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Anaren Inc. (ANEN) filed Quarterly Report for the period ended 2011-12-31.
Anaren Inc. has a market cap of $247.1 million; its shares were traded at around $16.58 with a P/E ratio of 15.9 and P/S ratio of 1.4. Anaren Inc. had an annual average earning growth of 14% over the past 5 years.
This is the annual revenues and earnings per share of ANEN over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ANEN.
Highlight of Business Operations:
Operating Income. Operating income decreased $4.1 million in the second quarter of fiscal 2012 to $1.4 million, (3.9% of net sales), compared to $5.5 million (12.7% of net sales) for the second quarter of fiscal 2011. This decrease in operating income was a result of the $7.7 million decline in sales volume, a less favorable product mix in the Space & Defense Group and the significant decline in sales of higher margin Wireless products during the current second quarter compared to the second quarter of fiscal 2011. Due to the lower expected sales levels and declining income, the Company took action in the current first half of fiscal 2012 at several operating locations to reduce personnel and operating expenses to improve profitability at the current lower sales levels. To date, personnel levels have been reduced approximately 15% resulting in an annual reduction of approximately $5.0 million, including benefit costs, from July 2011 levels. The Company expects to see improved profitability in the second half of fiscal 2012 and in fiscal 2013 as sales volumes increase. On an operating segment basis, the Wireless Group had an operating loss of $0.9 million (negative 7.9% of Group sales) for the second quarter of fiscal 2012, down $3.2 million, from the Group s operating income of $2.3 million (14.7% of Group sales) in the second quarter of fiscal 2011. The decline in Wireless Group operating income in the second quarter of fiscal 2012, compared to the second quarter of fiscal 2011, was due to the $4.8 million, or 30.8%, decrease in Wireless Group sales. This rapid decline in demand resulted in less production and an under absorption of Group manufacturing overhead. Space & Defense Group operating income was $2.4 million (9.5% of Group sales) in the second quarter of fiscal 2012, compared to $3.3 million (11.8% of net Group sales) for the second quarter of fiscal 2011. Operating margins for this Group declined in the current second quarter due mainly to the $2.9 million decrease in sales volume and the resulting inefficiencies in production. Additionally, Space & Defense Group operating margins suffered as a result of the less favorable product mix in fiscal 2012 compared to fiscal 2011. Sales of these products totaled $3.7 million in the second quarter of fiscal 2011 compared to no sales of these products in the second quarter of fiscal 2012.Operating Income. Operating income decreased $4.1 million in the second quarter of fiscal 2012 to $1.4 million, (3.9% of net sales), compared to $5.5 million (12.7% of net sales) for the second quarter of fiscal 2011. This decrease in operating income was a result of the $7.7 million decline in sales volume, a less favorable product mix in the Space & Defense Group and the significant decline in sales of higher margin Wireless products during the current second quarter compared to the second quarter of fiscal 2011. Due to the lower expected sales levels and declining income, the Company took action in the current first half of fiscal 2012 at several operating locations to reduce personnel and operating expenses to improve profitability at the current lower sales levels. To date, personnel levels have been reduced approximately 15% resulting in an annual reduction of approximately $5.0 million, including benefit costs, from July 2011 levels. The Company expects to see improved profitability in the second half of fiscal 2012 and in fiscal 2013 as sales volumes increase. On an operating segment basis, the Wireless Group had an operating loss of $0.9 million (negative 7.9% of Group sales) for the second quarter of fiscal 2012, down $3.2 million, from the Group s operating income of $2.3 million (14.7% of Group sales) in the second quarter of fiscal 2011. The decline in Wireless Group operating income in the second quarter of fiscal 2012, compared to the second quarter of fiscal 2011, was due to the $4.8 million, or 30.8%, decrease in Wireless Group sales. This rapid decline in demand resulted in less production and an under absorption of Group manufacturing overhead.
Operating Income. Operating income decreased $6.7 million in the first half of fiscal 2012 to $5.0 million, (6.6% of net sales), compared to $11.7 million (13.3% of net sales) for the first half of fiscal 2011. This decrease in operating income was a result of the $13.5 million decline in sales volume, a less favorable product mix in the Space & Defense Group and the decline in sales of higher margin Wireless products during the first half of fiscal 2012 compared to the first half of fiscal 2011. Due to the lower expected sales levels and declining income, the Company took action in the current first six months at several operating locations to reduce personnel levels and operating expenses to improve profitability at the current lower sales levels. To date, personnel levels have been reduced approximately 15%, resulting in an annual reduction of approximately $5.0 million, including benefit costs, from July 2011 levels. The Company expects to see improved profitability in the second half of fiscal 2012 and fiscal 2013 as sales volumes increase. On a operating segment basis, the Wireless Group had operating income of $2.8 million (9.7% of group sales) for the first half of fiscal 2012, down $2.5 million, from the Group s operating income of $5.3 million (17.0% of group sales) in the first half of fiscal 2011. The decline in Wireless Group operating income in the first half of fiscal 2012 compared to the first half of fiscal 2011 resulted from the $2.1 million, or 6.8%, decrease in Wireless Group sales due to the current drop in demand from Wireless infrastructure customers, increases in Wireless group R&D ($0.6 million) and marketing ($0.3 million) expense due to the development of the Company s new AIR modules. Additionally, G&A expenses increased $0.6 million in the current first six months compared to the first six months of last year due to realignment of corporate allocations due to the change in business mix from fiscal 2011 to fiscal 2012. Space & Defense Group operating income was $2.3 million (5.0% of Group sales) in the first half of fiscal 2012, compared to $7.0 million (12.3% of net group sales) for the first half of fiscal 2011. Operating margins for this Group declined in the first six months due mainly to the $11.4 million drop in sales volume and the resulting inefficiencies in production. Additionally, Space & Defense Group operating margins suffered as a result of the less favorable product mix in fiscal 2012 compared to fiscal 2011. Sales of these products totaled $7.7 million in the first six months of fiscal 2011 compared to no sales of these products in the first six months of fiscal 2012.
Operating Income. Operating income decreased $6.7 million in the first half of fiscal 2012 to $5.0 million, (6.6% of net sales), compared to $11.7 million (13.3% of net sales) for the first half of fiscal 2011. This decrease in operating income was a result of the $13.5 million decline in sales volume, a less favorable product mix in the Space & Defense Group and the decline in sales of higher margin Wireless products during the first half of fiscal 2012 compared to the first half of fiscal 2011. Due to the lower expected sales levels and declining income, the Company took action in the current first six months at several operating locations to reduce personnel levels and operating expenses to improve profitability at the current lower sales levels. To date, personnel levels have been reduced approximately 15%, resulting in an annual reduction of approximately $5.0 million, including benefit costs, from July 2011 levels. The Company expects to see improved profitability in the second half of fiscal 2012 and fiscal 2013 as sales volumes increase.
On a operating segment basis, the Wireless Group had operating income of $2.8 million (9.7% of group sales) for the first half of fiscal 2012, down $2.5 million, from the Group s operating income of $5.3 million (17.0% of group sales) in the first half of fiscal 2011. The decline in Wireless Group operating income in the first half of fiscal 2012 compared to the first half of fiscal 2011 resulted from the $2.1 million, or 6.8%, decrease in Wireless Group sales due to the current drop in demand from Wireless infrastructure customers, increases in Wireless group R&D ($0.6 million) and marketing ($0.3 million) expense due to the development of the Company s new AIR modules. Additionally, G&A expenses increased $0.6 million in the current first six months compared to the first six months of last year due to realignment of corporate allocations due to the change in business mix from fiscal 2011 to fiscal 2012.
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