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    STANDEX REPORTS FISCAL SECOND QUARTER 2025 FINANCIAL RESULTS

    1/30/25 4:01:00 PM ET
    $SXI
    Industrial Machinery/Components
    Industrials
    Get the next $SXI alert in real time by email
    • Sales Increased 6.4% with Contributions from Acquisitions Partially Offset by Organic Decline; Highest Sales Quarter Since Divestiture of the Refrigeration Group in April 2020
    • GAAP Gross Margin of 37.6%; Adjusted Gross Margin of 40.9% - Up 60 bps YOY
    • GAAP Operating Margin of 4.5%; Record Adjusted Operating Margin of 18.7% - Up 150 bps YOY
    • Electronics Book to Bill 1.02 Indicating Continued Market Recovery; Sales into Electrical Grid End Market Anticipated to Provide Tailwind to Second Half of FY25

    SALEM, N.H., Jan. 30, 2025 /PRNewswire/ -- Standex International Corporation (NYSE:SXI) today reported financial results for the second quarter of fiscal year 2025 ended December 31, 2024.

    (PRNewsfoto/Standex International Corp...)

     Summary Financial Results - Total











    ($M except EPS and Dividends)

    2Q25

    2Q24

    1Q25

     Y/Y

    Q/Q

    Net Sales

    $189.8

    $178.4

    $170.5

    6.4 %

    11.4 %

    Operating Income – GAAP

    $8.5

    $25.8

    $24.1

    -67.2 %

    -64.9 %

    Operating Income – Adjusted*

    $35.5

    $30.7

    $29.0

    15.4 %

    22.1 %

    Operating Margin % - GAAP

    4.5 %

    14.5 %

    14.1 %

    - 1000 bps

    - 960 bps

    Operating Margin % - Adjusted*

    18.7 %

    17.2 %

    17.0 %

    + 150 bps

    + 170 bps

    Net Income from Continuing Ops – GAAP

    $1.3

    $19.1

    $18.2

    -93.2 %

    -92.9 %

    Net Income from Continuing Ops – Adjusted*

    $22.9

    $22.7

    $21.9

    1.0 %

    4.8 %













    EBITDA

    $16.1

    $32.4

    $31.2

    -50.4 %

    -48.4 %

    EBITDA margin

    8.5 %

    18.2 %

    18.3 %

    - 970 bps

    - 980 bps

    Adjusted EBITDA

    $39.6

    $35.0

    $34.1

    13.2 %

    16.1 %

    Adjusted EBITDA margin

    20.9 %

    19.6 %

    20.0 %

    + 130 bps

    + 90 bps













    Diluted EPS – GAAP

    $0.07

    $1.61

    $1.53

    -95.7 %

    -95.4 %

    Diluted EPS – Adjusted*

    $1.91

    $1.91

    $1.84

    0.0 %

    3.8 %

    Dividends per Share

    $0.32

    $0.30

    $0.30

    6.7 %

    6.7 %













    Free Cash Flow

    $2.2

    $19.5

    $10.8

    -89.0 %

    -80.1 %

    Net Debt to EBITDA

    2.9x

    0.0x

    0.1x

    NM

    NM

    *Adjusted operating income, adjusted operating margin, and adjusted EPS for all periods now exclude amortization expense from acquired intangible assets. Fiscal second quarter 2025 adjusted operating margin including amortization expense was 16.8%.    

          

    Second Quarter Fiscal 2025 Results 

    Commenting on the quarter's results, President and Chief Executive Officer David Dunbar said, "Following solid operational performance in the fiscal first quarter, we delivered the highest sales since the divestment of the Refrigeration business in April 2020 and record adjusted operating margin in the fiscal second quarter. These improvements reflected solid operational performance from core businesses and contribution from the recent Amran/Narayan acquisition. Completed in the quarter, this was the largest acquisition in the history of the Company and its sales exceeded our expectations. The continued strength of the electrical grid end market positions us well for continued growth and margin improvement in the second half of fiscal 2025. In the fiscal second quarter, we achieved adjusted gross margin of approximately 40.9% and adjusted operating margin of 18.7%, while continuing to support our growth initiatives."

