Welcome!

Microservices Expo Authors: Yeshim Deniz, Jyoti Bansal, Elizabeth White, AppNeta Blog, XebiaLabs Blog

News Feed Item

Robbins & Myers Announces First Quarter 2013 Results and Dividend

HOUSTON, Dec. 22, 2012 /PRNewswire/ -- Robbins & Myers, Inc. (NYSE: RBN) today reported diluted net earnings per share (DEPS) of $0.76 for its fiscal first quarter ended November, 30, 2012, these results included $0.05 for costs related to its pending merger with National Oilwell Varco, Inc. This compares with $0.77 in the prior year first quarter.

Consolidated sales were $257 million in the first quarter of 2013 compared with $237 million in the prior year's first quarter.  Excluding the impact of currency translation, sales grew $21 million, or 9%, over the prior year period.  The Company reported first quarter 2013 orders of $246 million, a decrease of 2% over the prior year period excluding the impact of currency translation.  First quarter ending backlog increased to $298 million from $260 million at the end of the first quarter of fiscal 2012.

Earnings before interest and taxes (EBIT) for the first quarter of fiscal 2013 were $48 million, which included costs of $3 million related to its pending merger with National Oilwell Varco.  This compares with $53 million in the prior year first quarter.  The lower profitability in the current year was due to the costs of the pending merger and a shift in product mix associated with a declining rig count from the prior year period, which negatively impacted sales of more profitable drilling product lines.

First Quarter Results by Segment

All comparisons are made against the comparable year-ago quarterly period unless otherwise stated.

The Company's Energy Services segment reported sales of $159 million in the first quarter of fiscal 2013, $12 million over the prior year period excluding currency impacts. EBIT was $43 million compared with $47 million in the prior year period.  A shift in product mix had a negative impact on the current quarter's EBIT, as the sales of higher margin drilling system products were lower compared with the prior year.  Ending backlog was $156 million, higher than the $143 million at the end of the prior year first quarter.

The Process & Flow Control segment reported sales of $98 million, which were $9 million higher than the prior year excluding currency impacts. The segment reported $13 million of EBIT in the first quarter of 2013, compared with $10 million of EBIT in the prior year period.  Backlog rose to $143 million from $117 million at the end of the prior year first quarter.

"Both of our business segments continued to perform well," said Peter C. Wallace, President and Chief Executive Officer of Robbins & Myers, Inc.  "The Energy Services segment continues to be impacted by a reduction in U.S. rig count and lower drilling activity, but still demonstrated excellent performance. In the Process & Flow Control segment, we experienced stronger demand in the chemical and industrial markets.  We have steadily improved operating performance in this segment by leveraging incremental sales volume, while maintaining price and cost discipline resulting in operating margin of nearly 13% for the quarter."

In this release the Company refers to EBIT which is a non-GAAP measure.  The Company uses this measure to evaluate its performance and believes this measure is helpful to investors in assessing its performance.  A reconciliation of EBIT to net income is included in the condensed consolidated income statement.  EBIT is not a measure of cash available for use by the Company.

Conference Call

The Company will not be holding a webcast or conference call due to the pending merger with National Oilwell Varco.

Dividend Declared

Robbins & Myers also announced today that its Board of Directors approved its regular quarterly cash dividend payment of $0.05 per share.  The dividend is payable on February 8, 2013 to shareholders of record as of January 7, 2013.

Update on Merger with National Oilwell Varco

Robbins & Myers also announced today that it and National Oilwell Varco, Inc. have entered into a timing agreement with the United States Department of Justice ("DOJ") pursuant to which Robbins & Myers and National Oilwell Varco have agreed to provide at least 30 days notice to the DOJ prior to consummating the proposed merger transaction in which National Oilwell Varco would acquire all of the outstanding shares of Robbins & Myers for $60.00 per share in cash (the "Merger").  The parties are continuing to provide information to the DOJ; however without DOJ consent, the Merger cannot close prior to February 18, 2013.

