Niklas Bjorkman wrote: Firstly I agree with your conclusion. NewSQL takes the best of the traditional databases and NoSQL databases to combine the benefits of both worlds. I do not agree that NewSQL vendors focus on giving scale-out features to transactional data. The NewSQL market is focusing on giving true ACID support combined with extreme performance, stepping away from the traditional relational structures in databases. A lot of developers appreciate the ease of accessing data using SQL and I think we will see more and more databases supporting standard SQL.
As you said - NewSQL databases often maintain the...
Littelfuse,
Inc. (NASDAQ:LFUS) today reported sales and earnings for the fourth
quarter and full year of 2012.
Fourth Quarter Highlights
Sales were $158.8 million for the fourth quarter of 2012, an 8%
increase compared to the fourth quarter of 2011.
Diluted earnings per share for the fourth quarter of 2012 were $0.44
compared to $0.70 in the fourth quarter of 2011. The fourth quarter of
2012 included $13.0 million of special items (approximately $0.37 per
share) comprised primarily of pension-accounting charges related to
settlement of the pension liabilities for certain former employees and
impairment charges related to the Shocking Technologies investment.
(See page 5, footnote 1 for details).
The Shocking Technologies impairment resulted from the company’s
judgment that it will take longer than originally assumed for this
start-up company to reach breakeven sales levels.
Sales and order trends by business unit were as follows:
Electronics sales increased 4% year over year, but declined 14%
sequentially, due primarily to weakness in key end markets in
addition to normal seasonal trends.
Automotive sales increased 10% year over year as the addition of
Accel ($4.8 million of sales in the fourth quarter) and 3% growth
in the passenger vehicle business more than offset a 7% decline in
commercial vehicle sales. Lower commercial vehicle sales reflected
weakness in the construction and heavy truck markets.
Electrical sales increased 15% year over year due to continued
strong growth in custom products and solid performance for power
fuses.
The electronics book-to-bill ratio for the fourth quarter was 0.98
but is running significantly above 1.0 for the first quarter of
2013.
Cash provided by operating activities was $40.1 million for the fourth
quarter of 2012, which included a $5 million voluntary pension
contribution. Capital expenditures increased to $9.7 million for the
fourth quarter as a result of spending on major facility expansion
projects.
Full Year Highlights
Sales were $667.9 million for 2012 compared to $665.0 million for
2011. Excluding approximately $16 million of incremental sales from
acquisitions and approximately $9 million of unfavorable currency
effects, sales declined less than 1% year over year as strong growth
in the electrical business was more than offset by lower electronics
sales reflecting weakness in the telecom and PC end markets in
addition to channel inventory destocking.
Diluted earnings per share for 2012 were $3.40 compared to $3.90 in
2011. The decline in diluted earnings per share in 2012 was primarily
due to the $0.37 of special charges booked in the fourth quarter of
2012.
Cash provided by operating activities was $116.2 million for 2012
compared to $120.8 million in 2011. Cash provided by operating
activities in 2012 was reduced by $10.0 million of voluntary pension
contributions.
Capital expenditures were $22.5 million in 2012 compared to $17.6
million in 2011. Capital expenditures net of asset disposals were
$18.9 million in 2012 and $17.3 million in 2011.
“The fourth quarter came in consistent with our guidance with weak
electronics sales, solid automotive performance and continued strong
growth in electrical,” said Gordon Hunter, Chief Executive Officer. “It
was a challenging second half of the year with the overall weakness in
Europe, soft global electronics markets and declining commercial vehicle
demand. Despite these challenges we finished 2012 with our second-best
performance ever for operating income and record free cash flow (after
excluding pension contributions).”
“While the first quarter of 2013 will be challenging as well, we are
encouraged by the recent uptick in orders in our electronics and
commercial vehicle businesses. If these trends continue, this should
lead to improved performance beginning in the second quarter,” added
Hunter.
“We are active on the M&A front and the pipeline is strong,” said Phil
Franklin, Chief Financial Officer. “After another outstanding year of
cash flow performance, we now have a net cash balance of $151 million.
We will be looking to use substantial portions of this cash to fund
acquisitions in 2013.”
Outlook
Sales for the first quarter of 2013 are expected to be in the range of
$158 to $168 million.
Earnings for the first quarter of 2013 are expected to be in the range
of $0.75 to $0.88 per diluted share.
Dividend
The company will pay a cash dividend of $0.20 per common share on March
7, 2013 to shareholders of record at the close of business on February
20, 2013.
Conference Call Webcast Information
Littelfuse will host a conference call today, Tuesday, February 5, 2013
at 11:00 a.m. Eastern/10:00 a.m. Central time to discuss the fourth
quarter results. The call will be broadcast live over the Internet and
can be accessed through the company’s website: www.littelfuse.com.
Listeners should go to the website at least 15 minutes prior to the call
to download and install any necessary audio software. The call will be
available for replay through March 31, 2013 and can be accessed through
the website listed above.
For more information, please visit the Littelfuse website: littelfuse.com.
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995.
