2010. Although certain of the company's product lines are performing well, demand remains soft for ground support equipment. Additionally the company is experiencing weakness in the European and Latin American markets for JBT FoodTech product lines. The company expects its second quarter diluted earnings per share from continuing operations to be stronger than the first quarter, reflecting our typical seasonality. However, due to the uncertain market conditions, the company has limited visibility into the second half of 2009. As a result, the company is not providing full year guidance at this time but will provide a market update during the earnings call.
First Quarter Earnings Conference Call
The company will hold a conference call at
This release contains forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
information of a non-historical nature and are subject to risks and
uncertainties that are beyond the Company's ability to control. These risks
and uncertainties are described under the caption "Risk Factors" in the
Company's Annual Report on Form 10-K filed by the Company with the
FINANCIAL TABLES FOLLOW
JBT CORPORATION
---------------
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF INCOME
--------------------------------------------------------
(Unaudited and in millions)
Three Months
Ended March 31,
---------------
2009 2008
---- ----
Pro
Historical Forma (1)
---------- ---------
Revenue $169.0 $260.2 $260.2
Costs and expenses:
Costs of sales 122.1 198.3 198.3
Selling, general and
administrative expense 34.8 39.2 39.2
Research and development
expense 4.0 5.5 5.5
--- --- ---
Total costs and
expenses 160.9 243.0 243.0
Other income, net 0.3 2.1 2.1
--- --- ---
Income before net interest
expense and income taxes 8.4 19.3 19.3
Net interest (expense) income (2.2) 0.1 (2.6)
---- --- ----
Income from continuing operations
before income taxes 6.2 19.4 16.7
Provision for income taxes 2.1 7.4 6.4
--- --- ---
Income from continuing operations 4.1 12.0 10.3
Income from discontinued
operations, net of taxes - 0.3 0.3
--- --- ---
Net income $4.1 $12.3 $10.6
==== ===== =====
Basic earnings per share:
Income from continuing
operations $0.15 $0.43 $0.37
Income from discontinued
operations - 0.02 0.02
--- ---- ----
Basic earnings per share $0.15 $0.45 $0.39
===== ===== =====
Diluted earnings per share:
Income from continuing
operations $0.15 $0.43 $0.37
Income from discontinued
operations - 0.02 0.02
--- ---- ----
Diluted earnings per share $0.15 $0.45 $0.39
===== ===== =====
Weighted average shares outstanding
Basic (2) 27.5 27.5 27.5
==== ==== ====
Diluted (2) 28.2 27.5 27.5
==== ==== ====
(1) In connection with the separation from FMC Technologies , JBT
Corporation paid FMC Technologies $189.4 million , which was funded
through issuance of unsecured debt. Pro forma results include an
estimate of interest expense that JBT Corporation would have incurred
had the spin-off occurred on January 1, 2008 . Interest expense is
based on $189.4 million of debt at the interest rate applicable on
July 31, 2008 , or 5.8%, for all periods prior to the separation date.
Related income tax impact has been estimated using a rate of 37%.
(2) The number of shares used to compute basic and diluted earnings per
share for the period ending March 31, 2008 is based on the number of
shares outstanding on July 31, 2008 , the distribution date in
connection with the separation from FMC Technologies , or 27.5 million
shares.
JBT CORPORATION
---------------
BUSINESS SEGMENT DATA
---------------------
(Unaudited and in millions)
Three Months
Ended
March 31,
---------
2009 2008
---- ----
Revenue
-------
JBT FoodTech $94.9 $149.8
JBT AeroTech 73.6 111.6
Other revenue (1) and intercompany eliminations 0.5 (1.2)
--- ----
Total revenue $169.0 $260.2
====== ======
Income before income taxes
--------------------------
Segment operating profit
------------------------
JBT FoodTech $7.8 $14.4
JBT AeroTech 5.5 9.0
--- ---
Total segment operating profit 13.3 23.4
Corporate items
---------------
Corporate expense (3.0) (2.8)
Other expense, net (2) (1.9) (1.3)
Net interest (expense) income (2.2) 0.1
---- ---
Total corporate items (7.1) (4.0)
---- ----
Income from continuing operations before income taxes $6.2 $19.4
==== =====
(1) Other revenue comprises certain gains and losses on derivatives
related to foreign exchange exposure.