    "We remain confident about the Company's exposure to many positive secular trends in the evolving global economy, such as the electrical grid, electric and hybrid vehicles, renewable energy, commercialization of space, and defense. As the global economy evolves, the Company remains nimble to pivot towards end markets with above average growth prospects. With two months of Amran/Narayan's sales into the electrical grid end market, our fiscal second quarter sales into fast growth markets were over 20% of total company sales."

    "For the remainder of fiscal year 2025, based on recent order rates and customer interaction, we continue to expect our end markets to improve, with the recent Amran/Narayan Group acquisition providing an additional tailwind. In the fiscal second quarter, we launched seven new products and remain on track to release over a dozen new products in fiscal year 2025."

    "Overall, we are well positioned for continued improvements in financial performance as market conditions improve. In terms of our balance sheet, we intend to use cash flows to reduce debt, while we continue to assess an active pipeline of organic and inorganic opportunities that support future growth."

    Outlook

    In the fiscal third quarter 2025, on a sequential basis, the Company expects moderately to significantly higher revenue, driven by the impact of the recent Amran/Narayan Group acquisition and improving overall demand in Electronics. On a sequential basis, the Company expects slightly to moderately higher adjusted operating margin, benefiting from improved revenue, partially offset by higher investments in selling, marketing, and R&D.

    Second Quarter Segment Operating Performance

    Electronics (51% of sales; 61% of segment adjusted operating income)



    2Q25

    2Q24

    % Change

    Electronics ($M)







    Revenue

    95.9

    79.4

    20.8 %

    GAAP Operating Income

    17.4

    15.9

    9.9 %

    GAAP Operating Margin %

    18.2

    20.0



    Adjusted Operating Income*

    26.5

    17.5

    51.3 %

    Adjusted Operating Margin %*

    27.6

    22.0



    * Excludes the amortization of acquired backlog, the step-up of inventory to fair value, and acquired intangible assets; Q2 FY24 restated to exclude the amortization of acquired intangible assets

     

    Revenue increased approximately $16.5 million or 20.8% year-on-year reflecting a 32.3% benefit from recent acquisitions, partially offset by an organic decline of 10.7% and a 0.9% impact from foreign currency. The organic decline was due to softness in the automotive end markets in Europe and North America and in general industrial end markets. Adjusted operating income increased approximately $9.0 million or 51.3% year-on-year due to the contribution from the recent Amran/Narayan Group acquisition, productivity initiatives and product mix, partially offset by lower volume.

    Electronics segment backlog realizable in under one year of approximately $157 million increased 40% year-on-year. The segment had a book to bill ratio of approximately 1.02 in the fiscal second quarter, with orders of approximately $98 million, driven by order strengthening in the core businesses and the contribution from the recent Amran/Narayan Group acquisition.

    In fiscal third quarter 2025, on a sequential basis, the Company expects significantly higher revenue, primarily driven by the Amran/Narayan Group acquisition and higher sales into fast growth end markets, and moderately higher adjusted operating margin, as the contribution from the recent acquisition and pricing and productivity initiatives are partially offset by higher investments in selling, marketing, and R&D.

    Engraving (16% of sales; 11% of segment adjusted operating income)



    2Q25

    2Q24

    % Change

    Engraving ($M)







    Revenue

    31.5

    40.8

    -23.0 %

    GAAP Operating Income

    4.1

    8.9

    -53.7 %

    GAAP Operating Margin %

    13.1

    21.8



    Adjusted Operating Income*

    4.5

    9.3

    -51.9 %

    Adjusted Operating Margin %*

    14.3

    22.8



    * Excludes the amortization of acquired intangible assets; Q2 FY24 restated to exclude the amortization of acquired intangible assets

     

    Revenue decreased approximately $9.4 million or 23.0% year-on-year reflecting a 22.2% organic decline, primarily due to continued softness in North America and Europe from delays in new platform rollouts, and a foreign currency impact of 0.8%. Adjusted operating income decreased approximately $4.8 million or 51.9% year-on-year due to the lower revenue. Operating deleverage was partially offset by the realization of previously announced productivity initiatives and restructuring actions.