The statements in this press release that are not historical facts are
intended to constitute “forward-looking statements” entitled to the
safe-harbor provisions of the PSLRA. These statements may involve risks
and uncertainties, including, but not limited to, risks relating to
product demand and market acceptance, economic conditions, the impact of
competitive products and pricing, product quality problems or product
recalls, capacity and supply difficulties or constraints, coal mining
exposures reserves, failure of an indemnification for environmental
liability, exchange rate fluctuations, commodity price fluctuations, the
effect of the company’s accounting policies, labor disputes,
restructuring costs in excess of expectations, pension plan asset
returns less than assumed, integration of acquisitions and other risks
which may be detailed in the company’s other Securities and Exchange
Commission filings. Should one or more of these risks or uncertainties
materialize or should the underlying assumptions prove incorrect, actual
results and outcomes may differ materially from those indicated or
implied in the forward-looking statements. This report should be read in
conjunction with information provided in the financial statements
appearing in the company’s Annual Report on Form 10-K for the year ended
December 29, 2012. For a further discussion of the risk factors of the
company, please see Item 1A. “Risk Factors” to the company’s
Annual Report on Form 10-K for the year ended December 29, 2012.
LFUS-F
LITTELFUSE, INC.
Net Sales and Operating Income by Business Unit
(In thousands of USD, unaudited)
Fourth Quarter
Year-to-Date
2012
2011
% Change
2012
2011
% Change
Net Sales
Electronics
$
75,124
$
72,454
4
%
$
329,466
$
354,487
(7
%)
Automotive
50,268
45,629
10
%
206,222
197,586
4
%
Electrical
33,402
29,110
15
%
132,225
112,882
17
%
Total net sales
$
158,794
$
147,193
8
%
$
667,913
$
664,955
0
%
Fourth Quarter
Year-to-Date
2012
2011
% Change
2012
2011
% Change
Operating Income
Electronics
$
8,348
$
6,008
39
%
$
51,422
$
62,982
(18
%)
Automotive
6,328
5,421
17
%
29,817
30,002
(1
%)
Electrical
8,999
7,435
21
%
32,794
28,902
13
%
Other(1)
(5,656
)
(743
)
661
%
(7,163
)
(7,982
)
(10
%)
Total operating income
$
18,019
$
18,121
(1
%)
$
106,870
$
113,904
(6
%)
Interest expense
403
420
1,701
1,691
Investment impairment (1)
7,334
-
7,334
-
Other (income) expense, net
(1,045
)
(954
)
(2,217
)
(2,888
)
Income before taxes
$
11,327
$
18,655
(39
%)
$
100,052
$
115,101
(13
%)
(1) “Other” typically includes special items such as
acquisition-related costs, restructuring costs and asset
impairments. “Other” for the fourth quarter of 2012 included (all
in operating expense): • Acquisition- related fees ($0.3
million) • Pension valuation adjustments ($0.3 million) •
Charges related to settlement of the pension liabilities for
certain former employees ($5.1 million) In the fourth quarter
of 2012 there were also special items below the operating income
line. These items all related to Shocking Technologies and
included both impairment and equity losses totaling $7.3 million.
The carrying value of the Shocking Technologies investment at
December 29, 2012 represents the company's best estimate of the
value of its investment as of the balance sheet date. Shocking is
currently seeking additional funding, and if these fund-raising
efforts are not successful, further impairment of this investment
may occur.
Total special items for the fourth quarter of 2012 were $13.0
million. Including tax effects, these items reduced earnings per
share by approximately $0.37 cents per share.
LITTELFUSE, INC.
Condensed Consolidated Balance Sheets
(In thousands of USD, except share amounts)
December 29, 2012
December 31, 2011
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
235,404
$
164,016
Short-term investments
-
13,997
Accounts receivable, less allowances
100,559
92,088
Inventories
75,580
75,575
Deferred income taxes
11,890
11,895
Prepaid expenses and other current assets
16,532
14,219
Assets held for sale
5,500
6,592
Total current assets
445,465
378,382
Property, plant and equipment:
Land
6,243
4,888
Buildings
54,559
52,730
Equipment
304,954
281,521
365,756
339,139
Accumulated depreciation
(244,845
)
(220,255
)
Net property, plant and equipment
120,911
118,884
Intangible assets, net of amortization:
Patents, licenses and software
11,144
10,753
Distribution network
18,964
19,307
Customer lists, trademarks and tradenames
18,704
14,523
Goodwill
133,592
115,697
182,404
160,280
Investment in unconsolidated entity
8,666
6,000
Other investment
10,327
8,867
Deferred income taxes
8,090
4,191
Other assets
1,865
1,820
Total assets
$
777,728
$
678,424
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
27,226
$
19,934
Accrued payroll
20,540
23,048
Accrued expenses
11,062
8,861
Accrued severance
1,033
1,843
Accrued income taxes
11,559
10,591
Current portion of long-term debt
84,000
85,000
Total current liabilities
155,420
149,277
Accrued post-retirement benefits
22,338
15,292
Other long-term liabilities
12,412
12,752
Total equity
587,558
501,103
Total liabilities and equity
$
777,728
$
678,424
Common shares issued and outstanding of 22,029,446 and 21,552,529
at December 29, 2012 and December 31, 2011, respectively.
