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Anixter International Inc. Reports First Quarter Net Income From Continuing Operations of $1.62 Per Diluted Share, Including $0.25 Per Diluted Share From a Net Tax Benefit, on Sales of $1.52 Billion

GLENVIEW, Ill. April 24, 2012 March 30, 2012

  • $1.52 billion
  • Operating income increased 12 percent year-on-year, or 5 percent after excluding the impact of the restructuring charge in the prior year quarter
  • $0.09 $0.25 $1.22 $1.37

Financial Results From Continuing Operations (excluding the Aerospace Hardware results)

(In millions, except per share amounts)

 

Three Months Ended

Mar. 30,

Apr. 1,

Percent 

2012

2011

Change

Net Sales

$1,522.7

$1,470.8

4%

Operating Income

$86.7

$77.5

12%

Net Income

$55.6

$40.9

36%

Diluted Earnings Per Share 

$1.62

$1.13

43%

Diluted Weighted Shares

34.3

36.1

-5%

       

First Quarter Highlights

  • Sales of $1.52 billion increased 4 percent compared to sales of $1.47 billion in the year ago quarter.  Major items affecting current quarter sales comparisons versus the prior year include:

– $14.6 million from the unfavorable effects of copper pricing 

– $12.2 million of unfavorable foreign exchange effects

Exclusive of the above items, sales increased by 5 percent organically.

 

  • First quarter operating income of $86.7 million improved by 12 percent compared to $77.5 million in the year ago quarter. The operating profit in the prior year quarter included a European restructuring charge of $5.3 million. Excluding this charge, operating income increased by 5 percent.
  • Operating margin in the current quarter was 5.7 percent compared to 5.3 percent in the year ago quarter. Excluding the prior year restructuring charge outlined above, operating margin improvement in the current year period would have been 10 basis points.
  • Other, net expense in the current quarter of $3.1 million increased by $3.8 million from Other, net income of $0.7 million in the year ago quarter.  The current quarter includes interest and penalties of $1.7 million, or $0.03 per diluted share, for tax liabilities related to prior years.  Foreign exchange losses account for the majority of the remaining increase.
  • During the current quarter, the company recorded a tax benefit of $9.7 million, or $0.28 per diluted share, primarily related to the reversal of deferred income tax valuation allowances in certain foreign jurisdictions. As a result, the tax rate in the current quarter was 22.3 percent. Excluding the impact of the tax benefit, the current quarter tax rate was 35.8 percent. This compares to a tax rate of 37.5 percent in the year ago quarter.
  • Net income from continuing operations of $55.6 million, or $1.62 per diluted share, improved by 43 percent compared to $40.9 million, or $1.13 per share, reported in the year ago quarter. Excluding the impact of the tax benefit and the interest and penalties related to prior years’ tax liabilities (together the "Net Tax Benefit") in the current quarter and the restructuring charge in the prior year quarter, net income from continuing operations in the first quarter was $47.0 million or $1.37 per diluted share compared to $44.2 million or $1.22 per diluted shared in the prior year quarter. With these adjustments, net income increased by 6 percent and earnings per diluted share improved by 12 percent over the prior year quarter.  
  • Cash flow used in operations, including discontinued operations, was $65 million as compared to a usage of $6 million in the year ago quarter. The higher cash usage in the quarter was primarily due to a change in working capital requirements compared to the prior year quarter, largely related to delays in project shipments.


Robert Eck

"Our strategic growth initiatives combined with strong day-to-day execution continue to drive our success in each of our end markets around the world. As expected, these efforts have once again helped bolster our sales performance in Emerging Markets, which delivered the highest year-on-year organic sales growth rate among our geographic reporting segments at 7 percent," continued Eck. "Within our end markets, the OEM Supply business delivered the highest sales growth rate with 12 percent improvement year-on-year. Despite a slowdown in billings due to project delays in both cabling businesses, Electrical Wire & Cable and Enterprise Cabling delivered 6 percent and 3 percent organic sales growth, respectively."


Europe $262.5 million $2.3 million $8.9 million

Company-wide $5.3 million

North America

Europe

Emerging Markets

Cash Flow and Leverage
Ted Dosch

Key capital structure and credit-related statistics for the first quarter include:

  • Quarter-end debt-to-total capital ratio of 44.0 percent compared to 44.7 percent at the end of 2011
  • First quarter weighted average cost of borrowed capital of 5.5 percent compared to 5.2 percent in the year ago quarter
  • 63 percent of quarter-end borrowings have fixed interest rates, either by terms of the borrowing agreement or through hedging contracts
  • $301 million
  • $219 million $275 million



9:30 am central time Tuesday, April 24 www.anixter.com www.companyboardroom.com America Online www.streetevents.com


$1 billion Chicago

Safe Harbor
The statements in this news release that use such words as "believe," "expect," "intend," "anticipate," "contemplate," "estimate," "plan," "project," "should," "may," "will,"  or similar expressions are forward-looking statements.  They are subject to a number of factors that could cause the company’s actual results to differ materially from what is indicated here.  These factors include general economic conditions, the level of customer demand particularly for capital projects in the markets we serve,  changes in supplier sales strategies or financial viability, risks associated with the sale of nonconforming products and services, political, economic or currency risks related to foreign operations, inventory obsolescence, copper price fluctuations, customer viability, risks associated with accounts receivable, the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, and risks associated with integration of acquired companies.  These uncertainties may cause our actual results to be materially different than those expressed in any forward looking statements.  We do not undertake to update any forward looking statements.  Please see the company’s Securities and Exchange Commission filings for more information.

www.anixter.com

 ANIXTER INTERNATIONAL INC. 

 Condensed Consolidated Statements of Operations 

 Three Months Ended 

 March 30, 

 April 1, 

 (In millions, except per share amounts) 

2012

2011

 Net sales 

$      1,522.7

$ 1,470.8

 Cost of goods sold 

1,173.5

1,132.1

 Gross profit 

349.2

338.7

 Operating expenses 

262.5

261.2

 Operating income  

86.7

77.5

 Interest expense 

(12.1)

(12.8)

 Other, net 

(3.1)

0.7

 Income from continuing operations before taxes 

71.5

65.4

 Income tax expense 

15.9

24.5

 Net income from continuing operations 

55.6

40.9

 (Loss) income from discontinued operations, net of tax 

(0.3)

3.4

 Net income  

$           55.3

$      44.3

 Net income per share: 

   Basic: 

 Continuing operations 

$           1.67

$      1.19

 Discontinued operations 

$         (0.01)

$      0.10

 Net income 

$           1.66

$      1.29

   Diluted: 

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