    In fiscal third quarter 2025, on a sequential basis, the Company expects slightly to moderately lower revenue and adjusted operating margin due to continued softness in the automotive end markets in North America and Europe and less favorable project timing in Asia due to the Chinese New Year. To address the continued softness in end markets served by this segment, the Company initiated additional restructuring actions that project to yield $4.0 million in annualized savings once fully implemented, starting in fiscal fourth quarter 2025.  

    Scientific (10% of sales; 11% of segment adjusted operating income)



    2Q25

    2Q24

    % Change

    Scientific ($M)







    Revenue

    18.5

    16.3

    13.4 %

    GAAP Operating Income

    4.7

    4.2

    11.1 %

    GAAP Operating Margin %

    25.5

    26.1



    Adjusted Operating Income*

    5.0

    4.5

    10.1 %

    Adjusted Operating Margin %*

    26.9

    27.7



    * Excludes the amortization of acquired intangible assets; Q2 FY24 restated to exclude the amortization of acquired intangible assets

     

    Revenue increased approximately $2.2 million or 13.4% year-on-year reflecting a 9.5% benefit from the Custom Biogenic Systems acquisition and organic growth of 3.9%, mostly due to higher volume from new product sales partially offset by lower demand from retail pharmacies. Adjusted operating income increased approximately $0.5 million or 10.1% year-on-year reflecting the contribution from the acquisition and higher volume.

    In fiscal third quarter 2025, on a sequential basis, the Company expects slightly to moderately higher revenue and slightly to moderately lower adjusted operating margin due to higher contribution to revenue from the recent acquisition, additional R&D investments, and higher freight costs.

    Engineering Technologies (12% of sales; 9% of segment adjusted operating income)



    2Q25

    2Q24

    % Change

    Engineering Technologies ($M)







    Revenue

    22.6

    19.9

    13.9 %

    Operating Income

    3.7

    3.4

    8.4 %

    Operating Margin %

    16.3

    17.1



     

    Revenue increased approximately $2.8 million or 13.9% year-on-year primarily driven by more favorable project timing in the space end market and growth in sales from new products. Operating income increased approximately $0.3 million or 8.4% year-on-year reflecting higher volume.

    In fiscal third quarter 2025, on a sequential basis, the Company expects slightly lower revenue due to project timing and slightly higher operating margin due to product mix.

    Specialty Solutions (11% of sales; 8% of segment adjusted operating income)



    2Q25

    2Q24

    % Change

    Specialty Solutions ($M)







    Revenue

    21.3

    22.0

    -2.9 %

    Operating Income

    3.6

    4.0

    -10.2 %

    Operating Margin %

    16.7

    18.1



     

    Specialty Solutions revenue decreased approximately $0.6 million or 2.9% year-on-year, reflecting general market softness in the Display Merchandising business and in the Hydraulics business. Operating income decreased approximately $0.4 million or 10.2% year-on-year due to lower volume.

    In fiscal third quarter 2025, on a sequential basis, the Company expects similar revenue and slightly higher operating margin.

    Capital Allocation

    • Interest: In fiscal third quarter 2025, the Company expects interest expense to be between $7 million and $7.5 million.



    • Share Repurchase: During the fiscal second quarter 2025, the Company has repurchased approximately 4,000 shares for $0.8 million. There was approximately $28 million remaining on the Company's current share repurchase authorization at the end of the fiscal second quarter 2025.



    • Capital Expenditures: In fiscal second quarter 2025, the Company's capital expenditures were $7.0 million compared to $4.3 million in the fiscal second quarter of 2024. The Company expects fiscal year 2025 capital expenditures between $30 million and $35 million. Capital expenditures were $20.3 million in fiscal 2024.