LITTELFUSE, INC.
Consolidated Statements of Comprehensive Income
(In thousands of USD, except per share data, unaudited)
For the Three Months Ended
For the Twelve Months Ended
December 29, 2012
December 31, 2011
December 29, 2012
December 31, 2011
Net sales
$
158,794
$
147,193
$
667,913
$
664,955
Cost of sales
99,387
93,667
409,446
408,261
Gross profit
59,407
53,526
258,467
256,694
Selling, general and administrative expenses
34,078
28,889
124,277
116,740
Research and development expenses
5,678
4,685
21,231
19,439
Amortization of intangibles
1,632
1,831
6,089
6,611
41,388
35,405
151,597
142,790
Operating income
18,019
18,121
106,870
113,904
Interest expense
403
420
1,701
1,691
Impairment and equity loss in unconsolidated affiliate
7,334
-
7,334
-
Other (income) expense, net
(1,045
)
(954
)
(2,217
)
(2,888
)
Income before income taxes
11,327
18,655
100,052
115,101
Income taxes
1,486
3,417
24,720
28,077
Net income
$
9,841
$
15,238
$
75,332
$
87,024
Net income per share:
Basic
$
0.45
$
0.71
$
3.45
$
3.96
Diluted
$
0.44
$
0.70
$
3.40
$
3.90
Weighted average shares and equivalent shares outstanding:
Basic
21,979
21,536
21,822
21,901
Diluted
22,228
21,806
22,098
22,255
Diluted Net Income Per Share
Net income as reported
$
9,841
$
15,238
$
75,332
$
87,024
Less: income allocated to participating securities
(14
)
(42
)
(128
)
(304
)
Net income available to common shareholders
$
9,827
$
15,196
$
75,204
$
86,720
Weighted average shares adjusted for dilutive securities
22,228
21,806
22,098
22,255
Diluted net income per share
$
0.44
$
0.70
$
3.40
$
3.90
Comprehensive income
$
6,575
$
5,285
$
83,249
$
74,414
LITTELFUSE, INC.
Consolidated Statements of Cash Flows
(In thousands of USD)
For the Twelve Months Ended
December 29, 2012
December 31, 2011
(Unaudited)
OPERATING ACTIVITIES:
Net income
$
75,332
$
87,024
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation
25,344
25,641
Amortization of intangibles
6,089
6,611
Provision for bad debts
242
444
Impairment of assets
549
2,320
Impairment and equity loss in unconsolidated affiliate
7,334
-
Pension settlement charges
5,348
-
Non-cash inventory charge(1)
567
4,145
Stock-based compensation
7,348
5,805
(Gain) loss on disposal of fixed assets
(1,443
)
183
Excess tax benefit on stock-based compensation
(2,728
)
(4,220
)
Deferred income taxes
(2,661
)
(1,363
)
Changes in operating assets and liabilities:
Accounts receivable
(1,587
)
4,768
Inventories
5,439
2,612
Accounts payable
5,353
(5,272
)
Accrued expenses (including post retirement)
(9,570
)
(421
)
Accrued payroll and severance
(4,387
)
(3,226
)
Accrued taxes
(357
)
(6,057
)
Prepaid expenses and other
(42
)
1,756
Net cash provided by operating activities
116,170
120,750
INVESTING ACTIVITIES:
Purchases of property, plant and equipment
(22,529
)
(17,555
)
Acquisition of businesses, net of cash acquired
(34,016
)
(11,077
)
Purchase of investment
(10,000
)
(6,000
)
Loan to unconsolidated entity
(2,000
)
-
Purchase of short-term investments
(4,616
)
(14,228
)
Proceeds from sales of short-term investments
17,805
-
Proceeds from sale of property, plant and equipment
3,664
217
Net cash used in investing activities
(51,692
)
(48,643
)
FINANCING ACTIVITIES:
Proceeds from debt
23,251
110,000
Payments of term debt
-
(49,000
)
Payments of revolving credit facility
(25,032
)
(50,000
)
Purchases of common stock
-
(37,092
)
Debt issuance costs
-
(716
)
Cash dividends paid
(16,564
)
(14,508
)
Proceeds from exercise of stock options
16,367
23,036
Excess tax benefit on stock-based compensation
2,728
4,220
Net cash provided by (used in) financing activities
750
(14,060
)
Effect of exchange rate changes on cash and cash equivalents
6,160
(3,751
)
Increase in cash and cash equivalents
71,388
54,296
Cash and cash equivalents at beginning of period
164,016
109,720
Cash and cash equivalents at end of period
$
235,404
$
164,016
(1) Purchase accounting adjustment related to acquisitions.
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Our more interconnected planet is accelerating the adoption and convergence of next-generation architectures, in the form of cloud, mobile and instrumented physical assets. Organizations that can effectively balance optimization and innovation, will be in a position to leverage new sys...
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