As previously announced, Robbins & Myers has scheduled its special meeting of shareholders to consider approval of the Merger for December 27, 2012.  As of December 22, 2012, 99.8% of votes cast to date have voted in favor of the Merger.  Votes exceeding the number required to approve the Merger have been received; however, votes that have been cast may be rescinded or changed prior to the special meeting of shareholders.

Robbins & Myers also announced today that the plaintiff in the previously disclosed shareholder law suit pending in the United States District Court for the Southern District of Ohio agreed not to pursue injunctive relief to enjoin the special meeting of shareholders scheduled for December 27, 2012.  In return, the Company withdrew its pending motion to dismiss and agreed to allow the plaintiff to amend his complaint.  The shareholder law suit pending in the United States District Court for the Southern District of Texas remains pending and the defendants, including the Company, have filed a motion to dismiss that action.

The closing of the Merger is subject to certain closing conditions, including the approval of Robbins & Myers' shareholders, clearance from the DOJ under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and clearance by the Canadian Competition Bureau under the Competition Act of Canada.  The parties continue to work to obtain the required clearances, but cannot predict if or when such clearances will be received or the terms of any such clearances.

About Robbins & Myers

Robbins & Myers, Inc. is a leading supplier of engineered equipment and systems for critical applications in global energy, industrial, and chemical markets.

Forward-Looking Statements

Statements set forth in this press release that are not historical facts are forward-looking statements within the meaning of the federal securities laws.  These forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond the control of Robbins & Myers, which could cause actual benefits, results, effects and timing to differ materially from the results predicted or implied by the statements.  These risks and uncertainties include, but are not limited to:  the failure of our shareholders to approve the merger; satisfaction of the conditions to the closing of the merger (including the receipt of regulatory approvals and completion of certain compliance due diligence); uncertainties as to the timing of the merger; costs and difficulties relating to the proposed merger; inability to retain key personnel; changes in the demand for or price of oil and/or natural gas; and other important risk factors discussed more fully in Robbins & Myers' final proxy statement filed with the SEC on November 30, 2012 in connection with the merger, its Annual Report on Form 10-K for the year ended August 31, 2012; its recent Current Reports on Form 8-K; and other reports filed by it with the SEC from time to time. Robbins & Myers undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

Additional Information and Where to Find It

In connection with the proposed merger, Robbins & Myers filed its final proxy statement with the SEC on November 30, 2012, which was also mailed to Robbins & Myers' shareholders on such date, and may file other relevant materials with the SEC as well.  INVESTORS AND SECURITY HOLDERS ARE URGED TO CAREFULLY READ THE FINAL PROXY STATEMENT AND ANY OTHER MATERIALS REGARDING THE PROPOSED MERGER WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN AND WILL CONTAIN IMPORTANT INFORMATION ABOUT ROBBINS & MYERS AND THE PROPOSED MERGER.  Investors and security holders may obtain a free copy of the final proxy statement and other documents containing information about Robbins & Myers, without charge, at the SEC's web site at www.sec.gov.  Copies of Robbins & Myers' SEC filings also may be obtained for free by directing a request to Robbins & Myers, Inc., 10586 Highway 75 North, Willis, Texas 77378, (936) 890-1064.

Participants in the Solicitation

Robbins & Myers, National Oilwell Varco, and certain of their respective directors and executive officers may be deemed, under SEC rules, to be participants in the solicitation of proxies from Robbins & Myers' shareholders in connection with the proposed merger.  Information about Robbins & Myers' directors and executive officers and the special interests of these persons in connection with the proposed merger can be found in the final proxy statement filed by Robbins & Myers with the SEC on November 30, 2012.  Information about National Oilwell Varco's directors and executive officers can be found in National Oilwell Varco's Annual Report on Form 10-K for its fiscal year ended December 31, 2011, as filed with the SEC on February 23, 2012, and National Oilwell Varco's proxy statement relating to its 2012 Annual Meeting of Shareholders, as filed with the SEC on April 5, 2012.  These documents can be obtained, without charge, at the SEC's website at www.sec.gov.

