Q3 2022
STANDEX REPORTS FISCAL THIRD QUARTER 2022 FINANCIAL RESULTS
  • Order Strength, Share Gains, and Productivity Initiatives Contributed to Solid Financial Performance
  • Increased GAAP Operating Margin By 960 Basis Points and Adjusted Operating Margin By 160 Basis Points Year-Over-Year. Continued strong execution in challenging inflationary and supply chain environment
  • Implementing Additional $2 Million of Annualized Cost Saving Actions at the Engraving Segment
  • Announced New $100 Million Share Repurchase Authorization Supported by Strong Balance Sheet and Liquidity Position
  • Recent Sensor Solutions Acquisition Already Realizing Sales Synergies

SALEM, N.H., May 5, 2022 /PRNewswire/ -- Standex International Corporation (NYSE: SXI) today reported financial results for the third quarter of fiscal year 2022 ending March 31, 2022.

 Summary Financial Results - Total Standex










($M except EPS and Dividends)

3Q22


3Q21


2Q22


Y/Y


Q/Q

Net Sales

$189.3


$172.2


$185.7


9.9%


1.9%

Operating Income - GAAP

$24.5


$5.7


$21.8


333.1%


12.4%

Operating Income - Adjusted

$26.1


$21.0


$25.2


24.2%


3.4%

Operating Margin - GAAP

12.9%


3.3%


11.7%


+960 bps


+120 bps

Operating Margin - Adjusted

13.8%


12.2%


13.6%


+160 bps


+20 bps

Net Income from Continuing Ops - GAAP

$17.4


$1.8


$15.0


890.2%


15.8%

Net Income from Continuing Ops - Adjusted

$18.7


$14.6


$17.6


28.0%


5.7%











EBITDA

$31.3


$13.7


$29.0


129.2%


8.1%

EBITDA margin

16.5%


7.9%


15.6%


+860 bps


+90 bps

Adjusted EBITDA

$33.0


$29.0


$32.5


13.5%


1.5%

Adjusted EBITDA margin

17.4%


16.9%


17.5%


+50 bps


-10 bps











Diluted EPS - GAAP

$1.44


$0.14


$1.24


928.6%


16.1%

Diluted EPS - Adjusted

$1.54


$1.19


$1.45


29.4%


6.2%

Dividends per share

$0.26


$0.24


$0.26


8.3%


0.0%











Free Cash Flow

$8.5


$12.4


$18.9


-31.1%


-55.0%

Net Debt to EBITDA

0.5x


0.8x


0.4x


-37.8%


21.4%

Third Quarter Fiscal 2022 Results  

Commenting on the quarter's results, President and Chief Executive Officer David Dunbar said, "Our momentum continues with very solid financial performance including record Electronics segment sales and consolidated adjusted operating margin.  In addition to solid execution on our growth strategy, ongoing price realization and productivity initiatives contributed to our earnings strength in the quarter. The consistent improvement in our financial results reflects the benefits of Standex's repositioned portfolio, increasingly aligned with sustainable global trends as we expand our range and penetration of innovative solutions.

"We continue to aggressively pursue new market opportunities, gaining further traction for applications in sectors with healthy growth prospects. Total company backlog realizable in under one year of approximately $267 million represented an approximately 51% increase year-over-year with strength at the Electronics, Specialty Solutions and Engraving segments and a slight overall increase sequentially. Our solar power project with Enel, a global energy company, continues to progress with the recent plant site selection in Brindisi, Italy for the pilot phase. Standex's strong balance sheet and steady cash flow generation provide substantial financial flexibility to further execute on our very active growth pipeline. 

"Despite the challenging operating environment, consolidated adjusted operating margin of 13.8% in fiscal third quarter 2022 represented a 160 basis point increase year-over-year and a 20 basis point improvement sequentially, primarily resulting from pricing and efficiency actions across the Company. We also acquired Sensor Solutions, providing us a very complementary sensor technology targeting high-value, growth markets and we are already seeing substantial sales synergies. We recently announced a new $100 million share repurchase authorization reinforcing the significant opportunity for further shareholder value creation. In addition, we declared our 231st consecutive quarterly dividend. Standex's financial position remains strong with approximately $300 million in available liquidity and a net debt to adjusted EBITDA ratio of approximately 0.5x at the end of the fiscal third quarter 2022," concluded Dunbar.

Outlook

In fiscal fourth quarter 2022, the Company expects a slight sequential decrease in revenue and operating margin, but an increase year-over-year. End market trends particularly in sectors such as electric vehicles, renewable energy, commercialization of space and defense remain strong, while food service equipment and commercial aviation continue to recover. However, the Company currently estimates the impact of the COVID-19 lockdown in China will defer sales of $7 million to $9 million from fiscal fourth quarter 2022.

