Standex reports 4Q earnings drop

Salem, N.H.-based diversified manufacturer Standex International turned in a bad news-good news financial report for the fourth fiscal quarter of 2009.

For the quarter ended June 30, Standex reported net sales of $139.9 million, down 23 percent from the fourth fiscal quarter of 2008, with net sales of $180.8 million.

For the full fiscal year of 2009, Standex had net sales of $607 million, compared to net sales for fiscal 2008 of $697.5 million — a 13 percent decrease.

Net income was essentially flat in the fourth fiscal quarter at $5.68 million, or 46 cents per share versus $5.43 million, or 44 cents per share, in the fourth fiscal quarter of 2008.

Full fiscal year results for 2009 showed a net loss of $5.4 million, or 44 cents per share, as compared to a net income of $18.5 million, or $1.51 per share.

Modest good news came in the form of cash flows from operating activities. In the fourth fiscal quarter, Standex posted more than $39 million in cash flow, with nearly $9 million in cash and cash equivalents at the end of the fiscal year. Although much lower than comparable periods in fiscal 2008 — fourth-quarter cash flow from operations of $44.7 million and cash and equivalents if $28.7 million at the end of fiscal 2008 —it was in positive territory.

Standex also said its net debt was down substantially. Net debt (defined as short-term debt plus long-term debt less cash) decreased to $85.3 million at June 30, 2009, from $95.4 million as of March 31. — CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW