Standex Reports Second Quarter Fiscal 2020 Financial Results
- Strength in Engineering Technologies with Continued Engraving Margin Improvement
- Working Capital Metrics and Free Cash Flow Improved Year-Over-Year
- Laneway Revenues Increased 17% in the second quarter of 2020; Healthy Pipeline of New Business Opportunities
- Torotel Acquisition Will Expand High Reliability Magnetics Capabilities and Value Proposition

SALEM, N.H., Feb. 3, 2020 /PRNewswire/ -- Standex International Corporation (NYSE: SXI) today reported financial results for the second quarter of fiscal year 2020 ending December 31, 2019.

Summary Financial Results - Total Standex




($M except EPS and Dividends)

2Q20

2Q19

Change

Net Sales

$190.6

$195.5

-2.5%

Operating Income

$17.8

$20.2

-11.7%

Net Income from Continuing Ops

$12.4

$12.5

-0.5%





EBITDA

$25.7

$27.6

-6.8%

EBITDA margin

13.5%

14.1%

-60 bps

Adjusted EBITDA

$27.2

$28.7

-5.2%

Adjusted EBITDA margin

14.3%

14.7%

-40 bps





Diluted EPS

$1.00

$0.98

2.0%

Adjusted EPS

$1.03

$0.98

5.1%

Dividends per share

$0.22

$0.20

10.0%





2Q Free Cash Flow

$9.9

$7.7

28.3%

Net Debt to Adjusted EBITDA

0.8x

1.6x

-50.3%

*Second quarter of fiscal 2019 results have been adjusted to reflect the disposition of the Cooking Solutions Group on April 1, 2019.

Second Quarter Fiscal 2020 Results 

"We are pleased with second quarter results as our quarterly performance continues to trend in line with our expectations. Engineering Technologies trends remained strong. In addition, the Engraving segment operating margin increased both sequentially and year-over-year on flat sales trends. The Electronics segment continued to face market headwinds, although we see some indications of potentially modest improvement as we move through the balance of the fiscal year.  While our previously announced cost restructuring efforts are largely completed, we are actively implementing additional productivity initiatives company-wide.  Finally, both free cash flow and working capital metrics improved year-over-year," commented President and Chief Executive Officer David Dunbar

"From a growth perspective, we continue to have an attractive pipeline of opportunities.  Laneway sales increased 17% year-over-year to $33.4 million. In addition, our new business opportunity funnel in Electronics North America increased 6% year-to-date in fiscal 2020. In December, we announced a definitive agreement to acquire Torotel, Inc., which specializes in the custom design, manufacture and sale of precision magnetic components.  The Torotel acquisition is a strong strategic fit, further adding expertise in end markets with favorable trends including aerospace and defense.  We continue to expect the transaction to close in the first calendar quarter of 2020.

"Our financial position remains solid with net debt to Adjusted EBITDA of 0.8x and an expected approximately $195 million in available liquidity post-closing of the Torotel transaction.  Working capital turns improved to 5.1x, a 0.4x year-over-year increase.  In addition, we generated free cash flow of $9.9 million in the second quarter, an increase of over 25% compared to the same period last year." 

"Although there remain challenges in the macro environment, we continue to focus on successfully executing on our strategic priorities.  We are transforming our company's profile toward higher growth and margin platforms through a combination of attractive organic and acquisition growth opportunities combined with ongoing productivity initiatives.  Our financial strength, complemented by consistent free cash flow generation, provide further runway to opportunistically invest in an active pipeline of high return internal projects and attractive potential acquisitions," concluded Mr. Dunbar.

Outlook

In the third fiscal quarter of 2020, the Company expects total revenue to increase slightly sequentially but be similar to the third fiscal quarter of 2019.  Standex expects operating income to be sequentially similar to or slightly better than the second fiscal quarter of 2020 and show significant improvement year-over-year, as the Company realizes additional benefits from its cost reduction actions.

Standex's outlook assumes improved Engraving and Food Service Equipment performance and increased profitability at Engineering Technologies, year-over-year. The Company expects that performance in the Electronics segment will improve slightly sequentially, although continue to be lower on a year-over-basis. In addition, Hydraulics performance is expected to be similar to the second fiscal quarter of 2020 but reflect a decrease year-over-year as customers de-stock inventory against the backdrop of a softer market environment.

