Measurement Specialties Inc. announced unaudited consolidated earnings results for the second quarter and six months ended September 30, 2009. The company reported a decrease in consolidated net sales of $9.8 million or 17% to $49.1 million for the three months ended September 30, 2009, as compared to $58.9 million for the corresponding period of last year. For the quarter, the company reported income from continuing operations of $0.1 million, or less than $0.01 per diluted share, as compared to income from continuing operations of $3.7 million or $0.26 per diluted share for the same period last year. The company reported net loss attributable to the parent company of $0.057 million compared to net income attributable to the parent company of $3.72 million for the same period last year. The company reported operating income of $1.43 million and income from continuing operations before income taxes of $0.841 million compared to $6.53 million and $5.26 million, respectively for the same period last year. The company reported net cash provided by operating activities from continuing operations of $8.71 million and purchases of property and equipment of $1.36 million compared to net cash provided by operating activities from continuing operations of $6.25 million and purchases of property and equipment of $4.65 million for the same period last year. The company reported adjusted EBITDA of $5.6 million compared to $10.3 million for the same period last year. For the six months ended September 30, 2009, the company reported a decrease in consolidated net sales of $24.1 million or 20% to $93.8 million, as compared to $117.9 million for the same period last year. The overall decrease in sales is largely attributable to the global economic recession. For the period, the company reported a loss from continuing operations of $1.4 million, or $0.10 per diluted share, as compared to net income of $7.6 million or $0.52 per diluted share for the same period last year. The decrease in net income primarily reflects the impact of the global recession on sales and profits, as well as the impact of several tax related items. The company reported net loss attributable to the parent company of $1.53 million or $0.11 diluted per share compared to net income attributable to the parent company of $7.57 million or $0.52 diluted per share for the same period last year. The company reported operating income of 0.348 million and loss from continuing operations before income taxes of $0.893 million compared to operating income of $12.18 million and income from continuing operations before income taxes of $10.69 million for the same period last year. The company reported net cash provided by operating activities from continuing operations of $15.95 million and purchases of property and equipment of $2.3 million compared to net cash provided by operating activities from continuing operations of $15.6 million and purchases of property and equipment of $8 million for the same period last year. The company reported adjusted EBITDA of $8.73 million compared to $20.46 million for the same period last year.

Measurement Specialties Inc., Q2 2010 Earnings Call, Nov-05 2009

Measurement Specialties Inc. announced earnings results for the first quarter ended June 30, 2009. For the quarter, the company reported a decrease in consolidated net sales of $14.3 million or 24% to $44.7 million as compared to the corresponding period last year. The overall decrease in sales is largely attributable to the global economic recession, led by sharp reductions in sales to passenger and non-passenger vehicle customers in the U.S., Europe and Asia. For the three months ended June 30, 2009, the Company reported a net loss attributable to common shareholders of $1.5 million, or $0.10 per diluted share, as compared to net income common shareholders of $3.9 million or $0.27 per diluted share for the same period last year. The decrease in net income primarily reflects the impact of the global recession on sales and profits, as well as higher costs associated with recent acquisitions. Operating loss for the period was $1,081,000 compared to operating income of $5,654,000 for the same period a year ago. Loss before income tax was $1,732,000 compared to income before income tax of $5,432,000 for the same period a year ago. Net cash provided by operating activities from continuing operations was $7,241,000 compared to $9,322,000 for the same period a year ago. Purchases of property and equipment for the period was $943,000 compared to $3,318,000 for the same period a year ago. Free cash flow for the period was $6,298,000 compared to $6,004,000 for the same period a year ago. Adjusted EBITDA for the period was $3,118,000 compared to $10,133,000 for the same period a year ago.