    • Dividend: On January 24, 2025, the Company declared a quarterly cash dividend of $0.32 per share, an approximately 6.7% year-on-year increase. The dividend is payable February 28, 2025, to shareholders of record on February 14, 2025.

    Balance Sheet and Cash Flow Highlights

    • Net Debt: Standex had net (cash) debt of $413.2 million on December 31, 2024, compared to $6.2 million at the end of fiscal second quarter 2024. Net (cash) debt for the second quarter of 2025 consisted primarily of long-term debt of $534.3 million and cash and equivalents of $121.1 million.
    • Cash Flow: Net cash provided by continuing operating activities for the three months ended December 31, 2024, was $9.1 million compared to $23.8 million in the prior year's quarter. Free cash flow after capital expenditures was $2.2 million compared to free cash flow after capital expenditures of $19.5 million in the fiscal second quarter of 2024. 

    Conference Call Details

    Standex will host a conference call for investors tomorrow, January 31, 2025, at 8:30 a.m. ET. On the call, David Dunbar, President, and CEO, and Ademir Sarcevic, CFO, will review the Company's financial results and business and operating highlights. Investors interested in listening to the webcast and viewing the slide presentation should log on to the "Investors" section of Standex's website under the subheading, "Events and Presentations," located at www.standex.com.

    A replay of the webcast will also be available on the Company's website shortly after the conclusion of the presentation online through January 31, 2026. To listen to the teleconference playback, please dial in the U.S. (888) 660-6345 or (646) 517-4150 internationally; the passcode is 72269#. The audio playback via phone will be available through February 7, 2025. The webcast replay can be accessed in the "Investor Relations" section of the Company's website, located at www.standex.com.

    Use of Non-GAAP Financial Measures

    In addition to the financial measures prepared in accordance with generally accepted accounting principles ("GAAP"), the Company uses certain non-GAAP financial measures, including non-GAAP adjusted income from operations, non-GAAP adjusted net income from continuing operations, free operating cash flow, EBITDA (earnings before interest, taxes, depreciation and amortization) adjusted EBITDA, adjusted EBITDA to net debt, and adjusted earnings per share. The attached financial tables reconcile non-GAAP measures used in this press release to the most directly comparable GAAP measures. The Company believes that the use of non-GAAP measures which exclude the impact of restructuring charges, purchase accounting, amortization from acquired intangible assets, insurance recoveries, discrete tax events, gain or loss on sale of a business unit, acquisition costs, and litigation costs help investors to obtain a better understanding of our operating results and prospects, consistent with how management measures and forecasts the Company's performance, especially when comparing such results to previous periods.  An understanding of the impact in a particular quarter of specific restructuring costs, acquisition expenses, or other gains and losses, on net income (absolute as well as on a per-share basis), operating income or EBITDA can give management and investors additional insight into core financial performance, especially when compared to quarters in which such items had a greater or lesser effect, or no effect.  Non-GAAP measures should be considered in addition to, and not as a replacement for, the corresponding GAAP measures, and may not be comparable to similarly titled measures reported by other companies.

    About Standex

    Standex International Corporation is a multi-industry manufacturer in five broad business segments: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions with operations in the United States, Europe, Canada, Japan, Singapore, Mexico, Turkey, India, and China. For additional information, visit the Company's website at http://standex.com/.