Second Quarter Segment Operating Performance

Engraving (20% of sales; 26% of segment operating income)


2Q20

2Q19

% Change

Engraving ($M)




Net sales

$38.3

$38.5

-0.6%

Operating Income

6.9

6.9

1.0%

Operating Margin

18.1%

17.9%


Overall sales and operating income were flat year-over-year.  Sales performance reflected contributions from recent acquisitions balanced with an organic decline of 2.7% and negative impact from foreign currency of 2.2%.  

Segment operating margin of 18.1% represented an increase of over 100 basis points sequentially, as well as a 20 basis point improvement compared to the second fiscal quarter of 2019.  These results reflected improved performance primarily in North American operations, as well as contribution from growth laneways in lasers and tool finishing.     

In the third fiscal quarter of 2020, Standex expects year-over-year improvement due to increased automotive model roll-outs, continued contribution from the GS Engineering acquisition and operating leverage associated with recent cost restructuring actions.

Electronics (24% of sales; 29% of segment operating income)


2Q20

2Q19

% Change

Electronics ($M)




Net sales

$45.8

$52.7

-13.0%

Operating Income

7.8

10.4

-25.1%

Operating Margin

17.0%

19.7%


Sales decreased 13.0% and operating income declined 25.1% year-over-year.  In line with Standex's previously communicated outlook, the quarter's results were similar to the first fiscal quarter of 2020.  The decline in sales was primarily due to continued lower demand in this segment's end markets such as automotive as well as distributor de-stocking.   The decrease in operating income year-over-year reflected lower sales volume and the impact of material inflation.

In the third fiscal quarter of 2020, Standex expects Electronics sales volume to decrease year-over-year, but increase slightly from the second fiscal quarter of 2020, as some end markets improve slightly. The pipeline of new business opportunities is very strong and expected to have an increasing contribution in future quarters.  The business continues to focus on productivity and cost initiatives.

Engineering Technologies (14% of sales; 13% of segment operating income)


2Q20

2Q19

% Change

Engineering ($M)




Net sales

$26.5

$23.6

12.4%

Operating Income

3.4

2.1

66.0%

Operating Margin

12.9%

8.7%


Engineering Technologies revenue grew 12.4% year-over-year with continued strength in Aviation, Space and Defense. Operating income increased 66.0% year-over-year as the segment successfully leveraged both the volume growth and ongoing productivity improvements in manufacturing processes and efficiency. 

Standex expects revenue for the segment to decrease year-over-year in the third fiscal quarter of 2020 primarily due to the timing of projects in its backlog.  As of the second fiscal quarter of 2020, the segment's backlog was 17% higher versus the same period last year.  Operating income is expected to increase year-over-year, driven by the productivity improvements and cost efficiency opportunities.

Hydraulics (6% of sales; 7% of segment operating income)


2Q20

2Q19

% Change

Hydraulics ($M)




Net sales

$11.3

$12.1

-6.6%

Operating Income

1.8

1.9

-5.8%

Operating Margin

16.1%

15.9%


Sales for the Hydraulics segment decreased 6.6% year-over-year as customers focused on reducing existing inventory levels.  Although operating income decreased 5.8% year-over-year due to the overall volume decline, operating margin increased 20 basis points reflecting solid expense management and favorable product mix.    

In the third fiscal quarter of 2020, Standex expects Hydraulics revenue and operating income to decrease year-over-year, reflecting continued customer de-stocking as well as the end of tariff relief on select products. Hydraulics continues to focus on growing its aftermarket presence and new business opportunity pipeline.

Food Service Equipment (36% of sales; 25% of segment operating income)


2Q20

2Q19

% Change

Food Service ($M)




Net sales

$68.7

$68.7

0.1%

Operating Income

6.8

5.2

30.5%

Operating Margin

9.9%

7.6%


Sales reflected growth in Pumps balanced with relatively flat demand in Scientific and Refrigeration and lower sales in Merchandising year-over-year. The 30.5% increase in operating income was due to a continued solid contribution from Scientific as well as an improved Refrigeration contribution.

On a year-over-year basis, the Company expects that segment sales will increase slightly in third fiscal quarter of 2020 driven by increased Scientific sales and expects improvement in operating income due to the impact of productivity actions.    

