Measurement Specialties, Inc. (Nasdaq:MEAS) (the "Company"), a global designer and manufacturer of sensors and sensor-based systems, announces results for the three and twelve months ended March 31, 2011.
The Company reported an increase in consolidated net sales of $69.8 million or 34% to a record of $274.8 million for the twelve months ended March 31, 2011, as compared to last fiscal year. Excluding sales attributed to the Pressure Systems Inc. ("PSI") acquisition of $11.6 million, organic sales increased $58.2 million or 28%. For the twelve months ended March 31, 2011, the Company reported income from continuing operations, net of income taxes, of $28.2 million, or $1.84 per diluted share, as compared to income from continuing operations, net of income taxes, of $6.1 million, or $0.41 per diluted share, for the same period last year.
The Company reported an increase in consolidated net sales of $17.0 million or 28% to $76.8 million for the three months ended March 31, 2011, as compared to the corresponding period last year. Organic sales, defined as net sales excluding sales attributed to the PSI acquisition of $4.4 million, increased $12.6 million or 21%. For the three months ended March 31, 2011, the Company reported income from continuing operations, net of income taxes, of $8.3 million, or $0.53 per diluted share, as compared to income from continuing operations, net of income taxes, of $4.2 million or $0.28 per diluted share, for the same period last year.
Frank Guidone, Company CEO, commented, "The tremendous fourth quarter was a fitting end to a great year, our first full-year post recession. Our fourth quarter was up 21% organically over the same period last year; impressive given this was our first difficult comp (quarter). Despite the record sales, our book to bill for the quarter was well above 1, giving us continued confidence in the fiscal 2012 outlook. We had a strong year-end push which helped to drive Q4 growth up 7% over Q3; a bit stronger than expected. Accordingly, we are forecasting Q1 flat to Q4, and expect to resume consecutive quarterly growth in the second quarter. Given the strength of bookings and full-year forecast, we remain confident in our annual organic growth target of 10%-12%."
On June 7, 2011, the Company filed its Form 10-K for the year ended March 31, 2011. Please refer to the Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Company's Form 10-K filed for a more complete discussion of sales, margin and expenses.
The Company will host an investor conference call on Wednesday, June 8, 2011 at 11:00 AM Eastern to answer questions regarding the results reported in our Form 10-K for three and twelve months ended March 31, 2011. US dialers: (877) 407-8035; International dialers (201) 689-8035. Interested parties may also listen via the Internet at: www.investorcalendar.com. The call will be available for replay for 30 days by dialing (877) 660-6853 (US dialers); (201) 612-7415 (International dialers), and entering the replay pass code #286 and conference ID# 372368, and on Investorcalendar.com.
About Measurement Specialties:
Measurement Specialties, Inc. (MEAS) designs and manufactures sensors and sensor-based systems to measure precise ranges of physical characteristics such as pressure, temperature, position, force, vibration, humidity and photo optics. MEAS uses multiple advanced technologies -- piezo-resistive silicon sensors, application-specific integrated circuits, micro-electromechanical systems ("MEMS"), piezoelectric polymers, foil strain gauges, force balance systems, fluid capacitive devices, linear and rotational variable differential transformers, electromagnetic displacement sensors, hygroscopic capacitive sensors, ultrasonic sensors, optical sensors, negative thermal coefficient ("NTC") ceramic sensors, mechanical resonators and submersible hydrostatic level sensors -- to engineer sensors that operate precisely and cost effectively.