HAMPTON, Va., April 15, 2013 (GLOBE NEWSWIRE) -- Measurement Specialties, Inc. (Nasdaq:MEAS), a global designer and manufacturer of sensors and sensor-based systems, announces results for bookings and sales for the fourth quarter and fiscal year ended March 31, 2013.
The Company announced today bookings and unaudited net sales for the fourth quarter of fiscal year 2013 of approximately $99.3 million and $89.1 million, respectively. Fourth quarter unaudited net sales increased $2.7 million or 3.2% for the three months ended March 31, 2013, as compared to the corresponding period last year. Unaudited net sales increased $34.0 million or 10.8% to $347.1 million for the fiscal year ended March 31, 2013, as compared to the corresponding period last fiscal year.
Frank Guidone, Company CEO commented, "Fourth quarter sales improved considerably over the third quarter, in line with our guidance, but slightly below our first half run rate on an organic basis. We booked $99 million in the quarter, resulting in a three-month book-to-bill of 1.11. While a few customers release annual blanket orders early in the calendar partially skewing our fourth quarter bookings, $99 million in bookings is a significant step up from previous quarters and a meaningful milestone for the Company. Accordingly, we have narrowed our guidance for fiscal 2014 to $375 to $380 million, and expect sales of approximately $92 million for the first quarter."
Bookings are orders the Company has accepted from customers and are supported by purchase orders. Please note that these figures are preliminary and unaudited and are subject to change until the point in time at which the Company files its Financial Report on Form 10-K for the fiscal year ended March 31, 2013 with the Securities and Exchange Commission.
Please visit the Investor Relations section of the Company's website at http://www.meas-spec.com to view the latest investor presentation.
About Measurement Specialties: Measurement Specialties, Inc. (MEAS) designs and manufactures sensors and sensor-based systems to measure precise ranges of physical characteristics such as pressure, temperature, position, force, vibration, humidity and photo optics. MEAS uses multiple advanced technologies – piezo-resistive silicon sensors, application-specific integrated circuits, micro-electromechanical systems ("MEMS"), piezoelectric polymers, foil strain gauges, force balance systems, fluid capacitive devices, linear and rotational variable differential transformers, electromagnetic displacement sensors, hygroscopic capacitive sensors, ultrasonic sensors and switches, optical sensors, negative thermal coefficient ("NTC") ceramic sensors, mechanical resonators and submersible hydrostatic level sensors – to engineer sensors that operate precisely and cost effectively.
This release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward looking statements may be identified by such words or phrases as "should", "intends", " is subject to", "expects", "will", "continue", "anticipate", "estimated", "projected", "may", " believe", "future prospects" "outlook", or similar expressions. Factors that might cause actual results to differ materially from the expected results described in or underlying our forward-looking statements include: Conditions in the general economy, including risks associated with the current financial crisis and worldwide economic conditions and reduced demand for products that incorporate our products; Competitive factors, such as price pressures and the potential emergence of rival technologies; Compliance with export control laws and regulations; Fluctuations in foreign currency exchange and interest rates; Interruptions of suppliers' operations or the refusal of our suppliers to provide us with component materials, particularly in light of the current economic conditions and potential for suppliers to fail; Timely development, market acceptance and warranty performance of new products; Changes in product mix, costs and yields; Uncertainties related to doing business in Europe and Asia; Legislative initiatives, including tax legislation and other changes in the Company's tax position; Legal proceedings; Compliance with debt covenants, including events beyond our control; Conditions in the credit markets, including our ability to raise additional funds or refinance our existing credit facility; Adverse developments in the automotive industry and other markets served by us; and risk factors listed from time to time in the reports we file with the SEC. The Company from time-to-time considers acquiring or disposing of business or product lines. Forward-looking statements do not include the impact of acquisitions or dispositions of assets, which could affect results in the near term. Actual results may differ materially. The Company assumes no obligation to update the information in this release.
CONTACT: Mark Thomson, CFO, (757) 766-4224Source:Measurement Specialties, Inc.