Sensata Technologies Holding N.V. Announces Fourth Quarter and Full Year 2010 Results
Netherlands Jan. 24, 2011 December 31, 2010
http://photos.prnewswire.com/prnh/20070227/CLTU192LOGO
December 31, 2010
$387.8 million $49.8 million $338.1 million $68.6 million $0.38 $13.9 million $0.10 $80.6 million $0.45 $50.3 million $0.34
December 31, 2010 $1,540.1 million $405.1 million $1,134.9 million $130.1 million $0.75 $27.7 million $(0.19) December 31, 2009 $306.4 million $1.77 $124.1 million $0.86
Tom Wroe
$22.2 million
December 31, 2010 $493.7 million $98.4 million $17.8 million $10.2 million
September 30, 2010
$2.3 million $4.9 million $2.6 million $18.5 million Japan
December 31, 2010 $1.9 billion $1.4 billion December 31, 2010
Jeff Cote
Guidance
$1.70 to $1.74 billion $1.54 billion $50 million $0.92 to $1.02 $372 to $390 million $2.05 to $2.15
$410 to $430 million $377.1 million $30 million $36 to $43 million $0.20 – $0.24 $87 million to $94 million $0.48 – $0.52
$10 to $11 million
The earnings per share guidance in accordance with U.S. generally accepted accounting principles ("GAAP") excludes any potential gain or loss resulting from the movement of the Euro to U.S. dollar exchange rate and the impact on our Euro denominated debt.
(1) See Non-GAAP Measures for discussion of Adjusted Net Income which includes a reconciliation of this measure to Net Income/(Loss).
(2) Net debt represents total indebtedness including capital lease and other financing obligations, less cash and cash equivalents. The leverage ratio represents net debt divided by Adjusted EBITDA for the last twelve months.
Company Earnings Conference Call
8:00 AM eastern time December 31, 2010 http://investors.sensata.com
About Sensata Technologies Holding N.V.
Safe Harbor Statement
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SENSATA TECHNOLOGIES HOLDING N.V. Condensed Consolidated Statements of Operations (Unaudited) |
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|
($ in 000s) |
Three Months Ended December 31, |
Full Year Ended December 31, |
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|
2010 |
2009 |
2010 |
2009 |
||
|
Net revenue |
$387,842 |
$338,089 |
$1,540,079 |
$1,134,944 |
|
|
Operating costs and expenses: |
|||||
|
Cost of revenue |
236,051 |
220,926 |
948,070 |
742,080 |
|
|
Research and development |
7,411 |
4,104 |
24,664 |
16,796 |
|
|
Selling, general and administrative |
38,610 |
31,651 |
194,623 |
126,952 |
|
|
Amortization of intangible assets and capitalized software |
36,205 |
38,021 |
144,514 |
153,081 |
|
|
Impairment of goodwill and intangible assets |
– |
– |
– |
19,867 |
|
|
Restructuring |
(334) |
53 |
(138) |
18,086 |
|
|
Total operating costs and expenses |
317,943 |
294,755 |
1,311,733 |
1,076,862 |
|
|
Profit from operations |
69,899 |
43,334 |
228,346 |
58,082 |
|
|
Interest expense, net |
(23,844) |
(35,114) |
(105,380) |
(150,016) |
|
|
Currency translation gain and other, net |
24,863 |
13,594 |
45,388 |
107,695 |
|
|
Income from continuing operations before taxes |
70,918 |
21,814 |
168,354 |
15,761 |
|
|
Provision for income taxes |
2,308 |
7,882 |
38,304 |
43,047 |
|
|
Income / (loss) from continuing operations, net of taxes |
68,610 |
13,932 |
130,050 |
(27,286) |
|
|
Loss from discontinued operations, net of taxes |
– |
– |
– |
(395) |
|
|
Net income / (loss) |
$68,610 |
$13,932 |
$130,050 |
$(27,681) |
|
|
Net income / (loss) per share: |
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|
Basic |
$0.40 |
$0.10 |
$0.78 |
$(0.19) |
|
|
Diluted |
$0.38 |
$0.10 |
$0.75 |
$(0.19) |
|
|
Weighed average shares outstanding |
|||||
|
Basic |
172,745 |
144,057 |
166,278 |
144,057 |
|
|
Diluted |
179,830 |
146,317 |
172,946 |
144,057 |
|
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SENSATA TECHNOLOGIES HOLDING N.V. Condensed Consolidated Balance Sheets (Unaudited) |
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|
($ in 000s) |
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|
December 31, 2010 |
December 31, 2009 |
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|
Assets |
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|
Current assets: |
|||
|
Cash and cash equivalents |
$ 493,662 |
$ 148,468 |
|
|
Accounts receivable, net of allowances |
198,245 |
180,839 |
|
|
Inventories |
140,949 |
125,375 |
|
|
Deferred income tax assets |
6,566 |
12,419 |
|
|
Prepaid expenses and other current assets |
25,006 |
19,627 |
|
|
Assets held for sale |
559 |
559 |
|
|
Total current assets |
864,987 |
487,287 |
|
|
Property, plant and equipment, net |
234,813 |
219,617 |
|
|
Goodwill |
1,528,954 |
1,530,570 |
|
|
Other intangible assets, net |
723,144 |
865,531 |
|
|
Deferred income tax asset |
4,526 |
5,543 |
|
|
Deferred financing costs |
25,742 |
41,147 |
|
|
Other assets |
5,831 |
17,175 |
|
|
Total assets |
$ 3,387,997 |
$ 3,166,870 |
|
|
Liabilities and shareholders’ equity |
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Current liabilities: |
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|
Current portion of long-term debt, capital lease and other financing obligations |
$ 16,779 |
$ 17,139 |
|
|
Accounts payable |
132,828 |
122,834 |
|
|
Income taxes payable |
6,855 |
8,384 |
|
|
Accrued expenses and other current liabilities |
94,030 |
92,341 |
|
|
Deferred income tax liabilities |
4,608 |
823 |
|
|
Total current liabilities |
255,100 |
241,521 |
|
|
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