Federal Signal Corporation Announces 2011 Second Quarter Results
Federal Signal Corporation, a leader in environmental, safety and transportation solutions, announced today earnings per share from continuing operations of $0.09 for the second quarter and income from continuing operations of $5.7 million on net sales of $204.5 million. For the same period of 2010, the Company reported a loss per share from continuing operations of $(0.01) and a loss from continuing operations of $(0.5) million on net sales of $195.6 million.
Year to date, the Company reported earnings per share of $0.01 from continuing operations on net sales of $378.1 million compared to a loss per share from continuing operations for the same period of 2010 of $(0.09) on net sales of $360.2 million. The year over year favorable increase is primarily related to an increase in net sales of $17.9 million and the absence of restructuring charges of $4.0 million and acquisition and integration costs of $3.7 million which were incurred in 2010.
For the second quarter of 2011, the Company recorded a tax benefit of $0.4 million on income before income taxes of $5.3 million compared to a tax benefit of $0.7 million on a loss before income tax of $1.2 million in the same period in prior year. The 2011 tax benefit was primarily related to the tax valuation allowance adjustments originally recorded in the fourth quarter of 2010.
The Company recorded net income of $6.0 million in the second quarter of 2011 compared to net loss of $(2.7) million, including a loss from discontinued operations, net of income tax benefit, of $(2.2) million in the same prior year period. Year to date, net income is $0.7 million compared to a net loss of $(7.7) million in 2010.
Dennis J. Martin, President and Chief Executive Officer, stated, "I am pleased to report that we experienced continued improvement in our businesses in the second quarter. Revenues and profits increased significantly versus Q1, and both were above year-ago levels. In addition, the positive trend in orders is an encouraging sign for continued improvement in the second half of 2011 and into 2012. Orders were up 29% in second quarter 2011 compared to the same period last year, and have increased sequentially from $170 million in Q3 of last year to $241 million in the current quarter."
Mr. Martin continued, "We are making good progress toward our goals of driving margin and cash flow improvement across all of the businesses in our portfolio. We achieved double-digit operating margins in our ESG and SSG divisions in the quarter, and we expect Bronto's strong order backlog and production efficiency efforts to generate double-digit margins in the second half of the year. We are beginning to see traction at our FSTech business, with significant recent contract wins both domestically and internationally. Our focus on cash flow enabled us to reduce our net debt by $10 million in the quarter. While we still have work to do, I feel confident that we are definitely on the right track."
For the second quarter of 2011, the Company recorded a tax benefit of $0.4 million on income before income taxes of $5.3 million compared to a tax benefit of $0.7 million on a loss before income tax of $1.2 million in the same period in prior year. The 2011 tax benefit was primarily related to the tax valuation allowance adjustments originally recorded in the fourth quarter of 2010.
The Company recorded net income of $6.0 million in the second quarter of 2011 compared to net loss of $(2.7) million, including a loss from discontinued operations, net of income tax benefit, of $(2.2) million in the same prior year period. Year to date, net income is $0.7 million compared to a net loss of $(7.7) million in 2010.
Dennis J. Martin, President and Chief Executive Officer, stated, "I am pleased to report that we experienced continued improvement in our businesses in the second quarter. Revenues and profits increased significantly versus Q1, and both were above year-ago levels. In addition, the positive trend in orders is an encouraging sign for continued improvement in the second half of 2011 and into 2012. Orders were up 29% in second quarter 2011 compared to the same period last year, and have increased sequentially from $170 million in Q3 of last year to $241 million in the current quarter."
Mr. Martin continued, "We are making good progress toward our goals of driving margin and cash flow improvement across all of the businesses in our portfolio. We achieved double-digit operating margins in our ESG and SSG divisions in the quarter, and we expect Bronto's strong order backlog and production efficiency efforts to generate double-digit margins in the second half of the year. We are beginning to see traction at our FSTech business, with significant recent contract wins both domestically and internationally. Our focus on cash flow enabled us to reduce our net debt by $10 million in the quarter. While we still have work to do, I feel confident that we are definitely on the right track."
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