Flow International Corp. Reports Operating Results (10-Q)
Flow International Corporation has a market cap of $152.4 million; its shares were traded at around $3.37 with a P/E ratio of 13.8 and P/S ratio of 0.6.
Highlight of Business Operations:Overall revenues of $67.0 million for the three months ended October 31, 2012 represent a new all-time quarterly high and a 4% increase from $64.5 million in the year-ago quarter;
Sales in our Standard segment increased $4.0 million or 7% , and $13.0 million or 12% over the prior year comparative periods. Excluding the impact of foreign currency changes, sales in the Standard segment increased $5.6 million or 9% for the three months ended October 31, 2012 when compared to the prior year comparative period. The quarter-to-date increase was primarily due to the following:
Gross margin for the three and six months ended October 31, 2012 amounted to $25.3 million or 40% and $49.6 million or 40% of sales compared to $24.2 million or 41% and $45.9 million and 41% of sales in the prior year comparative periods. Generally, comparison of gross margin rates will vary period over period based on changes in our product sales mix and prices, geographic mix and levels of production volume.
For the three and six months ended October 31, 2012, sales in our Advanced segment decreased by $1.5 million or 28% and $4.3 million or 35% over the prior year comparative periods. The decrease in sales was primarily driven by the timing of our Advanced contracts and a sales discount of $0.7 million made to an existing customer to facilitate our ability to secure future business.
Gross margin for the respective three and six months ended October 31, 2012 amounted to $0.1 million or 2% and $0.6 million or 8% of sales as compared to $1.1 million and 21% and $2.6 million and 21% of sales in the prior year comparative periods. Gross margin as a percentage of sales in the Advanced segment was lower for the three months and six months ended October 31, 2012 in part due to the impact of the lower throughput in our manufacturing plant, as a result of the type of projects and the stages of the projects, and a $0.4 million charge for an order that was not placed as planned. Advanced segment gross margins will also vary period over period based on changes in product mix, geographic mix and levels of production.
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