(2) Other expense, net, generally includes stock-based compensation,
other employee benefits, LIFO adjustments, foreign exchange gains
and losses, and the impact of unusual or strategic transactions not
representative of segment operations.
JBT CORPORATION
---------------
BUSINESS SEGMENT DATA
---------------------
(Unaudited and in millions)
Three Months
Ended
March 31,
---------
2009 2008
---- ----
Inbound Orders
--------------
JBT FoodTech $99.5 $148.9
JBT AeroTech 88.5 86.7
Intercompany eliminations (0.1) (1.9)
---- ----
Total inbound orders $187.9 $233.7
====== ======
March 31,
---------
2009 2008
---- ----
Order Backlog
-------------
JBT FoodTech $157.4 $167.6
JBT AeroTech 157.5 205.7
Intercompany eliminations (0.7) (1.4)
---- ----
Total order backlog $314.2 $371.9
====== ======
JBT CORPORATION
---------------
CONDENSED CONSOLIDATED BALANCE SHEETS
-------------------------------------
(In millions)
March 31, December 31,
2009 2008
---- ----
(Unaudited)
Cash and cash equivalents $22.4 $43.6
Trade receivables, net 123.8 159.0
Inventories 148.9 123.0
Other current assets 32.7 31.4
---- ----
Total current assets 327.8 357.0
Property, plant and equipment, net 117.0 119.7
Other assets 114.4 114.6
----- -----
Total assets $559.2 $591.3
====== ======
Accounts payable, trade and other $66.7 $67.2
Advance payments and progress billings 95.8 92.9
Other current liabilities 87.2 104.3
---- -----
Total current liabilities 249.7 264.4
Long-term debt, less current portion 165.0 185.0
Accrued pension and other postretirement
benefits,
less current portion 118.1 118.3
Other liabilities 33.3 32.4
Common stock, paid-in capital and retained
earnings 65.8 61.6
Accumulated other comprehensive loss (72.7) (70.4)
----- -----
Total liabilities and stockholders' equity $559.2 $591.3
====== ======
JBT CORPORATION
---------------
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
------------------------------------------------------------
(Unaudited and in millions)
Three
Months
Ended
March 31,
---------
2009 2008
---- ----
Cash Flows From Operating Activities:
Income from continuing operations $4.1 $12.0
Depreciation and amortization 5.1 6.1
Trade accounts receivable, net 30.3 9.5
Inventories (27.8) (18.2)
Accounts payable, trade and other 1.3 (1.4)
Advance payments and progress billings 6.1 2.2
Other (13.0) 1.3
----- ---
Cash provided by continuing operating activities 6.1 11.5
--- ----
Net cash required by discontinued operating activities (0.1) -
---- ---
Cash Flows From Investing Activities:
Capital expenditures (4.8) (4.1)
Proceeds on disposal of assets 0.5 0.3
--- ---
Cash required by continuing investing activities (4.3) (3.8)
---- ----
Cash provided by discontinued investing activities - 0.7
--- ---
Cash Flows From Financing Activities:
Net payments on credit facilities (20.0) -
Distributions to former parent, net - (6.5)
Dividends paid (1.9) -
Other (1.0) (0.1)
---- ----
Cash required by financing activities (22.9) (6.6)
----- ----
Effect of foreign exchange rate
changes on cash and cash equivalents - 0.4
--- ---
(Decrease) increase in cash and cash equivalents (21.2) 2.2
Cash and cash equivalents, beginning of period 43.6 9.5
---- ---
Cash and cash equivalents, end of period $22.4 $11.7
===== =====
SOURCE
Web Site: http://www.jbtcorporation.com
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