EnPro Industries Inc. (NPO, Financial) filed Quarterly Report for the period ended 2010-09-30.
Enpro Industries Inc. has a market cap of $755.4 million; its shares were traded at around $36.74 with a P/E ratio of 13.8 and P/S ratio of 0.9. NPO is in the portfolios of John Keeley of Keeley Fund Management, Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Net income from continuing operations was $4.9 million, or $0.24 per share, in the third quarter of 2010 compared to net income from continuing operations of $1.0 million, or $0.05 per share, in the same quarter of 2009.
Net income was $4.9 million, or $0.24 per share in the third quarter of 2010 compared to net income of $1.8 million, or $0.09 per share, in the same quarter of 2009. Earnings (loss) per share are expressed on a diluted basis.
Net income from continuing operations was $55.0 million, or $2.68 per share, for the first nine months of 2010 compared to a net loss from continuing operations of $104.3 million, or $5.23 per share, in the same period last year. Net income was $149.1 million, or $7.25 per share, during the first nine months of 2010 compared to a net loss of $100.7 million, or $5.05 per share, in the same period last year.
Investing activities from continuing operations generated $120.1 million of cash during the first nine months of 2010, primarily due to the divestiture of Quincy Compressor, partially offset by the deconsolidation of GST effective on the Petition Date. We used $17.7 million in investing activities during the same period in 2009. We received gross proceeds of $189.4 million from the divestiture of Quincy Compressor during the first nine months of 2010 and there were no divestitures in the comparable period of 2009. We made net payments of $25.5 million to complete acquisitions in the first nine months of 2010 compared to $6.2 million during the same period of 2009. Capital expenditures were $2.2 million less in the first nine months of 2010 than during the same period of 2009.
Until June 8, 2010, the maximum amount available for borrowings under the facility was $75 million. Just prior to the Petition Date, we amended the facility to accommodate GST s debtor-in-possession loan agreement which was entered into on June 8, 2010. The amendment reduced the maximum amount available under the facility to $60 million. Under certain conditions, we may request that the facility be increased by up to $25 million, to $85 million in total. Actual borrowing availability at any date is determined by reference to a borrowing base of specified percentages of eligible accounts receivable and inventory and is reduced by usage of the facility, which includes outstanding letters of credit, and any reserves. The actual borrowing availability at September 30, 2010 under our senior secured revolving credit facility was $55.9 million after giving consideration to $4.1 million of letters of credit outstanding.
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Enpro Industries Inc. has a market cap of $755.4 million; its shares were traded at around $36.74 with a P/E ratio of 13.8 and P/S ratio of 0.9. NPO is in the portfolios of John Keeley of Keeley Fund Management, Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
We recorded an income tax expense of $2.4 million on pre-tax income from continuing operations of $7.3 million in the third quarter of 2010. During the third quarter of 2009, we recorded an income tax benefit of $3.8 million on a loss from continuing operations before income taxes of $2.8 million. The income tax expense in the third quarter of 2009 was significantly impacted by the jurisdictional mix of earnings and losses.Net income from continuing operations was $4.9 million, or $0.24 per share, in the third quarter of 2010 compared to net income from continuing operations of $1.0 million, or $0.05 per share, in the same quarter of 2009.
Net income was $4.9 million, or $0.24 per share in the third quarter of 2010 compared to net income of $1.8 million, or $0.09 per share, in the same quarter of 2009. Earnings (loss) per share are expressed on a diluted basis.
Net income from continuing operations was $55.0 million, or $2.68 per share, for the first nine months of 2010 compared to a net loss from continuing operations of $104.3 million, or $5.23 per share, in the same period last year. Net income was $149.1 million, or $7.25 per share, during the first nine months of 2010 compared to a net loss of $100.7 million, or $5.05 per share, in the same period last year.
Investing activities from continuing operations generated $120.1 million of cash during the first nine months of 2010, primarily due to the divestiture of Quincy Compressor, partially offset by the deconsolidation of GST effective on the Petition Date. We used $17.7 million in investing activities during the same period in 2009. We received gross proceeds of $189.4 million from the divestiture of Quincy Compressor during the first nine months of 2010 and there were no divestitures in the comparable period of 2009. We made net payments of $25.5 million to complete acquisitions in the first nine months of 2010 compared to $6.2 million during the same period of 2009. Capital expenditures were $2.2 million less in the first nine months of 2010 than during the same period of 2009.
Until June 8, 2010, the maximum amount available for borrowings under the facility was $75 million. Just prior to the Petition Date, we amended the facility to accommodate GST s debtor-in-possession loan agreement which was entered into on June 8, 2010. The amendment reduced the maximum amount available under the facility to $60 million. Under certain conditions, we may request that the facility be increased by up to $25 million, to $85 million in total. Actual borrowing availability at any date is determined by reference to a borrowing base of specified percentages of eligible accounts receivable and inventory and is reduced by usage of the facility, which includes outstanding letters of credit, and any reserves. The actual borrowing availability at September 30, 2010 under our senior secured revolving credit facility was $55.9 million after giving consideration to $4.1 million of letters of credit outstanding.
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