As Standex enters fiscal 2023, the Company is well-positioned to grow as market trends remain strong, accelerated by an expanding new business opportunity funnel in fast growing end markets. The Company expects further margin improvement supported by continued effective management of inflationary trends, process improvements from additional operational excellence actions and ongoing G&A productivity initiatives.

Third Quarter Segment Operating Performance

Electronics (42% of sales; 55% of segment operating income)


3Q22

3Q21

% Change

Electronics ($M)




Revenue

$79.9

$65.1

22.7%

GAAP Operating Income

19.2

12.4

55.2%

GAAP Operating Margin

24.0%

19.0%


Adjusted Operating Income*          

19.2

12.4

55.5%

Adjusted Operating Margin*

24.1%

19.0%


*Excludes less than $0.1M of purchase accounting expenses associated with Sensor Solutions.

Revenue increased approximately $14.8 million or 22.7% year-over-year reflecting a 27.1% organic growth rate and a 0.6% contribution from the recent acquisition of Sensor Solutions partially offset by an approximately 5% impact from foreign exchange. Electronics segment backlog realizable in under one year increased 57% year-over-year and 5% sequentially to approximately $151 million.

Organic revenue growth was due to continued broad-based end market strength including increased demand for relays in renewable energy and electric vehicle applications and the impact of pricing actions. Adjusted operating income increased approximately $6.9 million or 55.5% year-over-year which reflected operating leverage associated with revenue growth, pricing, and productivity actions. Adjusted operating income excludes less than $0.1 million of purchase accounting expenses associated with the acquisition of Sensor Solutions.

In fiscal fourth quarter 2022, on a sequential basis, the Company expects a moderate decrease in revenue and operating margin primarily due to the impact of the COVID-19 lockdown in China partially offset by continued strong demand across key end markets.

Engraving (20% of sales; 16% of segment operating income)


3Q22

3Q21

% Change

Engraving ($M)




Revenue

$37.2

$36.0

3.3%

Operating Income

5.7

4.5

27.0%

Operating Margin

15.4%

12.5%


Revenue increased approximately $1.2 million or 3.3% year-over-year reflecting positive trends in North America and soft trim demand. Operating income increased $1.2 million or 27.0% year-over-year due to volume growth and the impact of efficiency and productivity actions. 

In fiscal fourth quarter 2022, the Company expects a slight sequential decrease in revenue and operating margin due to the timing of projects and geographic mix. In addition, the Company is implementing new cost savings and margin improvement actions targeting $2 million of annualized savings upon completion.

Scientific (10% of sales; 12% of segment operating income)


3Q22

3Q21

% Change

Scientific ($M)




Revenue

$18.9

$24.2

-21.9%

Operating Income               

4.2

5.8

-28.4%

Operating Margin

22.0%

24.0%


As expected, revenue decreased approximately $5.3 million or 21.9% year-over-year reflecting ongoing sales in pharmaceutical, clinical laboratories, and academic institution end markets offset by lower demand associated with COVID-19 vaccine storage. Operating income decreased approximately $1.6 million or 28.4% year-over-year due to the decrease in volume and higher freight costs partially offset by pricing actions.                                                                         

In fiscal fourth quarter 2022, on a sequential basis, the Company expects revenue to be similar and operating margin to decrease slightly due to product mix. 

Engineering Technologies (11% of sales; 7% of segment operating income)


3Q22

3Q21

% Change

Engineering Technologies ($M)          




Revenue

$20.9

$20.0

4.7%

Operating Income

2.3

1.2

86.9%

Operating Margin

11.1%

6.2%


Revenue increased approximately $0.9 million or 4.7% year-over-year due to continued growth in commercial aviation, defense, and medical end markets offset by the absence of the previously divested Enginetics business. Enginetics contributed approximately $3.9 million in revenue to fiscal third quarter 2021. Operating income grew approximately $1.1 million or 86.9% year-over-year reflecting volume growth and project mix. 

In fiscal fourth quarter 2022, the Company expects revenue to be sequentially similar to slightly higher with a slight to moderate increase in operating margin. This outlook reflects end market strength in commercial space and read out of productivity initiatives.