 

ROBBINS & MYERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
  (Unaudited)        
             
(in thousands)   November 30, 2012   August 31, 2012
ASSETS        
  Current Assets:        
    Cash and cash equivalents   $184,873   $166,925
    Accounts receivable   177,715   180,047
    Inventories    175,283   162,713
    Other current assets   13,396   11,206
    Deferred taxes   21,074   21,169
      Total Current Assets   572,341   542,060
             
  Goodwill & Other Intangible Assets   772,151   773,604
  Deferred Taxes   24,636   25,200
  Other Assets   12,764   12,663
  Property, Plant & Equipment   169,878   169,736
        $1,551,770   $1,523,263
LIABILITIES AND EQUITY        
  Current Liabilities:        
    Accounts payable   $90,480   $95,698
    Accrued expenses   99,580   99,319
    Current portion of long-term debt   494   153
      Total Current Liabilities   190,554   195,170
             
  Long-Term Debt - Less Current Portion   -   -
  Deferred Taxes   134,874   134,758
  Other Long-Term Liabilities   103,610   102,056
  Total Equity   1,122,732   1,091,279
        $1,551,770   $1,523,263

 

ROBBINS & MYERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED INCOME STATEMENT
  (Unaudited)        
          Three Months Ended
          November 30,   November 30,
(in thousands,  except per share data)   2012   2011
               
Sales       $257,298   $237,323
Cost of sales   162,545   141,782
Gross profit   94,753   95,541
Selling, general and administrative expenses   43,546   42,960
Other expense   3,318   -
Income before interest and income taxes (EBIT)   47,889   52,581
Interest (income), net   (14)   (61)
Income before income taxes    47,903   52,642
Income tax expense   15,752   17,187
Net income including noncontrolling interest   32,151   35,455
Less: Net income attributable to noncontrolling interest 123   198
Net income attributable to Robbins & Myers, Inc.    $32,028   $35,257
               
Net income per share:        
  Basic     $0.76   $0.77
  Diluted   $0.76   $0.77
               
Weighted average common shares outstanding:        
  Basic     42,189   45,842
  Diluted   42,379   46,060

 

 

ROBBINS & MYERS, INC. AND SUBSIDIARIES
CONDENSED BUSINESS SEGMENT INFORMATION
(Unaudited)            
          Three Months Ended
          November 30,   November 30,
(in thousands)       2012   2011
               
Customer Sales          
  Energy Services     $159,293   $146,988
  Process & Flow Control   98,005   90,335
  Total       $257,298   $237,323
               
Income Before Interest and Income Taxes (EBIT)         
  Energy Services     $43,235   $47,298
  Process & Flow Control   12,552   10,070
  Corporate and Eliminations   (7,898)   (4,787)
  Total       $47,889   $52,581
               
Depreciation and Amortization         
  Energy Services     $6,245   $5,789
  Process & Flow Control   2,050   2,019
  Corporate and Eliminations   64   84
  Total       $8,359   $7,892
               
Customer Orders          
  Energy Services     $145,211   $169,465
  Process & Flow Control   101,192   84,573
  Total       $246,403   $254,038
               
Backlog            
  Energy Services     $155,551   $142,971
  Process & Flow Control   142,672   116,948
  Total       $298,223   $259,919


Note: EBIT is a non-GAAP measure.  The Company uses this measure to evaluate its performance and believes this measure is helpful to investors in assessing its performance. A reconciliation of this measure to net income is included in our Condensed Consolidated Income Statement. EBIT is not a measure of cash available for use by the Company.

 

ROBBINS & MYERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)        
         
    Three Months Ended
    November 30,   November 30,
(in thousands)   2012   2011
         
Operating activities:        
  Net income including noncontrolling interest   $32,151   $35,455
  Depreciation and amortization   8,359   7,892
  Working capital   (15,672)   (16,036)
  Other changes, net   (246)   1,610
Cash provided by operating activities   24,592   28,921
         
Investing activities:        
  Capital expenditures, net of nominal disposals   (5,069)   (6,813)
Cash used by investing activities   (5,069)   (6,813)
         