    Forward-Looking Statements

    Statements contained in this Press Release that are not based on historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terminology such as should," "could," "may," "will," "expect," "believe," "estimate," "anticipate," "intend," "continue," or similar terms or variations of those terms or the negative of those terms. There are many factors that affect the Company's business and the results of its operations and that may cause the actual results of operations in future periods to differ materially from those currently expected or anticipated. These factors include, but are not limited to: the impact of pandemics and other global crises or catastrophic events on employees, our supply chain, and the demand for our products and services around the world; materially adverse or unanticipated legal judgments, fines, penalties or settlements; conditions in the financial and banking markets, including fluctuations in exchange rates and the inability to repatriate foreign cash; domestic and international economic conditions, including the impact, length and degree of economic downturns on the customers and markets we serve and more specifically conditions in the electrical grid, automotive, construction, aerospace, defense, transportation, food service equipment, consumer appliance, energy, oil and gas and general industrial markets; lower-cost competition; the relative mix of products which impact margins and operating efficiencies in certain of our businesses; the impact of higher raw material and component costs, particularly steel, certain materials used in electronics parts, petroleum based products, and refrigeration components; the impact of higher transportation and logistics costs, especially with respect to transportation of goods from Asia; the impact of inflation on the costs of providing our products and services; an inability to realize the expected cost savings from restructuring activities including effective completion of plant consolidations, cost reduction efforts including procurement savings and productivity enhancements, capital management improvements, strategic capital expenditures, and the implementation of lean enterprise manufacturing techniques; the potential for losses associated with the exit from or divestiture of businesses that are no longer strategic or no longer meet our growth and return expectations; the inability to achieve the savings expected from global sourcing of raw materials and diversification efforts in emerging markets; the impact on cost structure and on economic conditions as a result of actual and threatened increases in trade tariffs; the inability to attain expected benefits from acquisitions and the inability to effectively consummate and integrate such acquisitions and achieve synergies envisioned by the Company; increased costs from acquisitions to improve and coordinate managerial, operational, financial, and administrative systems, including internal controls over financial reporting and  compliance with the Sarbanes-Oxley Act of 2002, and other costs related to such systems in connection with acquired businesses; market acceptance of our products; our ability to design, introduce and sell new products and related product components; the ability to redesign certain of our products to continue meeting evolving regulatory requirements; the impact of delays initiated by our customers; our ability to increase manufacturing production to meet demand including as a result of labor shortages; the impact on our operations of any successful cybersecurity attacks; and potential changes to future pension funding requirements. For a more comprehensive discussion of these and other factors, see the "Risk Factors" section of the Company's most recent annual report on Form 10-K filed with the SEC and available on the Company's website. In addition, any forward-looking statements represent management's estimates only as of the day made and should not be relied upon as representing management's estimates as of any subsequent date. While the Company may elect to update forward-looking statements at some point in the future, the Company and management specifically disclaim any obligation to do so, even if management's estimates change.

     

    Standex International Corporation

    Consolidated Statement of Operations







    (unaudited)



















































    Three Months Ended





    Six Months Ended







    December 31,





    December 31,

    (In thousands, except per share data)





    2024





    2023





    2024





    2023



























    Net sales



    $

    189,814





    178,400



    $

    360,278



    $

    363,174

    Cost of sales





    118,367





    106,737





    218,758





    218,876

    Gross profit





    71,447





    71,663





    141,520





    144,298



























    Selling, general and administrative expenses





    42,189





    41,243





    83,232





    82,747

    (Gain) loss on sale of business





    -





    -





    -





    (274)

    Restructuring costs





    920





    1,360





    2,006





    3,266

    Amortization of acquired intangible assets





    3,475





    2,033





    5,480





    4,114

    Acquisition related costs





    16,400





    1,195





    18,240





    1,696



























    Income from operations





    8,463





    25,832





    32,562





    52,749



























    Interest expense





    5,575





    1,019





    6,552





    2,295

    Other non-operating (income) expense, net





    890





    332





    862





    1,178

    Total





    6,465





    1,351





    7,414





    3,473



























    Income from continuing operations before income taxes





    1,998





    24,481





    25,148





    49,276

    Provision for income taxes





    710





    5,409





    5,672





    11,312

    Net income from continuing operations





    1,288





    19,072





    19,476





    37,964



























    Income (loss) from discontinued operations, net of tax





    (13)





    (201)





    (4)





    (279)



























