CTS Corp. (CTS, Financial) filed Quarterly Report for the period ended 2009-06-28.
and annuity products. CTS Corp. has a market cap of $289.6 million; its shares were traded at around $8.58 with a P/E ratio of 15.6 and P/S ratio of 0.4. The dividend yield of CTS Corp. stocks is 1.4%. CTS Corp. had an annual average earning growth of 16.8% over the past 5 years.
Second quarter sales of $120.4 million decreased $65.7 million, or 35.3%, from the second quarter of 2008. The decrease was primarily attributable to the Components and Sensors segment, with lower sales of $34.5 million primarily in the automotive market. EMS segment sales decreased $31.2 million from expected end-of-life driven lower sales to Hewlett-Packard and lower communications market sales, partially offset by higher sales in the defense and aerospace market and medical markets.
SG&A expenses were $15.2 million, or 12.7% of sales, in the second quarter of 2009 versus $21.5 million, or 11.6% of sales, in the second quarter of 2008. This significant reduction of $6.3 million reflects our proactive management of costs, including the benefits of previously announced restructuring actions and aggressive cost-cutting measures companywide. SG&A expenses in the second quarter of 2009 also include a $1.1 million pre-tax gain on the sale of an idle facility.
Interest and other expense in 2009 was $0.5 million versus $1.7 million in the same quarter 2008. The lower expense primarily resulted from $0.9 million lower net interest expense, due to lower outstanding debt.
The effective tax rate for the second quarter of 2009 was 360%. Income tax expense in the amount of $9.7 million was recorded during the second quarter of 2009. This included a discrete period tax expense of $9.1 million related to cash repatriation. Of this $9.1 million amount, approximately $8.6 million is a non-cash expense.
Net loss was $7.0 million, or $0.21 per diluted share, in the second quarter of 2009. This compares with net income of $9.6 million, or $0.27 per diluted share, in the second quarter of 2008.
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and annuity products. CTS Corp. has a market cap of $289.6 million; its shares were traded at around $8.58 with a P/E ratio of 15.6 and P/S ratio of 0.4. The dividend yield of CTS Corp. stocks is 1.4%. CTS Corp. had an annual average earning growth of 16.8% over the past 5 years.
Highlight of Business Operations:
EMS segment operating earnings were $1.1 million in the second quarter of 2009 versus $3.7 million in the second quarter of 2008. The unfavorable earnings change was primarily due to the negative impact of lower sales, partially offset by lower operating costs resulting from recent restructuring actions.Second quarter sales of $120.4 million decreased $65.7 million, or 35.3%, from the second quarter of 2008. The decrease was primarily attributable to the Components and Sensors segment, with lower sales of $34.5 million primarily in the automotive market. EMS segment sales decreased $31.2 million from expected end-of-life driven lower sales to Hewlett-Packard and lower communications market sales, partially offset by higher sales in the defense and aerospace market and medical markets.
SG&A expenses were $15.2 million, or 12.7% of sales, in the second quarter of 2009 versus $21.5 million, or 11.6% of sales, in the second quarter of 2008. This significant reduction of $6.3 million reflects our proactive management of costs, including the benefits of previously announced restructuring actions and aggressive cost-cutting measures companywide. SG&A expenses in the second quarter of 2009 also include a $1.1 million pre-tax gain on the sale of an idle facility.
Interest and other expense in 2009 was $0.5 million versus $1.7 million in the same quarter 2008. The lower expense primarily resulted from $0.9 million lower net interest expense, due to lower outstanding debt.
The effective tax rate for the second quarter of 2009 was 360%. Income tax expense in the amount of $9.7 million was recorded during the second quarter of 2009. This included a discrete period tax expense of $9.1 million related to cash repatriation. Of this $9.1 million amount, approximately $8.6 million is a non-cash expense.
Net loss was $7.0 million, or $0.21 per diluted share, in the second quarter of 2009. This compares with net income of $9.6 million, or $0.27 per diluted share, in the second quarter of 2008.
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