Standex International Q2 Profit Down - Quick Facts

(RTTNews) - Standex International Corp.(SXI) reported that its second quarter of fiscal year 2014 net income declined to $10.52 million from last year's $10.96 million, with earnings per share decreasing to $0.82 from $0.86 in the prior year.

Income from operations was $15.3 million, compared with $16.3 million in the second quarter of fiscal 2013.

Net income from continuing operations was $10.6 million, or $0.83 per share, compared with net income from continuing operations of $11.0 million, or $0.86 per diluted share in second-quarter 2013.

The latest-quarter result included after tax, $0.5 million in restructuring charges, $1.5 million of non-recurring management transition expense, and a non-recurring, net gain associated with insurance proceeds of $1.4 million.

The prior year quarter result included, after tax, $0.6 million of restructuring charges and $0.1 million in acquisition-related costs.

Excluding the items from both periods, non-GAAP net income from continuing operations was $11.2 million, or $0.88 per share, compared with $11.7 million, or $0.92 per share, in the second quarter of fiscal 2013.

Net sales for the quarter increased to $172.2 million from $168.6 million last year.

"Fiscal 2014 is shaping up to be a mixed year. Although industry conditions in Food Service are likely to remain challenging through the second half, we believe the steps we are taking to reduce costs, improve working capital and roll out new products will have positive long-term effect on our growth and profitability in that segment……We believe that Standex is well-positioned to leverage future sales growth into stronger profitability," said President and CEO David Dunbar.