CTS Corp. (CTS) filed Quarterly Report for the period ended 2009-09-27.
and annuity products. Cts Corp. has a market cap of $257.1 million; its shares were traded at around $7.59 with a P/E ratio of 22.3 and P/S ratio of 0.4. The dividend yield of Cts Corp. stocks is 1.6%. Cts Corp. had an annual average earning growth of 16.8% over the past 5 years.
Highlight of Business Operations:
Sales in the Components and Sensors segment decreased $16.7 million, or 23.0% from the third quarter of 2008, primarily attributed to the global recession resulting in decreased automotive product sales of $7.7 million and lower electronic component sales for infrastructure applications of $4.3 million.
Third quarter sales of $126.6 million decreased $43.5 million, or 25.6%, from the third quarter of 2008. EMS segment sales were lower by $26.8 million primarily from expected end-of-life driven lower sales to Hewlett-Packard and lower industrial market sales, partially offset by higher sales in the defense and aerospace market. Components and Sensors segment sales decreased $16.7 million from lower automotive product sales and lower electronic component sales for infrastructure applications.
SG&A expenses were $16.5 million, or 13.0% of sales, in the third quarter of 2009 versus $20.8 million, or 12.2% of sales, in the third quarter of 2008. This significant reduction of $4.3 million reflects our proactive management of costs, including the benefits of previously announced restructuring actions and aggressive cost-cutting measures companywide.
Interest and other expense in 2009 was $0.6 million versus $1.6 million in the same quarter 2008. The favorable change resulted from a decrease in interest expense of $1.3 million primarily due to lower outstanding debt.
The effective tax rate for the third quarter of 2009 was 20.8%. Income tax expense in the amount of $1.2 million was recorded during the third quarter of 2009. In the third quarter of 2008, we recorded an income tax benefit of $3.9 million which included a discrete period tax benefit of approximately $3.9 million related to the release of a valuation allowance in a non-U.S. jurisdiction.
Net income was $4.5 million, or $0.13 per diluted share, in the third quarter of 2009. This compares with net income of $7.2 million, or $0.21 per diluted share, in the third quarter of 2008.
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