CTS Corp. (CTS, Financial) filed Quarterly Report for the period ended 2010-04-04.
Cts Corp. has a market cap of $357.3 million; its shares were traded at around $10.52 with a P/E ratio of 30.1 and P/S ratio of 0.7. The dividend yield of Cts Corp. stocks is 1.1%.CTS is in the portfolios of Chuck Royce of Royce& Associates, John Keeley of Keeley Fund Management, Jim Simons of Renaissance Technologies LLC.
Net earnings were $4.4 million, or $0.13 per diluted share, in the first quarter of 2010 compared with a loss of $35.6 million, or $1.06 per share, in the first quarter of 2009. The 2009 results included $33.2 million, or $0.98 per share, for non-cash goodwill impairment and $2.2 million, or $0.05 per share, of restructuring charges.
Based on first quarter results and the latest outlook, assuming no new significant economic weakness, management anticipates full-year 2010 sales to increase 12% - 20% over 2009, compared to the previous guidance of 10% - 15% increase year-over-year. Full year 2010 diluted earnings per share are now estimated in the range of $0.52 to $0.60 compared to the previous range of $0.45 to $0.53.
Working capital increased $11.4 million in the first quarter of 2010 versus year-end 2009, primarily due to increases in cash and cash equivalents of $7.6 million, inventory of $5.7 million and accounts receivable of $2.4 million, partially offset by an increase in accounts payable of $7.2 million.
Net cash provided by operating activities was $5.3 million in the first quarter of 2010. Components of net cash provided by operating activities included net earnings of $4.4 million and depreciation and amortization expense of $4.4 million, partially offset by net changes in assets and liabilities of $3.5 million and an increase in prepaid pension asset of $2.8 million. The changes in assets and liabilities were primarily due to increased inventories of $5.7 million and increased accounts receivable of $2.4 million partially offset by increased accounts payable and accrued liabilities of $6.0 million.
On June 27, 2006, we entered into a $100 million, unsecured revolving credit agreement. Under the terms of the revolving credit agreement, we can expand the credit facility to $150 million, subject to participating banks approval. There was $56.0 million and $50.4 million outstanding under the revolving credit agreement at April 4, 2010 and December 31, 2009, respectively. At April 4, 2010 and December 31, 2009, we had $41.2 million and $46.8 million available under this agreement, net of standby letters of credit of $2.8 million, respectively. Interest rates on the revolving credit agreement fluctuate based upon LIBOR and our quarterly total leverage ratio. We pay a commitment fee on the undrawn portion of the revolving credit agreement. The commitment fee varies based on the quarterly leverage ratio and was 0.15 percent per annum at April
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Cts Corp. has a market cap of $357.3 million; its shares were traded at around $10.52 with a P/E ratio of 30.1 and P/S ratio of 0.7. The dividend yield of Cts Corp. stocks is 1.1%.CTS is in the portfolios of Chuck Royce of Royce& Associates, John Keeley of Keeley Fund Management, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
First quarter sales of $129.4 million increased $11.3 million, or 9.5%, from the first quarter of 2009. The increase was primarily attributable to the Components and Sensors segment, with higher sales of $31.1 million, including higher sales of $24.3 million or 102.5% in the automotive market and $6.8 million or 36.7% in electronic component products. EMS segment sales decreased $19.9 million from planned end-of-life sales reductions to Hewlett-Packard and program launch delays in certain defense and aerospace and medical markets, partially offset by increased sales in the communications market, while sales in the industrial market were flat.Net earnings were $4.4 million, or $0.13 per diluted share, in the first quarter of 2010 compared with a loss of $35.6 million, or $1.06 per share, in the first quarter of 2009. The 2009 results included $33.2 million, or $0.98 per share, for non-cash goodwill impairment and $2.2 million, or $0.05 per share, of restructuring charges.
Based on first quarter results and the latest outlook, assuming no new significant economic weakness, management anticipates full-year 2010 sales to increase 12% - 20% over 2009, compared to the previous guidance of 10% - 15% increase year-over-year. Full year 2010 diluted earnings per share are now estimated in the range of $0.52 to $0.60 compared to the previous range of $0.45 to $0.53.
Working capital increased $11.4 million in the first quarter of 2010 versus year-end 2009, primarily due to increases in cash and cash equivalents of $7.6 million, inventory of $5.7 million and accounts receivable of $2.4 million, partially offset by an increase in accounts payable of $7.2 million.
Net cash provided by operating activities was $5.3 million in the first quarter of 2010. Components of net cash provided by operating activities included net earnings of $4.4 million and depreciation and amortization expense of $4.4 million, partially offset by net changes in assets and liabilities of $3.5 million and an increase in prepaid pension asset of $2.8 million. The changes in assets and liabilities were primarily due to increased inventories of $5.7 million and increased accounts receivable of $2.4 million partially offset by increased accounts payable and accrued liabilities of $6.0 million.
On June 27, 2006, we entered into a $100 million, unsecured revolving credit agreement. Under the terms of the revolving credit agreement, we can expand the credit facility to $150 million, subject to participating banks approval. There was $56.0 million and $50.4 million outstanding under the revolving credit agreement at April 4, 2010 and December 31, 2009, respectively. At April 4, 2010 and December 31, 2009, we had $41.2 million and $46.8 million available under this agreement, net of standby letters of credit of $2.8 million, respectively. Interest rates on the revolving credit agreement fluctuate based upon LIBOR and our quarterly total leverage ratio. We pay a commitment fee on the undrawn portion of the revolving credit agreement. The commitment fee varies based on the quarterly leverage ratio and was 0.15 percent per annum at April
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