Specialty Solutions (17% of sales; 10% of segment operating income)


3Q22

3Q21

% Change

Specialty Solutions ($M)               




Revenue

$32.4

$26.9

20.2%

Operating Income

3.6

4.3

-14.6%

Operating Margin

11.2%

15.8%


Specialty Solutions revenue increased approximately $5.4 million or 20.2% year-over-year due to growth in food service equipment and refuse end markets. Operating income decreased approximately $0.6 million or 14.6% year-over-year reflecting the impact of material inflation and increased freight costs primarily in the Hydraulics business partially offset by volume growth and pricing actions.   

In fiscal fourth quarter 2022, the Company expects a slight sequential increase in revenue reflecting increased production levels at our Hydraulics business unit and solid demand in our display merchandising business. The Company expects a moderate improvement in operating margin compared to fiscal third quarter 2022 due to increased demand and productivity initiatives.

Capital Allocation

  • Share Repurchase: During the fiscal third quarter, the Company repurchased approximately 112,000 shares for $11.9 million. On May 5, 2022, Standex announced that its Board of Directors had authorized a new share repurchase program of up to $100 million following the completion of the $0.6 million remaining under the current share repurchase authorization at the end of the fiscal third quarter.


  • Capital Expenditures: In fiscal third quarter 2022, Standex's capital expenditures were $3.4 million compared to $5.4 million in the fiscal third quarter of 2021. Investments were focused on maintenance, safety, and the Company's highest priority growth initiatives. The Company expects fiscal year 2022 capital expenditures approximately $25 million.


  • Dividend:  On April 27, 2022, the Company declared a quarterly cash dividend of $0.26 per share, an approximately 8.3% year-over-year increase. The dividend is payable on May 25, 2022, to shareholders of record on May 11, 2022.

Balance Sheet and Cash Flow Highlights

  • Net Debt: Standex had net debt of $65.8 million on March 31, 2022, compared to $63.1 million at the end of fiscal 2021 and $82.1 million at the end of fiscal third quarter 2021. Net debt for the third quarter of 2022 consisted primarily of long-term debt of approximately $200 million and cash and equivalents of $133.9 million of which approximately $100.6 million held by foreign subsidiaries.

    Standex repatriated approximately $4.5 million in fiscal third quarter 2022 and $20.4 million in fiscal 2022. The company expects to repatriate between $30 million and $35 million in fiscal 2022.


  • Cash Flow:  Net cash provided by continuing operating activities for the three months ended March 31, 2022, was $11.9 million compared to net cash provided by continuing operating activities of $17.8 million in the prior year's quarter. The Company generated free cash flow after capital expenditures of $8.5 million compared to free cash flow after capital expenditures of $12.4 million in the fiscal third quarter of 2021. 

Conference Call Details

Standex will host a conference call for investors tomorrow, May 6, 2022, 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 May 6, 2023. To listen to the teleconference playback, please dial (877)-344-7529 in the U.S. or (412)-317-0088 internationally; the passcode is 6143696. The audio playback via phone will be available through May 13, 2022. The webcast replay 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, loss on sale of a business unit, 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: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions 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: the impact of pandemics such as the current coronavirus on employees, our supply chain, and the demand for our products and services around the world; 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 automotive, construction, aerospace, defense, transportation, food service equipment, consumer appliance, energy, oil and gas 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, certain materials used in electronics parts, petroleum based products, and refrigeration components; the impact of higher transportation and logistics costs, especially with respect to transportation of goods from Asia; the impact of inflation on the costs of providing our products and services; 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 meet 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 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; our ability to increase manufacturing production to meet demand including as a result of labor shortages; 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



Nine Months Ended




March 31,



March 31,

(In thousands, except per share data)



2022



2021



2022



2021














Net sales


$

189,281


$

172,216


$

550,600


$

479,797

Cost of sales



120,900



109,516



347,210



304,344

Gross profit



68,381



62,700



203,390



175,453














Selling, general and administrative expenses



42,306



41,689



128,589



120,758

Loss on sale of business



-



14,624



-



14,624

Restructuring costs



1,186



482



2,469



2,478

Acquisition related costs



419



255



1,561



850

Other operating (income) expense, net



-



-



1,700



-














Income from operations



24,470



5,650



69,071



36,743














Interest expense



1,238



1,317



4,484



4,403

Other non-operating (income) expense, net



340



306



651



73

Total



1,578



1,623



5,135



4,476














Income from continuing operations before income taxes


22,892



4,027



63,936



32,267

Provision for income taxes



5,484



2,269



15,677



8,155

Net income from continuing operations



17,408



1,758



48,259



24,112














Income (loss) from discontinued operations, net of tax



(86)



(331)



(135)



(1,588)














Net income


$

17,322


$

1,427


$

48,124


$

22,524














Basic earnings per share:













Income (loss) from continuing operations


$

1.45


$

0.14


$

4.02


$

1.98

Income (loss) from discontinued operations



(0.01)



(0.03)



(0.01)



(0.13)

Total


$

1.44


$

0.11


$

4.01


$

1.85














Diluted earnings per share:













Income (loss) from continuing operations


$

1.44


$

0.14


$

3.98


$

1.97

Income (loss) from discontinued operations



(0.01)



(0.03)



(0.01)



(0.13)

Total


$

1.43


$

0.11


$

3.97


$

1.84














Average Shares Outstanding













   Basic



11,982



12,136



12,009



12,185

   Diluted



12,089



12,253



12,121



12,267

 

Standex International Corporation

Condensed Consolidated Balance Sheets

(unaudited)











March 31,



June 30,

(In thousands)



2022



2021








ASSETS







Current assets:







  Cash and cash equivalents


$

133,902


$

136,367

  Accounts receivable, net



115,428



109,883

  Inventories



103,930



91,862

  Prepaid expenses and other current assets



41,800



23,504

  Income taxes receivable



15,584



12,750

    Total current assets



410,644



374,366








Property, plant, equipment, net



128,181



133,373

Intangible assets, net



91,545



98,929

Goodwill



275,127



278,054

Deferred tax asset



5,369



9,566

Operating lease right-of-use asset



35,558



37,276

Other non-current assets



27,144



30,659

    Total non-current assets



562,924



587,857








Total assets


$

973,568


$

962,223








LIABILITIES AND STOCKHOLDERS' EQUITY













Current liabilities:







  Accounts payable


$

75,275


$

74,756

  Accrued liabilities



57,185



61,717

  Income taxes payable



9,279



7,236

    Total current liabilities



141,739



143,709








Long-term debt



199,745



199,490

Operating lease long-term liabilities



28,683



29,041

Accrued pension and other non-current liabilities



75,781



83,558

    Total non-current liabilities



304,209



312,089








Stockholders' equity:







  Common stock



41,976



41,976

  Additional paid-in capital



88,197



80,788

  Retained earnings



891,303



852,489

  Accumulated other comprehensive loss



(121,870)



(116,140)

  Treasury shares



(371,986)



(352,688)

     Total stockholders' equity



527,620



506,425








Total liabilities and stockholders' equity


$

973,568


$

962,223

 

Standex International Corporation and Subsidiaries






Statements of Consolidated Cash Flows






(unaudited)










Nine Months Ended





March 31,

(In thousands)




2022



2021









Cash Flows from Operating Activities








Net income


$


48,124


$

22,524

Income (loss) from discontinued operations




(135)



(1,588)

Income from continuing operations




48,259



24,112









Adjustments to reconcile net income to net cash provided by (used in) operating activities:




Depreciation and amortization




22,411



24,843

Stock-based compensation




8,213



5,658

Non-cash portion of restructuring charge




595



(538)

Loss on sale of business




-



14,624

Contributions to defined benefit plans




(157)



(7,962)

Net changes in operating assets and liabilities




(30,693)



(11,399)

Net cash provided by operating activities - continuing operations




48,628



49,338

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




(375)



2,225

Net cash provided by (used in) operating activities




48,253



51,563

Cash Flows from Investing Activities








    Expenditures for property, plant and equipment




(13,138)



(15,612)

    Expenditures for acquisitions, net of cash acquired




(9,902)



(27,406)

   Proceeds from sale of business




-



11,678

    Other investing activities




5,718



(1,449)

Net cash (used in) investing activities




(17,322)



(32,789)

Cash Flows from Financing Activities








    Contingent consideration payment




(1,167)



-

    Activity under share-based payment plans




1,318



1,117

    Purchase of treasury stock




(21,420)



(16,205)

    Cash dividends paid




(9,148)



(8,547)

Net cash provided by (used in) financing activities




(30,417)



(23,635)









Effect of exchange rate changes on cash




(2,979)



4,092









Net changes in cash and cash equivalents




(2,465)



(769)

Cash and cash equivalents at beginning of year




136,367



118,809

Cash and cash equivalents at end of period


$


133,902


$

118,040

 

Standex International Corporation

Selected Segment Data

(unaudited)

















Three Months Ended



Nine Months Ended




March 31,



March 31,

(In thousands)



