Sensata Technologies B.V. News
Sensata Technologies B.V. Announces First Quarter 2008 Results
ALMELO,
Highlights of the Quarter Ended
First quarter 2008 net revenue was a record
First quarter 2008 Adjusted EBITDA(1) was also strong at
Quarter ending cash balances grew to
(1) See Non-GAAP Measures for discussion of EBITDA and Adjusted EBITDA, including a reconciliation of these measures to GAAP Net Loss.
Company Earnings Conference Call
The Company will conduct a conference call on
About Sensata Technologies B.V.
On
Sensata is a leading designer and manufacturer of sensors and controls in each of the key applications in which it competes. Sensata has business and product development centers in
The Company manufactures over 20,000 different products that are highly engineered and application specific and ships over one billion units each year.
Safe Harbor Statement
This earnings release and our statements on our earnings calls contain forward-looking statements, which may involve risks or uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Factors that might cause these differences include, but are not limited to: changes in general economic conditions; continued pricing and other pressures from our customers; the threat of material costs associated with product liability, warranty and recall claims; increases in labor and material costs and nonperformance by our suppliers; increased competition in the key markets in which we operate; interest rate and foreign currency changes and various other risks associated with our non- U.S. operations; our ability to develop and protect intellectual property and know-how; our ability to integrate acquired businesses, including our ability to realize synergies related to our integration of acquisitions; changes in tax laws in the jurisdictions where we operate; and the risk that the interests of our sponsors may conflict with those of the holders of our notes. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made; and we undertake no obligation to publicly update or revise any forward- looking statements, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our filings are available from our Investor Relations department or from the SEC website, www.sec.gov.
Non-GAAP Measures
EBITDA and Adjusted EBITDA are non-GAAP measures of profitability. Adjusted EBITDA is a required measure in our bank reporting. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We calculate Adjusted EBITDA by adjusting EBITDA to exclude non-cash expenses, one-time charges associated with becoming a stand-alone company and charges associated with becoming a public company, expenses associated with realizing synergies on acquisitions, and significant nonrecurring items. We believe Adjusted EBITDA provides investors with helpful information with respect to our operations and cash flows. We include it to provide additional information with respect to our ability to meet our future debt service, capital expenditures and working capital requirements. See the table below which reconciles Net Loss to EBITDA and Adjusted EBITDA.
The following (unaudited) table reconciles Net Loss to EBITDA and Adjusted EBITDA for first quarter 2008 and 2007:
($ in 000s) Three Months Three Months Ended Ended March 31, 2008 March 31, 2007 Net Loss $(126,888) $(40,655) Provision for income taxes 15,890 13,553 Interest expense, net 50,803 43,435 Depreciation and amortization 52,345 44,940 EBITDA (7,850) 61,273 Acquired in-process research and development - 5,700 Acquisition, transition and significant non-recurring items 21,558 6,234 Write-off of inventory step-up - 2,158 Currency translation losses on debt 84,334 7,965 Stock compensation, management fees and other 502 1,490 Adjusted EBITDA $98,544 $84,820 SENSATA TECHNOLOGIES B.V. Consolidated Statement of Operations (Unaudited) ($ in 000s) Three Months Three Months Ended Ended March 31, 2008 March 31, 2007 Net revenue $388,514 $328,004 Operating costs and expenses: Cost of revenue 273,320 221,280 Research and Development 12,933 9,798 Acquired in-process research and development - 5,700 Selling, general and administrative 82,239 67,889 Total operating costs and expenses 368,492 304,667 Profit from operations 20,022 23,337 Interest expense, net (50,803) (43,435) Currency translation (loss)/gain and other (80,217) (7,004) Loss before taxes (110,998) (27,102) Provision for income taxes 15,890 13,553 Net Loss $(126,888) $(40,655) Adjusted EBITDA* $98,544 $84,820 * See accompanying basis of presentation and discussion of Non-GAAP Measures SENSATA TECHNOLOGIES B.V. Notes to (unaudited) Consolidated Statement of Operations
Basis of Presentation
The accompanying (unaudited) Consolidated Statement of Operations does not include all of the information and note disclosures required by accounting principles generally accepted in
U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements.
SOURCE Sensata Technologies B.V.
Search Our News Using Google Search
Can't find what you want? Try using Google:
