CTS Corp. (CTS, Financial) filed Quarterly Report for the period ended 2012-09-30.
Cts Corporation has a market cap of $280 million; its shares were traded at around $8.04 with a P/E ratio of 11.6 and P/S ratio of 0.5. The dividend yield of Cts Corporation stocks is 1.7%.
Net sales in the EMS segment decreased $25.5 million, or 10.9%, in the first nine months of 2012 from the first nine months of 2011. The decrease in net sales was primarily due to the impact of the October 2011 flood at our Thailand EMS manufacturing facility and the generally weak global economy. The lower net sales by market were $21.8 million in the communications market, $15.3 million in the defense and aerospace market, and $9.9 million in the computer market, partially offset by higher net sales of $18.4 million in the industrial market and $3.0 million in the medical market.
R&D expenses were $15.6 million, or 3.6% of net sales, in the first nine months of 2012 versus $14.8 million, or 3.3% of net sales, in the first nine months of 2011. The increase was primarily driven by spending to develop and launch new products and growth initiatives. R&D expenses are incurred by the Components and Sensors segment and are primarily focused on expanded applications of existing products and new product development, as well as current product and process enhancements. R&D expenses were 6.8% of Components and Sensors net sales in the first nine months of 2012 versus 7.1% of Components and Sensors net sales in the first nine months of 2011.
Net cash provided by operating activities was $25.0 million during the first nine months of 2012. Components of net cash provided by operating activities included net earnings of $11.5 million, depreciation and amortization expense of $14.6 million, restructuring and asset impairment charges of $3.4 million and other non-cash items such as equity-based compensation, amortization of retirement benefit and net insurance recovery totaling $8.9 million which were partially offset by net changes in assets and liabilities of $7.5 million and an increase in the prepaid pension asset of $5.1 million. The changes in assets and liabilities were primarily due to decreased accounts payable and accrued liabilities of $38.2 million partially offset by decreased inventories of $19.5 million and decreased accounts receivable of $10.0 million.
Net cash provided by operating activities was $13.4 million during the first nine months of 2011. Components of net cash provided by operating activities included net earnings of $15.1 million, non-cash adjustments of depreciation and amortization expense of $13.2 million, amortization of retirement benefits of $4.4 million and equity-based compensation expense of $3.4 million which were partially offset by a change in our prepaid pension assets of $6.5 million and change in all other assets and liabilities of $16.1 million. The net changes in assets and liabilities were primarily due to increased inventories of $14.2 million, decreased accounts payable and accrued liabilities of $4.8 million, and increased other current assets of $1.8 million, which were partially offset by decreased accounts receivable of $6.6 million.
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Cts Corporation has a market cap of $280 million; its shares were traded at around $8.04 with a P/E ratio of 11.6 and P/S ratio of 0.5. The dividend yield of Cts Corporation stocks is 1.7%.
Highlight of Business Operations:
R&D expenses were $4.4 million, or 3.2% of net sales, in the third quarter of 2012 compared to $5.2 million, or 3.5% of net sales, in the third quarter of 2011. The decrease was primarily driven by the timing of customer reimbursements. R&D expenses are incurred by the Components and Sensors segment and are primarily focused on expanded applications of existing products and new product development, as well as current product and process enhancements. R&D expenses were 5.8% of Components and Sensors net sales in the third quarter of 2012 compared to 7.5% of Components and Sensors net sales in the third quarter of 2011.Net sales in the EMS segment decreased $25.5 million, or 10.9%, in the first nine months of 2012 from the first nine months of 2011. The decrease in net sales was primarily due to the impact of the October 2011 flood at our Thailand EMS manufacturing facility and the generally weak global economy. The lower net sales by market were $21.8 million in the communications market, $15.3 million in the defense and aerospace market, and $9.9 million in the computer market, partially offset by higher net sales of $18.4 million in the industrial market and $3.0 million in the medical market.
R&D expenses were $15.6 million, or 3.6% of net sales, in the first nine months of 2012 versus $14.8 million, or 3.3% of net sales, in the first nine months of 2011. The increase was primarily driven by spending to develop and launch new products and growth initiatives. R&D expenses are incurred by the Components and Sensors segment and are primarily focused on expanded applications of existing products and new product development, as well as current product and process enhancements. R&D expenses were 6.8% of Components and Sensors net sales in the first nine months of 2012 versus 7.1% of Components and Sensors net sales in the first nine months of 2011.
Net cash provided by operating activities was $25.0 million during the first nine months of 2012. Components of net cash provided by operating activities included net earnings of $11.5 million, depreciation and amortization expense of $14.6 million, restructuring and asset impairment charges of $3.4 million and other non-cash items such as equity-based compensation, amortization of retirement benefit and net insurance recovery totaling $8.9 million which were partially offset by net changes in assets and liabilities of $7.5 million and an increase in the prepaid pension asset of $5.1 million. The changes in assets and liabilities were primarily due to decreased accounts payable and accrued liabilities of $38.2 million partially offset by decreased inventories of $19.5 million and decreased accounts receivable of $10.0 million.
Net cash provided by operating activities was $13.4 million during the first nine months of 2011. Components of net cash provided by operating activities included net earnings of $15.1 million, non-cash adjustments of depreciation and amortization expense of $13.2 million, amortization of retirement benefits of $4.4 million and equity-based compensation expense of $3.4 million which were partially offset by a change in our prepaid pension assets of $6.5 million and change in all other assets and liabilities of $16.1 million. The net changes in assets and liabilities were primarily due to increased inventories of $14.2 million, decreased accounts payable and accrued liabilities of $4.8 million, and increased other current assets of $1.8 million, which were partially offset by decreased accounts receivable of $6.6 million.
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