MTS Systems Corp. (MTSC, Financial) filed Annual Report for the period ended 2012-09-29.
Mts Systems Corporation has a market cap of $766.8 million; its shares were traded at around $47.77 with a P/E ratio of 12.9 and P/S ratio of 1.4. The dividend yield of Mts Systems Corporation stocks is 2.5%. Mts Systems Corporation had an annual average earning growth of 8.3% over the past 10 years. GuruFocus rated Mts Systems Corporation the business predictability rank of 3.5-star.
Research and Development Expense Research and development expense was $21.9 million, an increase of $7.1 million, or 48.0%, compared to $14.8 million for fiscal year 2011. Planned expenditures were higher in both segments. In addition, the Company allocated certain of its resources towards capitalized software development activities during fiscal year 2012 and 2011. Total software development costs capitalized during fiscal years 2012 and 2011 were $0.5 million and $3.7 million, respectively. Research and development expense as a percentage of revenue was 4.0%, compared to 3.2% for fiscal year 2011.
Research and Development Expense Research and development expense was $16.8 million, an increase of $6.7 million, or 66.3%, compared to $10.1 million for fiscal year 2011, due to a higher level of planned expenditures. As previously mentioned, $0.5 million and $3.7 million of costs associated with software development activities were capitalized in fiscal year 2012 and 2011, respectively. Research and development expense as a percentage of revenue was 3.8%, compared to 2.8% for fiscal year 2011.
Revenue Revenue was $467.4 million, an increase of $93.3 million, or 24.9%, compared to revenue of $374.1 million for fiscal year 2010. This increase was primarily due to 27.8% higher opening backlog as well as increased order volume, and an estimated $11.8 million favorable impact of currency translation. Test revenue increased 22.8% to $363.9 million, while Sensors revenue increased 33.0% to $103.5 million.
General and Administrative Expense General and administrative expense was $44.2 million, an increase of $1.5 million, or 3.5%, compared to $42.7 million for fiscal year 2010. This increase was primarily due to higher professional fees and other discretionary spending, and an estimated $0.9 million unfavorable impact of currency translation, partially offset by lower legal fees, as well as decreased salaries and benefits. Legal and consulting expenses for fiscal year 2011 included $6.0 million related to the previously mentioned U.S. Government matters, of which $4.7 million and $1.3 million was allocated to Test and Sensors, respectively. Legal expenses for fiscal year 2010 included $6.3 million of costs associated with a legal settlement. General and administrative expense as a percentage of revenue was 9.5% on higher volume, compared to 11.4% for fiscal year 2010.
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Mts Systems Corporation has a market cap of $766.8 million; its shares were traded at around $47.77 with a P/E ratio of 12.9 and P/S ratio of 1.4. The dividend yield of Mts Systems Corporation stocks is 2.5%. Mts Systems Corporation had an annual average earning growth of 8.3% over the past 10 years. GuruFocus rated Mts Systems Corporation the business predictability rank of 3.5-star.
Highlight of Business Operations:
Revenue Revenue was $542.3 million, an increase of $74.9 million, or 16.0%, compared to revenue of $467.4 million for fiscal year 2011. This increase was driven by 34.4% higher beginning backlog as well as strong standard short-cycle orders in Test, partially offset by a decline in Sensors resulting from an unfavorable impact of currency translation. Test revenue increased 21.5% to $442.0 million, while Sensors revenue decreased 3.1% to $100.3 million.Research and Development Expense Research and development expense was $21.9 million, an increase of $7.1 million, or 48.0%, compared to $14.8 million for fiscal year 2011. Planned expenditures were higher in both segments. In addition, the Company allocated certain of its resources towards capitalized software development activities during fiscal year 2012 and 2011. Total software development costs capitalized during fiscal years 2012 and 2011 were $0.5 million and $3.7 million, respectively. Research and development expense as a percentage of revenue was 4.0%, compared to 3.2% for fiscal year 2011.
Research and Development Expense Research and development expense was $16.8 million, an increase of $6.7 million, or 66.3%, compared to $10.1 million for fiscal year 2011, due to a higher level of planned expenditures. As previously mentioned, $0.5 million and $3.7 million of costs associated with software development activities were capitalized in fiscal year 2012 and 2011, respectively. Research and development expense as a percentage of revenue was 3.8%, compared to 2.8% for fiscal year 2011.
Revenue Revenue was $467.4 million, an increase of $93.3 million, or 24.9%, compared to revenue of $374.1 million for fiscal year 2010. This increase was primarily due to 27.8% higher opening backlog as well as increased order volume, and an estimated $11.8 million favorable impact of currency translation. Test revenue increased 22.8% to $363.9 million, while Sensors revenue increased 33.0% to $103.5 million.
General and Administrative Expense General and administrative expense was $44.2 million, an increase of $1.5 million, or 3.5%, compared to $42.7 million for fiscal year 2010. This increase was primarily due to higher professional fees and other discretionary spending, and an estimated $0.9 million unfavorable impact of currency translation, partially offset by lower legal fees, as well as decreased salaries and benefits. Legal and consulting expenses for fiscal year 2011 included $6.0 million related to the previously mentioned U.S. Government matters, of which $4.7 million and $1.3 million was allocated to Test and Sensors, respectively. Legal expenses for fiscal year 2010 included $6.3 million of costs associated with a legal settlement. General and administrative expense as a percentage of revenue was 9.5% on higher volume, compared to 11.4% for fiscal year 2010.
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