Financing activities:        
  Proceeds of long-term debt, net   341   450
  Share repurchase program   -   (15,607)
  Dividends paid   (2,110)   (2,067)
  Other changes, net   (386)   970
Cash used by financing activities   (2,155)   (16,254)
Exchange rate impact on cash   580   (5,007)
Increase in cash   17,948   847
Cash and cash equivalents at beginning of period   166,925   230,606
Cash and cash equivalents at end of period   $184,873   $231,453

  

SOURCE Robbins & Myers, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@MicroservicesExpo Stories
Is your application too difficult to manage? Do changes take dozens of developers hundreds of hours to execute, and frequently result in downtime across all your site’s functions? It sounds like you have a monolith! A monolith is one of the three main software architectures that define most applications. Whether you’ve intentionally set out to create a monolith or not, it’s worth at least weighing the pros and cons of the different architectural approaches and deciding which one makes the most s...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing be...
This recent research on cloud computing from the Register delves a little deeper than many of the "We're all adopting cloud!" surveys we've seen. They found that meaningful cloud adoption and the idea of the cloud-first enterprise are still not reality for many businesses. The Register's stats also show a more gradual cloud deployment trend over the past five years, not any sort of explosion. One important takeaway is that coherence across internal and external clouds is essential for IT right n...
Back in February of 2017, Andrew Clay Schafer of Pivotal tweeted the following: “seriously tho, the whole software industry is stuck on deployment when we desperately need architecture and telemetry.” Intrigue in a 140 characters. For me, I hear Andrew saying, “we’re jumping to step 5 before we’ve successfully completed steps 1-4.”
A Man in the Middle attack, or MITM, is a situation wherein a malicious entity can read/write data that is being transmitted between two or more systems (in most cases, between you and the website that you are surfing). MITMs are common in China, thanks to the “Great Cannon.” The “Great Cannon” is slightly different from the “The Great Firewall.” The firewall monitors web traffic moving in and out of China and blocks prohibited content. The Great Cannon, on the other hand, acts as a man in the...
When you decide to launch a startup company, business advisors, counselors, bankers and armchair know-it-alls will tell you that the first thing you need to do is get funding. While there is some validity to that boilerplate piece of wisdom, the availability of and need for startup funding has gone through a dramatic transformation over the past decade, and the next few years will see even more of a shift. A perfect storm of events is causing this seismic shift. On the macroeconomic side this ...
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, will discuss how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He will discuss how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
To more closely examine the variety of ways in which IT departments around the world are integrating cloud services, and the effect hybrid IT has had on their organizations and IT job roles, SolarWinds recently released the SolarWinds IT Trends Report 2017: Portrait of a Hybrid Organization. This annual study consists of survey-based research that explores significant trends, developments, and movements related to and directly affecting IT and IT professionals.
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
In large enterprises, environment provisioning and server provisioning account for a significant portion of the operations team's time. This often leaves users frustrated while they wait for these services. For instance, server provisioning can take several days and sometimes even weeks. At the same time, digital transformation means the need for server and environment provisioning is constantly growing. Organizations are adopting agile methodologies and software teams are increasing the speed ...
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Software as a service (SaaS), one of the earliest and most successful cloud services, has reached mainstream status. According to Cisco, by 2019 more than four-fifths (83 percent) of all data center traffic will be based in the cloud, up from 65 percent today. The majority of this traffic will be applications. Businesses of all sizes are adopting a variety of SaaS-based services – everything from collaboration tools to mission-critical commerce-oriented applications. The rise in SaaS usage has m...
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, drew upon his own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He also discussed the implementation of microservices in data and application integrat...
We'd all like to fulfill that "find a job you love and you'll never work a day in your life" cliché. But in reality, every job (even if it's our dream job) comes with its downsides. For you, the constant fight against shadow IT might get on your last nerves. For your developer coworkers, infrastructure management is the roadblock that stands in the way of focusing on coding. As you watch more and more applications and processes move to the cloud, technology is coming to developers' rescue-most r...
2016 has been an amazing year for Docker and the container industry. We had 3 major releases of Docker engine this year , and tremendous increase in usage. The community has been following along and contributing amazing Docker resources to help you learn and get hands-on experience. Here’s some of the top read and viewed content for the year. Of course releases are always really popular, particularly when they fit requests we had from the community.