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M & F Worldwide Corp. (MFW) filed Quarterly Report for the period ended 2011-06-30.
M&f Worldwide Corp. has a market cap of $480.3 million; its shares were traded at around $24.84 with a P/E ratio of 3.8 and P/S ratio of 0.3. M&f Worldwide Corp. had an annual average earning growth of 36.2% over the past 10 years.
This is the annual revenues and earnings per share of MFW over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of MFW.
Highlight of Business Operations:
Net revenues for the Harland Clarke segment decreased by $24.6 million, or 8.0%, to $282.7 million in the 2011 period from $307.3 million in the 2010 period. The decrease was primarily due to volume declines in check and related products and decreased revenues per unit, partially offset by revenues from the addition of new clients. Additionally, the 2010 period included a one-time payment resulting from the loss of a client. Net revenues in the 2010 period included charges of $0.2 million for non-cash fair value acquisition accounting adjustments to deferred revenue related to the SubscriberMail acquisition.
Net revenues for the Licorice Products segment increased by $4.4 million, or 15.7%, to $32.4 million in the 2011 period from $28.0 million in the 2010 period. Sales of licorice extract to the worldwide tobacco industry increased by $3.8 million as the result of an increase in shipment volumes combined with changes in order timing for certain large tobacco customers. Magnasweet and pure licorice derivative sales increased by $0.4 million primarily due to increases in shipment volumes of pure licorice derivatives to international cosmetic, pharmaceutical, food and beverage customers. Sales of licorice extract to non-tobacco customers increased by $0.2 million.
Cost of revenues for the Scantron segment increased by $5.2 million, or 18.2%, to $33.7 million in the 2011 period from $28.5 million in the 2010 period. The increase was primarily due to costs associated with the businesses acquired in the Spectrum K12 and GlobalScholar acquisitions, including $4.4 million of amortization expense in the 2011 period resulting from intangible assets recorded in connection with these acquisitions. Cost of revenues as a percentage of revenues for the Scantron segment was 70.4% in the 2011 period as compared to 58.0% in the 2010 period. The increase in cost of revenues as a percentage of revenues is primarily due to the increased amortization expense, non-cash acquisition accounting adjustments that reduced revenue by $2.4 million and the deferral of revenue for certain amounts billed and collected as further described above.
In the 2011 period, the Company recorded restructuring costs of $0.7 million for the Harland Clarke segment, $0.3 million for the Harland Financial Solutions segment and $2.7 million for the Scantron segment related to these plans. In the 2010 period, the Company recorded restructuring costs of $1.6 million for the Harland Clarke segment, $0.2 million for the Harland Financial Solutions segment and $5.2 million for the Scantron segment related to these plans.
Net revenues for the Scantron segment increased by $0.3 million, or 0.3%, to $100.5 million in the 2011 period from $100.2 million in the 2010 period. The increase was primarily due to the acquisitions of GlobalScholar and Spectrum K12 and an increase in field services installations, substantially offset by a decline in sales of a survey solution to assist financial institutions with the implementation of new federal regulations in 2010 regarding overdraft services to customers and declines in forms and systems hardware sales. Net revenues in the 2011 period included charges of $5.3 million for non-cash fair value acquisition accounting adjustments to deferred revenue related to the GlobalScholar and Spectrum K12 acquisitions. In addition, as further discussed in "Economic and Other Factors Affecting the Businesses of the Company," GlobalScholar and Spectrum K12 have not established VSOE of fair value for their multiple-element contracts and also have contracts with substantive customer acceptance provisions, resulting in a substantial deferral of revenue for amounts billed and collected into future periods. Deferred revenue related to GlobalScholar and Spectrum K12 increased by $10.8 million in the first half of 2011.
Net revenues for the Licorice Products segment increased by $6.7 million, or 12.1%, to $61.9 million in the 2011 period from $55.2 million in the 2010 period. Sales of licorice extract to the worldwide tobacco industry increased by $4.5 million as the result of an increase in shipment volumes combined with changes in order timing for certain large tobacco customers. Magnasweet and pure licorice derivative sales increased by $2.0 million primarily due to increases in shipment volumes of pure licorice derivatives to international cosmetic, pharmaceutical, food and beverage customers. Sales of licorice extract to non-tobacco
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