    Net income





    1,275





    18,871





    19,472





    37,685

    Less: net income attributable to redeemable noncontrolling interest





    418





    -





    418





    -

    Net income attributable to Standex International



    $

    857



    $

    18,871



    $

    19,054



    $

    37,685



























    Basic earnings per share:

























    Income (loss) from discontinued operations





    (0.00)





    (0.02)





    (0.00)





    (0.02)

    Total income (loss) attributable to Standex International



    $

    0.07



    $

    1.60



    $

    1.60



    $

    3.20



























    Diluted earnings per share:

























    Income (loss) from discontinued operations





    (0.00)





    (0.02)





    (0.00)





    (0.02)

    Total income (loss) attributable to Standex International



    $

    0.07



    $

    1.59



    $

    1.59



    $

    3.17



























    Average Shares Outstanding

























       Basic





    11,942





    11,791





    11,872





    11,762

       Diluted





    12,025





    11,858





    11,972





    11,891



























     

    Standex International Corporation

    Condensed Consolidated Balance Sheets

    (unaudited)





















    December 31,





    June 30,

    (In thousands)





    2024





    2024















    ASSETS













    Current assets:













      Cash and cash equivalents



    $

    121,147





    154,203

      Accounts receivable, net





    153,172





    121,365

      Inventories





    103,984





    87,106

      Prepaid expenses and other current assets





    86,619





    67,421

        Total current assets





    464,922





    430,095















    Property, plant, equipment, net





    137,613





    134,963

    Intangible assets, net





    207,504





    78,673

    Goodwill





    586,712





    281,283

    Deferred tax asset





    21,981





    17,450

    Operating lease right-of-use asset





    39,987





    37,078

    Other non-current assets





    24,219





    25,515

        Total non-current assets





    1,018,016





    574,962















    Total assets



    $

    1,482,938



    $

    1,005,057















    LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY















    Current liabilities:













      Accounts payable



    $

    73,390





    63,364

      Accrued liabilities





    59,584





    56,698

      Income taxes payable





    5,179





    7,503

        Total current liabilities





    138,153





    127,565















    Long-term debt





    534,297





    148,876

    Operating lease long-term liabilities





    33,914





    30,725

    Accrued pension and other non-current liabilities





    93,905





    76,388

        Total non-current liabilities





    662,116





    255,989















    Redeemable non-controlling interest





    26,635





    -















    Stockholders' equity:













      Common stock





    41,976





    41,976

      Additional paid-in capital





    132,327





    106,193

      Retained earnings





    1,097,857





    1,086,277

      Accumulated other comprehensive loss





    (187,769)





    (182,956)

      Treasury shares





    (428,357)





    (429,987)

         Total stockholders' equity





    656,034





    621,503















    Total liabilities, redeemable noncontrolling interest and stockholders' equity



    $

    1,482,938



    $

    1,005,057















     

    Standex International Corporation and Subsidiaries









    Statements of Consolidated Cash Flows









    (unaudited)















    Six Months Ended







    December 31,

    (In thousands)





    2024





    2023















    Cash Flows from Operating Activities













    Net income



    $

    19,472





    37,685

    Income (loss) from discontinued operations





    (4)





    (279)

    Income from continuing operations





    19,476





    37,964















    Adjustments to reconcile net income to net cash provided by operating activities:













    Depreciation and amortization





    15,566





    13,969

    Stock-based compensation





    5,155





    4,824

    Non-cash portion of restructuring charge





    (896)





    346

    (Gain) loss on sale of business





    -





    (274)

    Contributions to defined benefit plans





    (4,766)





    (1,541)

    Net changes in operating assets and liabilities





    (7,873)





    (15,121)

    Net cash provided by operating activities - continuing operations





    26,662





    40,167

    Net cash provided by (used in) operating activities - discontinued operations





    (31)





    (422)

    Net cash provided by (used in) operating activities





    26,631





    39,745

    Cash Flows from Investing Activities













        Expenditures for property, plant and equipment





    (13,690)