Capital Allocation

  • Torotel Acquisition: On December 2, 2019, the Company announced that it had entered into a definitive agreement to acquire Torotel, a leader in custom high reliability magnetics assemblies for approximately $48 million in cash.  In addition to the purchase price, Standex will absorb approximately $8 million of transaction costs incurred by Torotel. The transaction continues to be on target to close in the first calendar quarter of 2020.
  • Capital Expenditures: In second fiscal quarter of 2020 Standex's cash capital expenditures were $3.6 million compared to $8.7 million in the second fiscal quarter of 2019.  The Company is revising its expectation for fiscal 2020 capital spending to be between approximately $30 to $32 million from $31 to $34 million previously.
  • Dividends: On January 23, the Company declared a quarterly cash dividend of $0.22 per share, a 10% year-over-year increase.  The dividend will be payable on February 25, 2020 to shareholders of record February 10, 2020. 

Balance Sheet and Cash Flow Highlights

  • Net Debt: Standex had net debt of $88.1 million at December 31, 2019 compared to $98.7 million at the end of the first fiscal quarter of 2020 and $104.5 million at the end of fiscal 2019.  Net debt at the end of the second fiscal quarter of 2020 consisted primarily of long-term debt of $187.0 million and cash and equivalents of $98.9 million of which $86.9 million was held by foreign subsidiaries. Standex has repatriated approximately $11.9 million year-to-date in fiscal 2020 and continues to expect to repatriate $35 million in total in fiscal 2020. The Company's net debt to Adjusted EBITDA leverage ratio was 0.8x at the end of second fiscal quarter of 2020.
  • Cash Flow: Net cash provided by continuing operating activities for the three months ended December 31, 2019 was $13.5 million compared to net cash provided by continuing operating activities of $16.4 million in the prior year. The year-over-year decrease was primarily due to a deferred compensation payment associated with a prior acquisition which is now complete.  Working capital management continued to improve with working capital turns of 5.1x in the second fiscal quarter of 2020 compared to 4.7x in the second fiscal quarter of 2019 driven by focused collection efforts and improved accounts payable management.

    The Company generated free cash flow after capital expenditures of $9.9 million compared to free cash flow of $7.7 million in the second fiscal quarter of 2019.

Conference Call Details

Standex will host a conference call for investors tomorrow, February 4, 2020 at 8:30 a.m. ET. On the call, David Dunbar, President and CEO, and Ademir Sarcevic, CFO, will review the Company's financial results and business and operating highlights. Investors interested in listening to the webcast and viewing the slide presentation should log on to the "Investors" section of Standex's website under the subheading, "Events and Presentations", located at www.standex.com.  

A replay of the webcast will also be available on the Company's website shortly after the conclusion of the presentation online through February 4, 2020. To listen to the teleconference playback, please dial (877) 344-7529 in the U.S. or (412) 317-0088 internationally; the passcode is 10138673.  The audio playback via phone will be available through February 11, 2020. The webcast replay also can be accessed in the "Investor Relations" section of the Company's website, located at www.standex.com.  

Use of Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles ("GAAP"), the Company uses certain non-GAAP financial measures, including non-GAAP adjusted income from operations, non-GAAP adjusted net income from continuing operations, free operating cash flow, EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted EBITDA, adjusted EBITDA to net debt, and adjusted earnings per share. The attached financial tables reconcile non-GAAP measures used in this press release to the most directly comparable GAAP measures. The Company believes that the use of non-GAAP measures including the impact of restructuring charges, purchase accounting, insurance recoveries, discrete tax events, and acquisition costs help investors to obtain a better understanding of our operating results and prospects, consistent with how management measures and forecasts the Company's performance, especially when comparing such results to previous periods.  An understanding of the impact in a particular quarter of specific restructuring costs, acquisition expenses, or other gains and losses, on net income (absolute as well as on a per-share basis), operating income or EBITDA can give management and investors additional insight into core financial performance, especially when compared to quarters in which such items had a greater or lesser effect, or no effect.  Non-GAAP measures should be considered in addition to, and not as a replacement for, the corresponding GAAP measures, and may not be comparable to similarly titled measures reported by other companies.

