-----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, FqIGGV2PvaxwQfG0WM8DKUakSc7VgcMh9zNJfjjx3neQqEITc8j1Dzq79zRH8nlJ mU6lXYE/oqDYG3pSKuAtgw== 0000950159-08-000439.txt : 20080305 0000950159-08-000439.hdr.sgml : 20080305 20080305120559 ACCESSION NUMBER: 0000950159-08-000439 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080305 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080305 DATE AS OF CHANGE: 20080305 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: 08666752 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 INTERNATIONAL, INC. 8-K ktron8k.htm
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):   March 5, 2008
 

   K-TRON INTERNATIONAL, INC.
(Exact Name of Registrant Specified in Charter)

New Jersey
0-9576
22-1759452
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)

Routes 55 & 553
   
P.O. Box 888
   
Pitman, New Jersey
 
08071-0888
(Address of Principal Executive Offices)
 
(Zip Code)
     

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 March 5, 2008, K-Tron International, Inc. issued a press release announcing its fourth quarter and full year 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
 
     
99.1
Press Release dated March 5, 2008 issued by K-Tron International, Inc.
 
     
     

 
 
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
RONALD R. REMICK
   
Ronald R. Remick
   
Senior Vice President &
   
Chief Financial Officer


Dated: March 5, 2008


 
 
3

 

Exhibit Index


 

 

 
 
 
4


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



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 BEST QUARTER IN ITS HISTORY,
WITH RECORD REVENUES, NET INCOME AND EARNINGS PER SHARE

2007 WAS THIRD STRAIGHT RECORD YEAR FOR THE COMPANY

Pitman, New Jersey  - - March 5, 2008 - -  K-Tron International, Inc. (NASDAQ-GS: KTII) today reported the best quarterly and full year results in its history, with record revenues, net income and earnings per share for both the fourth quarter and full year of 2007.  Fourth quarter 2007 net income was $6.259 million, 40.3 percent higher than the $4.461 million reported in the fourth quarter of 2006, on a 33.1 percent increase in year-over-year fourth quarter revenues from $44.366 million to $59.055 million.  Diluted earnings per share rose 38.9 percent to $2.18 from $1.57 in the same period last year.

For the full year 2007, K-Tron reported record annual net income of $21.321 million, diluted earnings per share of $7.49 and revenues of $201.68 million compared to record 2006 net income of $12.872 million, EPS of $4.59 (diluted) and revenues of $148.13 million.  The percentage increases in 2007 versus 2006’s numbers were 65.6 percent for net income, 63.2 percent for EPS (diluted) and 36.2 percent for revenues.

In its announcement, the Company noted that if the average foreign currency exchange rates for the fourth quarter and full year of 2006 were applied to the same periods in 2007, the Company’s revenues would have increased approximately 29.5 percent for the fourth quarter instead of 33.1 percent and 33.8 percent for the full year instead of 36.2 percent, primarily due to a weaker U.S. dollar against the Swiss franc, the euro and other relevant foreign currencies in this year’s fourth quarter and full year compared to the same periods last year.

Commenting on the Company’s performance, K-Tron Chairman and Chief Executive Officer Edward B. Cloues, II said, “By almost any measure, 2007 was an extraordinary year for K-Tron.  We posted our third straight year of record revenues and earnings, and the fourth quarter of 2007 was the best quarter for revenues and earnings in our history.  We also completed two important acquisitions during 2007 – certain assets of Wuxi Chenghao Machinery Co., Ltd. in China for our Process Group business on March 27 and the stock of Rader Companies, Inc. for our Size Reduction Group business on September 14.  Our remarkable success in 2007 versus 2006 was driven by improved performances in most of our businesses, most notably our Process Group in Europe, the Middle East and Asia and our Gundlach business within our Size Reduction Group.”
 
 


 
Mr. Cloues added, “Bookings in the fourth quarter were strong, especially in our Process Group in Europe, the Middle East and Asia, and this, together with our acquisition of Rader, raised our backlog to an all-time, quarter-end high of $70.712 million at the end of 2007.”

Mr. Cloues also highlighted the Company’s record operating income of $31.878 million in 2007, which was an increase of $11.448 million or 56.0% over 2006, as well as its strong cash flow during the year.  Cash grew by $17.578 million to $32.036 million at the end of the year and, despite borrowing $15.945 million in September 2007 for the preliminary purchase price to acquire Rader as well as paying approximately $0.6 million to Wuxi Chenghao Machinery Co., Ltd. for the purchase of certain assets, total debt in 2007 increased by only $3.346 million to $38.114 million, while net debt (debt minus cash) declined by $14.232 million or 70.1% to $6.078 million.

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)


   
Fourth Quarter
   
Year Ended1
 
   
2007
   
2006
   
2007
   
2006
 
 
Revenues
  $ 59,055     $ 44,366     $ 201,677     $ 148,127  
 
Operating income
  $ 9,331     $ 7,054     $ 31,878     $ 20,430  
 
Interest (expense), net
    (473 )     (530 )     (1,736 )     (1,049 )
 
Income before income taxes
    8,858       6,524       30,142       19,381  
 
Income taxes
     2,599        2,063        8,821        6,509  
 
Net income
  $ 6,259     $ 4,461     $ 21,321     $ 12,872  
 
Basic earnings per share
  $ 2.31     $ 1.71     $ 7.93     $ 4.95  
 
Diluted earnings per share
  $ 2.18     $ 1.57     $ 7.49     $ 4.59  
 
Weighted average number of common shares outstanding (basic)
    2,708,000       2,612,000       2,688,000       2,600,000  
 
Weighted average number of common and common equivalent  shares outstanding (diluted)
    2,873,000       2,834,000       2,848,000       2,804,000  
_______
1Fiscal 2007 and 2006 ended December 29, 2007 and December 30, 2006 and were each 52-week periods.
 
 
3
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