    (8,587)

        Expenditures for acquisitions, net of cash acquired





    (419,652)





    (29,229)

        Proceeds from the sale of business





    -





    274

        Other investing activities





    3,904





    -

    Net cash provided by (used in) investing activities





    (429,438)





    (37,542)

    Cash Flows from Financing Activities













        Proceeds from borrowings





    724,313





    -

        Payments of debt





    (339,110)





    (25,000)

        Activity under share-based payment plans





    1,791





    1,189

        Purchase of treasury stock





    (5,166)





    (26,650)

        Cash dividends paid





    (7,362)





    (6,840)

        Other financing activities





    (4,415)





    -

    Net cash provided by (used in) financing activities





    370,051





    (57,301)















    Effect of exchange rate changes on cash





    (300)





    1,816















    Net changes in cash and cash equivalents





    (33,056)





    (53,282)

    Cash and cash equivalents at beginning of year





    154,203





    195,706

    Cash and cash equivalents at end of period



    $

    121,147



    $

    142,424















     

    Standex International Corporation

    Selected Segment Data

    (unaudited)

































    Three Months Ended





    Six Months Ended







    December 31,





    December 31,

    (In thousands)





    2024





    2023





    2024





    2023

    Net Sales

























    Electronics



    $

    95,923



    $

    79,419



    $

    173,656



    $

    161,107

    Engraving





    31,454





    40,845





    64,817





    81,639

    Scientific





    18,477





    16,292





    36,170





    34,485

    Engineering Technologies





    22,649





    19,887





    43,179





    38,107

    Specialty Solutions





    21,311





    21,957





    42,456





    47,836

    Total



    $

    189,814



    $

    178,400



    $

    360,278



    $

    363,174



























    Income from operations

























    Electronics



    $

    17,419



    $

    15,850



    $

    34,446



    $

    32,184

    Engraving





    4,122





    8,910





    9,946





    16,505

    Scientific





    4,718





    4,248





    9,467





    9,178

    Engineering Technologies





    3,692





    3,405





    7,702





    6,422

    Specialty Solutions





    3,562





    3,965





    7,110





    9,582

    Restructuring





    (920)





    (1,360)





    (2,006)





    (3,266)

    Acquisition related costs





    (16,400)





    (1,195)





    (18,240)





    (1,696)

    Corporate





    (7,730)





    (7,991)





    (15,863)





    (16,434)

    Total



    $

    8,463



    $

    25,832



    $

    32,562



    $

    52,749



























     

    Standex International Corporation







    Reconciliation of GAAP to Non-GAAP Financial Measures







    (unaudited)





















































    Three Months Ended









    Six Months Ended















    December 31,









    December 31,







    (In thousands, except percentages)





    2024





    2023



    %

    Change





    2024





    2023



    %

    Change



    Adjusted income from operations and adjusted net

    income from continuing operations:



































    Net Sales



    $

    189,814



    $

    178,400



    6.4 %



    $

    360,278



    $

    363,174



    -0.8 %



    Income from operations, as reported



    $

    8,463



    $

    25,832



    -67.2 %



    $

    32,562



    $

    52,749



    -38.3 %





    Income from operations margin





    4.5 %





    14.5 %









    9.0 %





    14.5 %







    Adjustments:





































    Restructuring charges





    920





    1,360









    2,006





    3,266









    Acquisition-related costs





    16,400





    1,195









    18,240





    1,696









    Amortization of acquired intangible assets





    3,475





    2,033









    5,480





    4,114









    (Gain) loss on sale of business





    -





    -









    -





    (274)









    Purchase accounting expenses





    6,197





    305









    6,197





    645







    Adjusted income from operations



    $

    35,455



    $

    30,725



    15.4 %



    $

    64,485



    $

    62,196



    3.7 %





    Adjusted income from operations margin





    18.7 %





    17.2 %









    17.9 %





    17.1 %









    Interest and other income (expense), net





    (6,465)





