Robbins & Myers Inc. (RBN, Financial) filed Quarterly Report for the period ended 2009-02-28.
ROBBINS & MYERS INC. is engaged in the design manufacture and marketing of fluids management equipment primarily progressing cavity pumps chemical reactor and storage vessels agitators and mixers and fluoropolymer corrosion-resistant coatings. Robbins & Myers Inc. has a market cap of $478.7 million; its shares were traded at around $14.6 with a P/E ratio of 6.3 and P/S ratio of 0.6. The dividend yield of Robbins & Myers Inc. stocks is 1.1%. Robbins & Myers Inc. had an annual average earning growth of 35.2% over the past 5 years.
The Process Solutions segment had sales of $63.1 million in the second quarter of fiscal 2009 compared with $75.0 million in the second quarter of fiscal 2008, a decrease of 15.9%. Excluding the impact of currency translation, sales decreased $4.5 million, or 6.0%, from the prior year period. Excluding currency translation, orders decreased 38.4% from prior year period. This decrease, we believe, is due to the worldwide economic downturn and credit crises. Ending backlog at February 28, 2009 is $100.8 million compared to $123.5 million at August 31, 2008.
The Fluid Management segment had sales of $154.6 million in the first half of fiscal 2009 compared with $148.9 million in the same period of fiscal 2008. Excluding currency translation, sales increased by $13.5 million, or 9.1%, driven by strong demand for oilfield equipment products due to high levels of oil and gas exploration and recovery activity in the first quarter of fiscal 2009. Orders for this segment were $140.3 million in the first half of fiscal 2009 compared to $157.0 million in the same prior year period. Ending backlog at February 28, 2009 is $44.1 million compared to $63.2 million at August 31, 2008.
The Process Solutions segment had sales of $135.3 million in the first half of fiscal 2009 compared with $145.8 million in the same period of fiscal 2008, a decrease of 7.2%. Excluding the impact of currency translation and an acquisition early in the second quarter of fiscal 2008, sales decreased marginally by $0.4 million, or 0.3%, from the prior year period. Excluding currency translation and acquisition impact, orders decreased 19.4%, primarily driven by lower demand in our pharmaceutical markets. Ending backlog at February 28, 2009 is $100.8 million compared to $123.5 million at August 31, 2008.
The Romaco segment had sales of $51.9 million in the first half of fiscal 2009 compared with $63.8 million in the same period of fiscal 2008. Excluding the impact of currency translation, sales decreased $8.2 million or 12.9% over the prior year period. Adjusting for changes in currency exchange rates, orders decreased 34.7% from the same period in the prior year due to the timing of large project orders and the current economic slowdown. Ending backlog at February 28, 2009 is $40.6 million compared to $51.3 million at August 31, 2008.
Consolidated EBIT for the first half of fiscal 2009 was $47.2 million, a decrease of $2.2 million from the same period of the prior year. First half of 2008 results included other income of $1.1 million resulting from a gain on the sale of a facility. After the net change in other income, EBIT decreased $1.1 million. Excluding the impact of currency translation and other income in fiscal 2008, EBIT increased by $0.6 million. This increase is attributable to the higher sales volume described above, offset by some higher operating costs.
Read the The complete ReportRBN is in the portfolios of John Keeley of Keeley Fund Management.
ROBBINS & MYERS INC. is engaged in the design manufacture and marketing of fluids management equipment primarily progressing cavity pumps chemical reactor and storage vessels agitators and mixers and fluoropolymer corrosion-resistant coatings. Robbins & Myers Inc. has a market cap of $478.7 million; its shares were traded at around $14.6 with a P/E ratio of 6.3 and P/S ratio of 0.6. The dividend yield of Robbins & Myers Inc. stocks is 1.1%. Robbins & Myers Inc. had an annual average earning growth of 35.2% over the past 5 years.
Highlight of Business Operations:
The Fluid Management segment had sales of $72.3 million in the second quarter of fiscal 2009 compared with $76.5 million in the second quarter of fiscal 2008, a decrease of $4.2 million, primarily due to foreign currency translation impact. Excluding currency translation, sales increased $0.6 million, or 0.7%. Orders for this segment were $55.8 million in the second quarter of fiscal 2009 compared to $74.2 million in the prior year period. Excluding the impact of foreign currency translation, orders decreased by 19.7%, mainly due to decreased demand for oilfield equipment products due to lower levels of oil and gas exploration and recovery activity fueled by lower oil and natural gas prices worldwide, and order cancellations. Ending backlog at February 28, 2009 is $44.1 million compared to $63.2 million at August 31, 2008.The Process Solutions segment had sales of $63.1 million in the second quarter of fiscal 2009 compared with $75.0 million in the second quarter of fiscal 2008, a decrease of 15.9%. Excluding the impact of currency translation, sales decreased $4.5 million, or 6.0%, from the prior year period. Excluding currency translation, orders decreased 38.4% from prior year period. This decrease, we believe, is due to the worldwide economic downturn and credit crises. Ending backlog at February 28, 2009 is $100.8 million compared to $123.5 million at August 31, 2008.
The Fluid Management segment had sales of $154.6 million in the first half of fiscal 2009 compared with $148.9 million in the same period of fiscal 2008. Excluding currency translation, sales increased by $13.5 million, or 9.1%, driven by strong demand for oilfield equipment products due to high levels of oil and gas exploration and recovery activity in the first quarter of fiscal 2009. Orders for this segment were $140.3 million in the first half of fiscal 2009 compared to $157.0 million in the same prior year period. Ending backlog at February 28, 2009 is $44.1 million compared to $63.2 million at August 31, 2008.
The Process Solutions segment had sales of $135.3 million in the first half of fiscal 2009 compared with $145.8 million in the same period of fiscal 2008, a decrease of 7.2%. Excluding the impact of currency translation and an acquisition early in the second quarter of fiscal 2008, sales decreased marginally by $0.4 million, or 0.3%, from the prior year period. Excluding currency translation and acquisition impact, orders decreased 19.4%, primarily driven by lower demand in our pharmaceutical markets. Ending backlog at February 28, 2009 is $100.8 million compared to $123.5 million at August 31, 2008.
The Romaco segment had sales of $51.9 million in the first half of fiscal 2009 compared with $63.8 million in the same period of fiscal 2008. Excluding the impact of currency translation, sales decreased $8.2 million or 12.9% over the prior year period. Adjusting for changes in currency exchange rates, orders decreased 34.7% from the same period in the prior year due to the timing of large project orders and the current economic slowdown. Ending backlog at February 28, 2009 is $40.6 million compared to $51.3 million at August 31, 2008.
Consolidated EBIT for the first half of fiscal 2009 was $47.2 million, a decrease of $2.2 million from the same period of the prior year. First half of 2008 results included other income of $1.1 million resulting from a gain on the sale of a facility. After the net change in other income, EBIT decreased $1.1 million. Excluding the impact of currency translation and other income in fiscal 2008, EBIT increased by $0.6 million. This increase is attributable to the higher sales volume described above, offset by some higher operating costs.
Read the The complete ReportRBN is in the portfolios of John Keeley of Keeley Fund Management.
