Comments from the company's 2011 year end release on March 1, 2012:
Following the completion of significant restructuring, changed senior leadership, and a refocused strategic plan implemented over the last year, the parent company of Magnetech Industrial Services, Inc. and HK Engine Components, LLC (HKEC) achieved annual profitability for the first time since going public in August 2006.
"We are excited about our achievements this past year. We have weathered the storm as our prior restructuring initiatives begin to yield positive results in a persistently volatile environment. Over the last year and a half we have undertaken broad cost cutting measures, including a recent refinancing of our senior secured credit facility, while our customer base continues to recognize our operational excellence and contribution to their success," stated Michael P. Moore, President and CEO of MISCOR Group. "We have proactively taken steps to improve gross margins via strategic sourcing and implementing operational efficiencies. These efforts are reflected in our growing top and bottom line results, as well as our reduced SG&A expenses."
"Our intense focus on profit improvement has solidified our position as a leading provider of industrial services and products. By delivering unmatched experience, quality and innovation, we have been able to create long-term relationships and tangible value for our employees, customers and shareholders," Moore continued. "We look forward to the opportunities this coming year will bring as we continue to help create customer success by actively strengthening and broadening our superior position in the areas of industrial maintenance and repair, as well as manufacturing and remanufacturing power assemblies for large diesel engines."
Comments from the company's 2012 first quarter release on May 2, 2012:
MASSILLON, Ohio, May 2, 2012 /PRNewswire/ -- MISCOR Group, Ltd. (MIGL), a provider of electro-mechanical repair and complementary services to a broad range of industries, today reported a 270 percent increase in net income for the three months ending April 1, 2012 compared to the three month period ending April 3, 2011. This increase in net income is a continuation of the improved results reported by MISCOR Group for fiscal year 2011.
"We are pleased to report significant earnings growth for the 2012 first quarter as we carry forward the momentum of profitability experienced in 2011," stated Michael P. Moore, President and CEO of MISCOR Group. "We continue to benefit from the previously completed restructuring, and have maintained the spirit of continuous improvement that the restructuring cultivated."
For the three months ending April 1, 2012,
- the Company reported a $1,441 or 13.1% increase in net revenues to $12,478, compared to net revenues of $11,037 for the same period in 2011, primarily due to increased demand for their railroad products and services.
- Net income for the three months ending April 1, 2012 was $815 compared to $220 for the three months ending April 3, 2011, an increase of 270 percent. This increase is due to improved gross margins, reduced general and administrative expenses, and reduced interest expense.
- Correspondingly, basic and fully diluted earnings per share increased to $0.07 per share for the three month period ending April 1, 2012 compared to $0.02 per share for the same period ending April 3, 2011.
"We remain focused on nurturing mutually beneficial partnerships with our customers that extend equipment life, improve equipment performance, and minimize down time with the repairs, remanufacturing and manufacturing services and products that we offer," Moore continued. "We offer customers a unique bundle of services within our industrial services markets and also provide superior quality diesel engine power assemblies and components to the markets we serve."
