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Sparton Reports Fiscal 2017 Q1 Net Sales of $95.4 Million
May 16, 2017 | Sparton Corp.Estimated reading time: 1 minute
Sparton Corporation today announced results for the third quarter of fiscal year 2017 ended April 2, 2017.
Third Quarter Financial Results and Highlights
Joseph J. Hartnett, Interim President & CEO, commented, “Our Medical facilities are continuing to perform well while certain Mil/Aero and industrial facilities experienced unexpected delays in a couple of customer programs. As expected, our ECP Segment performance improved significantly over the prior quarter. Overall, while we are not satisfied with the quarter’s results, we are making progress in building a stronger more productive infrastructure while continuing to explore a potential acquisition of the Company.”
Joe McCormack, Senior Vice President and CFO, commented, “We are pleased that we were able to hold the line on our long-term debt during the quarter in light of investments in infrastructure and working capital needs in the quarter. The management of debt levels, generation of free cash flow and optimization of earnings continues to be a priority of the Company.”
Consolidated:
- Net sales of $95.4 million
- Gross profit margin increased 140 bps from prior quarter to 17.7%
- SG&A expenses of $12.9 million or 13.5% of sales; adjusted SG&A of $12.2 million, 12.8% of sales
- Earnings per share of $0.04, adjusted Earnings per share of $0.22
- Adjusted EBITDA of $5.3 million, a 5.6% adjusted EBITDA margin
MDS Segment:
- Gross sales of $61.1 million
- Gross profit margin of 11.0%
- Operating loss of $0.7 million
- Adjusted EBITDA of $4.3 million, a 7.1% adjusted EBITDA margin
- New program wins in Q3 have expected revenue of $12.5 million when fully ramped up into production
- Trailing four quarter win revenue of $54.3 million, which continues to support our future organic growth
- Backlog of $118 million
ECP Segment:
- Gross sales of $37.1 million
- Gross profit margin of 27.6%
- Operating income of $5.3 million
- Adjusted EBITDA of $7.1 million, a 19.1% adjusted EBITDA margin
- Backlog of $124 million comprised principally of $105 million in domestic sonobuoys, $7 million in foreign sonobuoys, and $12 million in rugged electronics and other
About Sparton Corporation
Sparton Corporation (NYSE:SPA), now in its 117th year, is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service, and refurbishment. The primary markets served are Medical & Biotechnology, Military & Aerospace, and Industrial & Commercial. Headquartered in Schaumburg, IL, Sparton currently has thirteen manufacturing locations and engineering design centers worldwide. For more information, click here.
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