Spartech Corp. (SEH, Financial) filed Quarterly Report for the period ended 2012-02-04.
Spartech Corp has a market cap of $167.7 million; its shares were traded at around $5.42 with a P/E ratio of 25.9 and P/S ratio of 0.2.
Operating earnings excluding special items were $3.2 million for the three months ended February 4, 2012 compared to $5.1 million for the three months ended January 29, 2011. The decrease in earnings can be attributed to increased costs related to compensation, repairs and maintenance, utilities, freight and consulting costs to initiate our turnaround effort. The increased costs were somewhat offset by higher volume and a greater mix of high margin products. Both costs and volume were increased by the inclusion of an extra week during the first quarter of 2012 compared to the same period last year.
Operating earnings excluding special items were $3.7 million for the three months ended February 4, 2012 compared to $4.8 million for the three months ended January 29, 2011. The decrease in earnings can be attributed to increased costs related to compensation, depreciation expenses and freight, in addition to start up costs associated with accelerating production on our first Packaging Technologies line in Mexico. The increased costs were somewhat offset by a greater mix of high material margin product compared to the prior year. Both costs and volume were increased by the inclusion of an extra week during the first quarter of 2012 compared to the same period last year.
Operating earnings excluding special items were $0.8 million for the three months ended February 4, 2012 compared to operating losses of $2.5 million in the same period of the prior year. The increase in operating earnings was due to the increase in sales volume, benefits from improvements on our key operating metrics and greater mix of high material margin product compared to the prior year, which more than offset the impact of cost increases related to repairs and maintenance and compensation. Both cost and volume were increased by the inclusion of an extra week during the first quarter of 2012 compared to the same period last year.
Net cash used by operating activities was $6.7 million in the first three months of 2012 compared to cash provided of $7.7 million for the same period in the prior year. The decrease reflects the impact of a $3.3 million change in net earnings including earnings from discontinued operations in 2011 and an increased investment in net working capital in 2012. The increase in net working capital can be attributed to receipts of a federal income tax refund of $5.7 million and cash received on a note receivable of $2.0 million in the first quarter of 2011, combined with a greater relative decrease in accounts payable and lower relative increase in accrued liabilities in the first quarter of 2012 compared to the first quarter of the prior year.
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Spartech Corp has a market cap of $167.7 million; its shares were traded at around $5.42 with a P/E ratio of 25.9 and P/S ratio of 0.2.
Highlight of Business Operations:
Net sales were $281.8 million for the first quarter of 2012, representing a 9% increase from price/mix, an 8% increase in volume from the impact of an extra week and a 3% increase in underlying volume when compared to 2011. The price/mix increases were related to a product mix that included a greater percentage of higher priced products. Our underlying sales volume was up due to increases to specific end markets discussed below. Operating losses excluding special items were $0.5 million for the first quarter of 2012, compared to operating earnings excluding special items of $1.0 million in the same period of 2011.Operating earnings excluding special items were $3.2 million for the three months ended February 4, 2012 compared to $5.1 million for the three months ended January 29, 2011. The decrease in earnings can be attributed to increased costs related to compensation, repairs and maintenance, utilities, freight and consulting costs to initiate our turnaround effort. The increased costs were somewhat offset by higher volume and a greater mix of high margin products. Both costs and volume were increased by the inclusion of an extra week during the first quarter of 2012 compared to the same period last year.
Operating earnings excluding special items were $3.7 million for the three months ended February 4, 2012 compared to $4.8 million for the three months ended January 29, 2011. The decrease in earnings can be attributed to increased costs related to compensation, depreciation expenses and freight, in addition to start up costs associated with accelerating production on our first Packaging Technologies line in Mexico. The increased costs were somewhat offset by a greater mix of high material margin product compared to the prior year. Both costs and volume were increased by the inclusion of an extra week during the first quarter of 2012 compared to the same period last year.
Operating earnings excluding special items were $0.8 million for the three months ended February 4, 2012 compared to operating losses of $2.5 million in the same period of the prior year. The increase in operating earnings was due to the increase in sales volume, benefits from improvements on our key operating metrics and greater mix of high material margin product compared to the prior year, which more than offset the impact of cost increases related to repairs and maintenance and compensation. Both cost and volume were increased by the inclusion of an extra week during the first quarter of 2012 compared to the same period last year.
Net cash used by operating activities was $6.7 million in the first three months of 2012 compared to cash provided of $7.7 million for the same period in the prior year. The decrease reflects the impact of a $3.3 million change in net earnings including earnings from discontinued operations in 2011 and an increased investment in net working capital in 2012. The increase in net working capital can be attributed to receipts of a federal income tax refund of $5.7 million and cash received on a note receivable of $2.0 million in the first quarter of 2011, combined with a greater relative decrease in accounts payable and lower relative increase in accrued liabilities in the first quarter of 2012 compared to the first quarter of the prior year.
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