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Peerless Manufacturing Company (PMFG) filed Quarterly Report for the period ended 2011-10-01.
Pmfg Inc. has a market cap of $360.6 million; its shares were traded at around $20.4 with a P/E ratio of 1020 and P/S ratio of 2.9.
This is the annual revenues and earnings per share of PMFG over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PMFG.
Highlight of Business Operations:
Total revenue increased $2,127 or 7.9% to $29,088 in the quarter ended October 1, 2011, compared to prior year. The revenue growth resulted primarily from increased sales in Europe and the Middle East driven by continued focused sales efforts in those regions. Our international sales have traditionally been weighted toward Process Products, although there is increased quote activity related to Environmental Systems products and solutions.Operating expenses increased $1,070 or 12.2% for the three months ended October 1, 2011 in comparison to the prior year. As a percentage of revenue, these expenses increased to 33.9% during the three months ended October 1, 2011 from 32.6% during the three months ended October 2, 2010. Our sales and marketing expenses increased $159 as a result of the higher revenue and the increased international sales resources. Our engineering and project management expenses increased $98 for the three months ended October 1, 2011 compared to the three months ended October 2, 2011 in line with the increased revenue. General and administrative expenses increased $813 during the three months ended October 1, 2011 compared to the same period a year ago as a result of the increased cost of maintaining foreign offices, higher employee-related costs and higher professional fees.
Process Products operating income for the three months ended October 1, 2011 increased $178, or 5.6%, compared to the same period a year ago. As a percentage of revenue, operating income was 13.8% and 14.4% for the three months ended October 1, 2011 and October 2, 2010, respectively. The decline resulted from lower gross margin percentage on jobs completed and in process, as well as higher operating expenses. The lower gross margin percentage reflects both a change in product mix as well as continued competitive pricing pressure primarily in the United Sates. The higher operating expenses are attributed to the higher revenue and increased international sales resources.
Environmental Systems operating income for the three months ended October 1, 2011 decreased $468, or 49.6%, in comparison to the prior year. As a percentage of revenue, operating income decreased to 9.8% during the three months ended October 1, 2011 from 19.4% for the same period in the prior year primarily as a result of a decrease in relative gross profit margin. The decline in gross profit margin is attributable primarily to cost overruns on certain projects.
Our cash and cash equivalents were $21,819 as of October 1, 2011 compared to $19,538 at July 2, 2011, of which $5,742 was restricted as collateral for stand-by letters of credit and bank guarantees, compared to $6,633 at July 2, 2011. During the three months ended October 1, 2011, cash provided by operating activities was $4,278 compared to cash provided by operating activities of $3,770 for the three months ended October 2, 2010. Cash provided by operating activities primarily related to a decrease in accounts receivable partially offset by an increase in cost and earnings in excess of billings.
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