2022



2021



2022



2021

Net Sales













Electronics


$

79,889


$

65,085


$

232,351


$

180,524

Engraving



37,223



36,026



109,037



110,377

Scientific



18,914



24,221



65,079



58,777

Engineering Technologies



20,890



19,951



56,558



55,091

Specialty Solutions



32,365



26,933



87,575



75,028

Total


$

189,281


$

172,216


$

550,600


$

479,797














Income from operations













Electronics


$

19,194


$

12,364


$

54,624


$

30,861

Engraving



5,728



4,510



15,806



16,884

Scientific



4,155



5,803



14,153



14,113

Engineering Technologies



2,327



1,245



5,540



3,076

Specialty Solutions



3,632



4,251



10,185



11,368

Restructuring



(1,186)



(482)



(2,469)



(2,478)

Loss on sale of business



-



(14,624)



-



(14,624)

Acquisition related costs



(419)



(255)



(1,561)



(850)

Corporate



(8,961)



(7,162)



(25,507)



(21,607)

Other operating income (expense), net 



-



-



(1,700)



-

Total


$

24,470


$

5,650


$

69,071


$

36,743

 

Standex International Corporation



Reconciliation of GAAP to Non-GAAP Financial Measures



(unaudited)

























Three Months Ended





Nine Months Ended







March 31,





March 31,



(In thousands, except percentages)



2022



2021


%
Change



2022



2021


%
Change

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

















Net Sales


$

189,281


$

172,216


9.9%


$

550,600


$

479,797


14.8%

Income from operations, as reported


$

24,470


$

5,650


333.1%


$

69,071


$

36,743


88.0%


Income from operations margin



12.9%



3.3%





12.5%



7.7%



Adjustments:


















Restructuring charges



1,186



482





2,469



2,478




Acquisition-related costs



419



255





1,561



850




Litigation charge



-



-





1,700



-




Loss on sale of business



-



14,624





-



14,624




Purchase accounting expenses



31



-





31



592



Adjusted income from operations


$

26,106


$

21,011


24.2%


$

74,832


$

55,287


35.4%


Adjusted income from operations margin



13.8%



12.2%





13.6%



11.5%




Interest and other income (expense), net



(1,578)



(1,623)





(5,135)



(4,476)




Provision for income taxes



(5,484)



(2,269)





(15,677)



(8,155)




Discrete and other tax items



-



-





-



(196)




Tax impact of above adjustments



(392)



(2,559)





(1,413)



(3,215)



Net income from continuing operations,
as adjusted


$

18,652


$

14,560


28.1%


$

52,607


$

39,245


34.0%

EBITDA and Adjusted EBITDA:

















Net income (loss) from continuing operations,
as reported


$

17,408


$

1,758


890.2%


$

48,259


$

24,112




Net income from continuing operations margin



9.2%



1.0%





8.8%



5.0%



Add back:


















Provision for income taxes



5,484



2,269





15,677



8,155




Interest expense



1,238



1,317





4,484



4,403




Depreciation and amortization



7,189



8,322





22,411



24,843



EBITDA


$

31,319


$

13,666


129.2%


$

90,831


$

61,513


47.7%


EBITDA Margin



16.5%



7.9%





16.5%



12.8%



Adjustments:


















Restructuring charges



1,186



482





2,469



2,478




Acquisition-related costs



419



255





1,561



850




Litigation charge



-



-





1,700



-




Loss on sale of business



-



14,624





-



14,624




Purchase accounting expenses



31



-





31



592



Adjusted EBITDA


$

32,955


$

29,027


13.5%


$

96,592


$

80,057


20.7%


Adjusted EBITDA Margin



17.4%



16.9%





17.5%



16.7%





















Free cash flow:

















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


$

11,929


$

17,830




$

48,628


$

49,338



Less: Capital expenditures



(3,417)



(5,466)





(13,138)



(15,612)



Free operating cash flow


$

8,512


$

12,364




$

35,490


$

33,726



 

Standex International Corporation

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)























Three Months Ended





Nine Months Ended



Adjusted earnings per share from continuing           
operations



March 31,





March 31,





2022



2021


%
Change



2022



2021


%
Change



















Diluted earnings per share from continuing
operations, as reported


$

1.44


$

0.14


928.6%


$

3.98


$

1.97


102.0%



















Adjustments:


















Restructuring charges



0.07



0.02





0.16



0.15




Acquisition-related costs



0.03



0.01





0.10



0.05




Litigation charge



-



-





0.10



-




Loss on sale of business



-



1.02








1.02




Discrete tax items



-



-





-



(0.02)




Purchase accounting expenses



-



-





-



0.04



Diluted earnings per share from continuing
operations, as adjusted


$

1.54


$

1.19


29.4%


$

4.34


$

3.21


35.2%

 

SOURCE Standex International Corporation

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