-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Pa1g3kY49v5YfotRA0ae4FTpAkSMYtvLJ3YQkq3EeRHEyrKF+80sUov8xlGARwnf 0VSrRXzXS1b/0EqZ5SUJlA== 0000950159-07-000620.txt : 20070507 0000950159-07-000620.hdr.sgml : 20070507 20070507105113 ACCESSION NUMBER: 0000950159-07-000620 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070507 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070507 DATE AS OF CHANGE: 20070507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: K TRON INTERNATIONAL INC CENTRAL INDEX KEY: 0000000020 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823] IRS NUMBER: 221759452 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-09576 FILM NUMBER: 07822619 BUSINESS ADDRESS: STREET 1: ROUTE 55 & 553 STREET 2: BOX 888 CITY: PITMAN STATE: NJ ZIP: 08071-0888 BUSINESS PHONE: 8562563318 MAIL ADDRESS: STREET 1: ROUTE 55 & 553 STREET 2: P O BOX 888 CITY: PITMAN STATE: NJ ZIP: 08071-0888 8-K 1 ktron8k.htm K-TRON 8K K-Tron 8K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): May 7, 2007


 K-TRON INTERNATIONAL, INC.
(Exact Name of Registrant Specified in Charter)
 
 
 
New Jersey
(State or Other Jurisdiction of
Incorporation)
 
0-9576
 (Commission File Number)
 22-1759452
(I.R.S. Employer Identification No.)
     
 
 Routes 55 & 553
P.O. Box 888
 08071-0888
 Pitman, New Jersey
 (Zip Code)
 (Address of Principal Executive Offices)
   

 
Registrant's telephone number, including area code: (856) 589-0500
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Item 2.02 Results of Operations and Financial Condition.

On May 7, 2007, K-Tron International, Inc. issued a press release announcing its first quarter 2007 financial results. The press release is being furnished with this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

The information in this Form 8-K and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(a) Financial Statements of Businesses Acquired.

None.

(b) Pro Forma Financial Information.

None.

(c) Shell Company Transactions.

None.

(d) Exhibits.

Exhibit No.     Description

 


 
- 2 -


SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
K-TRON INTERNATIONAL, INC.
 
 
   
 
By  EDWARD B. CLOUES, II
 
Edward B. Cloues, II
 
Chairman of the Board and Chief Executive Officer
 
 


Dated: May 7, 2007
 

 
- 3 -



Exhibit Index

 

 - 4 -

EX-99.1 2 ex99-1.htm EXHIBIT 99.1 Exhibit 99.1
 Exhibit 99.1 
 
  K-TRON INTERNATIONAL, INC.   
   Routes 55 & 553, PO Box 888
Pitman, NJ 08071-0888
(856) 589-0500
FAX (856) 582-7968
www.ktroninternational.com
E-mail: ktii@ktron.com 
 NEWS

 

For Release:      Immediately 
   
Contact:
Ronald Remick, Senior Vice President and Chief Financial Officer
Tel: (856) 256-3311 
E-mail: rremick@ktron.com 
 
K-TRON REPORTS FIRST QUARTER RESULTS

NEW RECORDS SET FOR QUARTERLY REVENUES,
NET INCOME AND EARNINGS PER SHARE

Pitman, New Jersey - - May 7, 2007 - - K-Tron International, Inc. (NASDAQ-GM: KTII) today reported the best quarter in its history, with record revenues, net income and earnings per share. Net income was $4.879 million, 110.6 percent higher than the $2.317 million reported in the first quarter of 2006, on a 46.0 percent gain in year-over-year first quarter revenues from $32.114 million to $46.884 million. Earnings per diluted share rose 104.8 percent to $1.72 in this year’s first quarter from $0.84 in the same period last year.

In its announcement, the Company noted that if the average foreign currency exchange rates for the first quarter of 2006 were applied to the first quarter of 2007, the Company’s revenues would have increased approximately 43.0 percent instead of 46.0 percent, with the higher increase being primarily due to a weaker U.S. dollar against the Swiss franc, the euro and other relevant foreign currencies in this year’s first quarter compared to the same period last year.

Commenting on the Company’s results, K-Tron Chairman and Chief Executive Officer Edward B. Cloues, II said, “K-Tron’s first quarter 2007 performance was the best of any quarter in our history, eclipsing the records for quarterly revenues, net income and EPS that we just set in the fourth quarter of 2006. These outstanding numbers were primarily due to stronger business conditions and increased capital spending by our Process Group customers in Europe, the Middle East and Asia, including the recognition of approximately $5.0 million in revenue from the second of two large orders previously disclosed, and to contributions from our October 5, 2006 acquisition of Premier Pneumatics, Inc. and our March 3, 2006 acquisition of our Gundlach business. Premier and Gundlach were not included in last year’s first quarter results except for one month in the case of Gundlach.”
 
 


On other matters, Mr. Cloues highlighted a $1.710 million reduction in debt in the first quarter of 2007 from $34.768 million at the end of fiscal year 2006 to $33.058 million at the end of the first quarter this year, and a decline in the Company’s effective income tax rate from approximately 34.5 percent in the first quarter last year to approximately 30.1 percent this year. The decline in the tax rate was due to a higher proportion of foreign taxable income in this year’s first quarter. Cash, at $11.275 million, was down $3.183 million from the end of the year, reflecting debt repayments as well as payments related to the previously announced acquisitions of Premier Pneumatics, Inc. and the assets of a business in the People’s Republic of China. The Company’s $51.16 million order backlog at the end of the first quarter was a record for any quarter-end.

K-Tron International, Inc. and its subsidiaries design, produce, market and service material handling equipment and systems for a wide variety of industrial markets. The Company has manufacturing facilities in the United States, Switzerland, the United Kingdom and the People’s Republic of China, and its equipment is sold throughout the world.

* * * * *

(Financial Data Follows)

2


 

K-TRON INTERNATIONAL, INC. & SUBSIDIARIES
FINANCIAL SUMMARY
(Unaudited)
(Dollars in thousands, except share data)

 
   
Three Months Ended
 
   
March 31,
2007
 
April 1,
 2006
 
 
Revenues
 
$
46,884
 
$
32,114
 
 
Operating income
 
$
7,442
 
$
3,696
 
 
Interest (expense), net
   
(467
)
 
(156
)
 
Income before income taxes
   
6,975
   
3,540
 
 
Income taxes
   
2,096
   
1,223
 
 
Net income
 
$
4,879
 
$
2,317
 
 
Basic earnings per share
 
$
1.83
 
$
0.90
 
 
Diluted earnings per share
 
$
1.72
 
$
0.84
 
 
Weighted average number of common shares outstanding (basic)
   
2,663,000
   
2,578,000
 
 
Weighted average number of common and common equivalent shares outstanding (diluted)
   
2,841,000
   
2,771,000
 
 
 
  3

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