    (1,351)









    (7,414)





    (3,473)









    Foreign currency related (gain) loss on acquisition

    and divestiture activities





    -





    (282)









    -





    (282)









    Provision for income taxes





    (710)





    (5,409)









    (5,672)





    (11,312)









    Discrete and other tax items





    447





    -









    375





    100









    Tax impact of above adjustments





    (5,822)





    (1,016)









    (7,005)





    (2,067)







    Net income from continuing operations, as adjusted



    $

    22,905



    $

    22,667



    1.0 %



    $

    44,769



    $

    45,162



    -0.9 %









































    EBITDA and Adjusted EBITDA:



































    Net income (loss) from continuing operations, as reported



    $

    1,288



    $

    19,072



    -93.2 %



    $

    19,476



    $

    37,964









    Net income from continuing operations margin





    0.7 %





    10.7 %









    5.4 %





    10.5 %







    Add back:





































    Provision for income taxes





    710





    5,409









    5,672





    11,312









    Interest expense





    5,575





    1,019









    6,552





    2,295









    Depreciation and amortization





    8,505





    6,887









    15,566





    13,969







    EBITDA



    $

    16,078



    $

    32,387



    -50.4 %



    $

    47,266



    $

    65,540



    -27.9 %





    EBITDA Margin





    8.5 %





    18.2 %









    13.1 %





    18.0 %







    Adjustments:





































    Restructuring charges





    920





    1,360









    2,006





    3,266









    Acquisition-related costs





    16,400





    1,195









    18,240





    1,696









    (Gain) loss on sale of business





    -





    -









    -





    (274)









    Purchase accounting expenses





    6,197





    305









    6,197





    645







    Adjusted EBITDA



    $

    39,595



    $

    34,965



    13.2 %



    $

    73,709



    $

    70,591



    4.4 %





    Adjusted EBITDA Margin





    20.9 %





    19.6 %









    20.5 %





    19.4 %













































    Free operating cash flow:



































    Net cash provided by operating activities -

    continuing operations, as reported



    $

    9,115



    $

    23,760







    $

    26,662



    $

    40,167







    Less: Capital expenditures





    (6,965)





    (4,249)









    (13,690)





    (8,587)







    Free cash flow from continuing operations



    $

    2,150



    $

    19,511







    $

    12,972



    $

    31,580













































     

    Standex International Corporation

    Reconciliation of GAAP to Non-GAAP Financial Measures

    (unaudited)













































    Three Months Ended









    Six Months Ended





    Adjusted earnings per share from continuing operations





    December 31,









    December 31,









    2024





    2023



    %

    Change





    2024





    2023



    %

    Change





































    Diluted earnings per share from continuing operations

    attributable to Standex, as reported



    $

    0.07



    $

    1.61



    -95.7 %



    $

    1.59



    $

    3.19



    -50.2 %





































    Adjustments:



































    Net income (loss) attributable to non-controlling interest





    0.03





    -









    0.03





    -







    Restructuring charges





    0.06





    0.09









    0.13





    0.21







    Acquisition-related costs





    1.10





    0.08









    1.22





    0.11







    Amortization of acquired intangible assets





    0.22





    0.13









    0.35





    0.27







    Gain on bargain purchase





    -





    -









    -





    -







    (Gain) loss on sale of business





    -





    -









    -





    (0.02)







    Foreign currency related (gain) loss on acquisition and divestiture activities





    -





    (0.02)









    -





    (0.02)







    Discrete tax items





    0.04





    -









    0.04





    0.01







    Purchase accounting expenses





    0.39





    0.02









    0.39





    0.04





    Diluted earnings per share from continuing operations

    attributable to Standex, as adjusted



    $

    1.91



    $

    1.91



    0.0 %



    $

    3.75



    $

    3.79



    -1.1 %





































     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/standex-reports-fiscal-second-quarter-2025-financial-results-302364820.html

    SOURCE Standex International Corporation

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