About Standex

Standex International Corporation is a multi-industry manufacturer in five broad business segments: Engraving, Electronics, Engineering Technologies, Hydraulics, and Food Service Equipment with operations in the United States, Europe, Canada, Japan, Singapore, Mexico, Brazil, Turkey, South Africa, India and China.  For additional information, visit the Company's website at http://standex.com/.

Forward-Looking Statements

Statements contained in this Press Release that are not based on historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terminology such as "should," "could," "may," "will," "expect," "believe," "estimate," "anticipate," "intend," "continue," or similar terms or variations of those terms or the negative of those terms. There are many factors that affect the Company's business and the results of its operations and that may cause the actual results of operations in future periods to differ materially from those currently expected or anticipated. These factors include, but are not limited to: materially adverse or unanticipated legal judgments, fines, penalties or settlements; conditions in the financial and banking markets, including fluctuations in exchange rates and the inability to repatriate foreign cash; domestic and international economic conditions, including the impact, length and degree of economic downturns on the customers and markets we serve and more specifically conditions in the food service equipment, automotive, construction, aerospace, energy, oil and gas, transportation, consumer appliance and general industrial markets; lower-cost competition; the relative mix of products which impact margins and operating efficiencies in certain of our businesses; the impact of higher raw material and component costs, particularly steel, petroleum based products, refrigeration components and certain materials used in electronics parts; an inability to realize the expected cost savings from restructuring activities including effective completion of plant consolidations, cost reduction efforts including procurement savings and productivity enhancements, capital management improvements, strategic capital expenditures, and the implementation of lean enterprise manufacturing techniques; the potential for losses associated with the exit from or divestiture of businesses that are no longer strategic or no longer our growth and return expectations; the inability to achieve the savings expected from global sourcing of raw materials and diversification efforts in emerging markets; the impact on cost structure and on economic conditions as a result of actual and threatened increases in trade tariffs; the impact of the current coronavirus on our China supply chain as well as the demand for our products and services in China; the inability to attain expected benefits from acquisitions and the inability to effectively consummate and integrate such acquisitions and achieve synergies envisioned by the Company; market acceptance of our products; our ability to design, introduce and sell new products and related product components; the ability to redesign certain of our products to continue meeting evolving regulatory requirements; the impact of delays initiated by our customers; and our ability to increase manufacturing production to meet demand; and potential changes to future pension funding requirements. In addition, any forward-looking statements represent management's estimates only as of the day made and should not be relied upon as representing management's estimates as of any subsequent date. While the Company may elect to update forward-looking statements at some point in the future, the Company and management specifically disclaim any obligation to do so, even if management's estimates change.

Standex International Corporation

Consolidated Statement of Operations




(unaudited)


























Three Months Ended



Six Months Ended




December 31,



December 31,

(In thousands, except per share data)



2019



2018



2019



2018














Net sales


$

190,585


$

195,522


$

387,023


$

388,609

Cost of sales



124,132



128,586



252,286



252,421

Gross profit



66,453



66,936



134,737



136,188














Selling, general and administrative expenses



47,126



45,693



95,801



91,165

Restructuring costs



720



177



2,199



624

Acquisition related costs



773



859



1,507



1,547

Other operating (income) expense, net



-



-



(1,045)



-














Income from operations



17,834



20,207



36,275



42,852














Interest expense



1,928



3,123



4,050



5,368

Other (income) expense, net



588



750



(328)



1,015

Total



2,516



3,873



3,722



6,383














Income from continuing operations before income taxes



15,318



16,334



32,553



36,469

Provision for income taxes



2,909



3,860



7,695



9,702

Net income from continuing operations



12,409



12,474



24,858



26,767














Income (loss) from discontinued operations, net of tax



(171)



924



(182)



2,488














Net income


$

12,238


$

13,398


$

24,676


$

29,255














Basic earnings per share:













Income (loss) from continuing operations


$

1.00


$

0.99


$

2.01


$

2.11

Income (loss) from discontinued operations



(0.01)



0.07



(0.01)



0.20

Total


$

0.99


$

1.06


$

2.00


$

2.31














Diluted earnings per share:













Income (loss) from continuing operations


$

1.00


$

0.98


$

2.00


$

2.10

Income (loss) from discontinued operations



(0.01)



0.07



(0.01)



0.20

Total


$

0.99


$

1.05


$

1.99



2.30














Average Shares Outstanding













   Basic



12,376



12,636



12,359



12,667

   Diluted



12,455



12,685



12,427



12,737

 

 

Standex International Corporation

Condensed Consolidated Balance Sheets

(unaudited)











December 31,



June 30,

(In thousands)



2019



2019








ASSETS







Current assets:







  Cash and cash equivalents


$

98,919


$

93,145

  Accounts receivable, net



110,087



119,589

  Inventories



108,513



88,645

  Prepaid expenses and other current assets



19,861



30,872

  Income taxes receivable



5,232



1,622

    Total current assets



342,612



333,873








Property, plant, equipment, net



146,245



148,024

Intangible assets, net



111,667



118,660

Goodwill



282,207



281,503

Deferred tax asset



12,544



14,140

Operating lease right of use asset



42,959



-

Other non-current assets



29,581



25,689

    Total non-current assets



625,203



588,016








Total assets


$

967,815


$

921,889








LIABILITIES AND STOCKHOLDERS' EQUITY













Current liabilities:







     Accounts payable


$

69,737


$

72,603

     Accrued liabilities



68,681



62,648

     Income taxes payable



6,822



5,744

Current Liabilities- Discontinued Operations



34



620

    Total current liabilities



145,274



141,615








Long-term debt



186,980



197,610

Operating lease long term liabilities



33,728



-

Accrued pension and other non-current liabilities


112,229



118,351

    Total non-current liabilities



332,937



315,961








Stockholders' equity:







  Common stock



41,976



41,976

  Additional paid-in capital



70,206



65,515

  Retained earnings



837,698



818,282

  Accumulated other comprehensive loss



(136,404)



(137,278)

  Treasury shares



(323,872)



(324,182)

     Total stockholders' equity



489,604



464,313








Total liabilities and stockholders' equity


$

967,815


$

921,889

 

 

Standex International Corporation and Subsidiaries

Statements of Consolidated Cash Flows

(unaudited)




Six Months Ended




December 31,

(In thousands)



2019



2018








Cash Flows from Operating Activities







Net income


$

24,676


$

29,255

Income (loss) from discontinued operations



(182)



2,488

Income from continuing operations



24,858



26,767








Adjustments to reconcile net income to net cash provided by operating activities:





   Depreciation and amortization



16,869



14,817

   Stock-based compensation



4,820



2,029

    Non-cash portion of restructuring charge



(149)



(132)

    Life insurance benefit



(1,302)



-

    Contributions to defined benefit plans



(1,932)



(499)

Net changes in operating assets and liabilities



(21,342)



(29,132)

Net cash provided by operating activities - continuing operations



21,822



13,850

Net cash provided by (used in) operating activities - discontinued operations



(162)



5,411

Net cash provided by (used in) operating activities



21,660



19,261

Cash Flows from Investing Activities







    Expenditures for property, plant and equipment



(10,671)



(16,192)

    Expenditures for acquisitions, net of cash acquired



-



(95,918)

    Proceeds from insurance recovery



10,000



-

    Other investing activities



1,998



3,144

Net cash (used in) investing activities from continuing operations



1,327



(108,966)

Net cash (used in )investing activities from discontinued operations



-



2,690

Net cash (used in) investing activities



1,327



(106,276)

Cash Flows from Financing Activities







    Proceeds from borrowings



34,700



509,500

    Payments of debt



(45,500)



(387,500)

    Contingent consideration payment



(872)



(910)

    Activity under share-based payment plans



1,127



797

    Purchase of treasury stock



(946)



(19,135)

    Cash dividends paid



(5,186)



(4,825)

Net cash provided by (used in) financing activities



(16,677)



97,927








Effect of exchange rate changes on cash



(536)



(2,340)








Net changes in cash and cash equivalents



5,774



8,572

Cash and cash equivalents at beginning of year



93,145



109,602

Cash and cash equivalents at end of period


$

98,919


$

118,174

 

 

Standex International Corporation

Selected Segment Data

(unaudited)

















Three Months Ended



Six Months Ended




December 31,



December 31,

(In thousands)



2019



2018



2019



2018

Net Sales













Engraving


$

38,256


$

38,485


$

76,687


$

74,466

Electronics Products



45,834



52,700



92,452



104,150

Engineering Technologies



26,495



23,568



51,139



44,351

Hydraulics Products



11,316



12,116



25,064



24,651

Food Service Equipment



68,684



68,653



141,681



140,991

Total


$

190,585


$

195,522


$

387,023


$

388,609














Income from operations













Engraving


$

6,916


$

6,849


$

13,454


$

14,398

Electronics Products



7,776



10,376



15,875



23,163

Engineering Technologies



3,422



2,061



6,781



3,836

Hydraulics Products



1,818



1,929



4,345



3,512

Food Service Equipment



6,773



5,190



15,145



11,857

Restructuring



(720)



(177)



(2,199)



(624)

Acquisition Related Costs



(773)



(859)



(1,507)



(1,547)

Other operating (income) expense, net



-



-



1,045



-

Corporate



(7,378)



(5,162)



(16,664)



(11,743)

Total


$

17,834


$

20,207


$

36,275


$

42,852

 

 

Standex International Corporation



Reconciliation of GAAP to Non-GAAP Financial Measures



(unaudited)

























Three Months Ended





Six Months Ended







December 31,





December 31,



(In thousands, except percentages)



2019



2018


% Change



2019



2018


% Change

Adjusted income from operations and adjusted net income from continuing operations:

















Income from operations, as reported


$

17,834


$

20,207


-11.7%


$

36,275


$

42,852


-15.3%

Adjustments:

















Restructuring charges



720



177





2,199



624



Acquisition-related costs



773



859





1,507



1,547



Fire insurance recovery



-



-





(1,045)



-



Purchase accounting expenses



-



55





-



511



Adjusted income from operations


$

19,327


$

21,298


-9.3%


$

38,936


$

45,534


-14.5%

Interest and other income (expense), net



(2,516)



(3,873)





(3,722)



(6,383)



Life insurance benefit



-



-





(1,302)



-



Provision for income taxes



(2,909)



(3,860)





(7,695)



(9,702)



Discrete and other tax items



(722)



(779)





(722)



(779)



Tax impact of above adjustments



(407)



(309)





(725)



(759)



Net income from continuing operations, as adjusted


$

12,773


$

12,477


2.4%


$

24,770


$

27,911


-11.3%



















EBITDA and Adjusted EBITDA:

















Net income (loss) from continuing operations, as reported


$

12,409


$

12,474




$

24,858


$

26,767



Add back:

















Provision for income taxes



2,909



3,860





7,695



9,702



Interest expense



1,928



3,123





4,050



5,368



Depreciation and amortization



8,489



8,162





16,869



14,817



EBITDA


$

25,735


$

27,619


-6.8%


$

53,472


$

56,654


-5.6%

Adjustments:

















Restructuring charges



720



177





2,199



624



Acquisition-related costs



773



859





1,507



1,547



Fire insurance recovery



-



-





(1,045)



-



Life insurance benefit



-



-





(1,302)



-



Purchase accounting expenses



-



55





-



511



Adjusted EBITDA


$

27,228


$

28,710


-5.2%


$

54,831


$

59,336


-7.6%



















Free operating cash flow:

















Net cash provided by operating activities - continuing operations, as reported


$

13,507


$

16,421




$

21,822


$

13,850



Less: Capital expenditures



(3,637)



(8,727)





(10,671)



(16,192)



Free operating cash flow


$

9,870


$

7,694




$

11,151


$

(2,342)



 

Standex International Corporation

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)























Three Months Ended





Six Months Ended



Adjusted earnings per share from continuing operations



December 31,


%
Change



December 31,


%
Change



2019



2018




2019



2018




















Diluted earnings per share from continuing operations, as reported


$

1.00


$

0.98


2.0%


$

2.00


$

2.10


-4.8%



















Adjustments:


















Restructuring charges



0.04



0.01





0.13



0.04




Acquisition-related costs



0.05



0.05





0.09



0.09




Discrete tax items



(0.06)



(0.06)





(0.06)



(0.06)




Fire insurance recovery



-



-





(0.06)



-




Life insurance benefit



-



-





(0.10)



-




Purchase accounting expenses



-



-





-



0.03



Diluted earnings per share from continuing operations, as adjusted


$

1.03


$

0.98


5.1%


$

2.00


$

2.20


-9.1%

 

SOURCE Standex International Corporation

For further information: Ademir Sarcevic, CFO, (603) 893-9701, e-mail : InvestorRelations@Standex.com