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MTS Reports 2011 First Quarter Financial Results

EDEN PRAIRIE, Minn. Feb. 3, 2011

Laura B. Hamilton

Hamilton continued, "Our history demonstrates that MTS’ results are impacted by economic changes and, at the same time, that quarter-to-quarter results have the potential to significantly fluctuate in any economic condition. For the remainder of the year, the higher percentage of longer-cycle, custom projects currently in Test backlog, coupled with project development for growth initiatives like Wind, will contribute to some continued quarterly variability. Nevertheless, this is a highly positive and most welcomed start to 2011."

First Quarter Results

$139.6 million $29 million $5 million $9 million $247 million

$105.9 million

$18.5 million $12.1 million $0.86 $0.63 $0.07 $0.06

Cash Position

$80.3 million $76.6 million $5.8 million $2.3 million

November 30, 2010 $0.20

Segment Results

Test Segment:

$115.8 million $29 million $20 million $230 million

$82.6 million

$33.6 million $7.8 million

$12.8 million $9.6 million

Sensors Segment:

$23.8 million Europe $16 million

$23.3 million

$13.1 million $3.7 million $5.7 million $2.5 million

Outlook

Hamilton continued, "In comparison to a year ago, we are operating in a significantly better but still challenging environment. Our position today is the result of both an improved world-wide economy as well as actions we’ve taken over the last 18 months to ensure we came out of the recession a stronger company. Achieving our performance goals is not about hitting, or even exceeding, these goals in one quarter. It is about sustainable performance. Our first quarter 2011 financial performance is another step closer to our long term goals.

Assuming economic conditions remain relatively the same, the company now expects to exceed its revenue performance goal of 6-9% with year over year revenue growth expected in the mid-teens. With strong revenue growth, the company expects to achieve historical EBIT rates with return on invested capital (ROIC) nearing its long-term performance goal of greater than or equal to 20%.

First Quarter Conference Call

February 4, 2011 10 a.m. EST 9 a.m. CDT 12 p.m. CST February 18, 2011

http://www.mts.com/en/InvestorRelations/index.asp February 11, 2011

About MTS Systems Corporation

$374 million October 2, 2010 http://www.mts.com

This release contains "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties, as well as assumptions, that could cause actual results to differ materially from historical results and those presently anticipated or projected. The Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Important risk factors are delineated in the Company’s most recent SEC Form 10-Q and 10-K filings.

MTS SYSTEMS CORPORATION

Consolidated Statements of Income

(unaudited – in thousands, except per share data)

Three Fiscal Months Ended

January 1,

January 2,

2011

2010

Revenue

$  105,876

$  88,960

Cost of sales

59,204

53,778

Gross profit

46,672

35,182

Gross margin

44.1%

39.5%

Operating expenses:

Selling, general and administrative

25,070

25,384

Research and development

3,128

3,370

Total operating expenses

28,198

28,754

Income from operations

18,474

6,428

Operating margin

17.4%

7.2%

Interest expense, net

(427)

(408)

Other income (expense), net

57

(319)

Income before income taxes

18,104

5,701

Provision for income taxes

4,815

1,864

Net income  

$    13,289

$     3,837

Earnings per share:

Basic-

Earnings per share

$         0.87

$       0.23

Weighted average number of common shares outstanding – basic  

15,305

16,579

Diluted-

Earnings per share

$         0.86

$       0.23

Weighted average number of common shares outstanding – diluted

15,526

16,617

MTS SYSTEMS CORPORATION

Consolidated Balance Sheets

(unaudited – in thousands, except per share data)

January 1,

October 2,

2011

2010

ASSETS

Current Assets:

Cash and cash equivalents

$   80,281

$  76,611

Accounts receivable, net

62,908

66,369

Unbilled accounts receivable

26,562

26,389

Inventories

55,329

51,792

Other current assets

22,992

23,541

Total current assets

248,072

244,702

Property and equipment, net

55,881

56,444

Goodwill

15,550

15,429

Intangibles, net

24,811

24,753

Other assets

5,022

5,077

Total Assets

$  349,336

$346,405

LIABILITIES AND SHAREHOLDERS’ INVESTMENT

Current Liabilities:

Short-term borrowings

$   40,243

$  40,229

Accounts payable

20,302

21,818

Advance payments from customers

42,729

44,000

Other accrued liabilities

50,280

55,793

Total current liabilities

153,554

161,840

Other long-term liabilities

19,083

18,459

Total Liabilities

172,637

180,299

Shareholders’ Investment:

    Common stock, $.25 par; 64,000 shares authorized: 15,304

     and 15,264 shares issued and outstanding, respectively

3,826

3,816

Retained earnings

159,588

147,609

Accumulated other comprehensive income

13,285

14,681

Total shareholders’ investment

176,699

166,106

Total Liabilities and Shareholders’ Investment

$  349,336

$346,405

Exhibit A

MTS SYSTEMS CORPORATION

Segment Financial Information

(unaudited – in thousands)

Three Fiscal Months Ended

January 1,

January 2,

Test Segment

2011

2010

% Variance

Orders

$ 115,807

$   90,100

29%

Revenue

$   82,542

$   71,873

15%

Cost of Sales

48,985

46,060

6%

Gross profit

33,557

25,813

30%

Gross margin

40.7%

35.9%

Operating expenses

20,804

22,576

-8%

Income from operations

$   12,753

$      3,237

294%

Sensors Segment

Orders

$   23,812

$   17,588

35%

Revenue

$   23,334

$   17,087

37%

Cost of Sales

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