9-18-13 4:30 PM EDT | Email Article

ELMWOOD PARK, N.J., Sept. 18, 2013 /PRNewswire/ -- Kreisler Manufacturing Corporation (OTC: KRSL) announced sales and earnings for the year ended June 30, 2013. Kreisler achieved Fiscal 2013 net income of $1.8 million compared to a Fiscal 2012 net loss of $2.8 million.  Fiscal 2012 results were negatively impacted by the sale of Kreisler Polska Sp. z o.o to United Technologies Holding SAS. Our cash balances at June 30, 2013 were $8.9 million, an increase of $6.7 million compared to June 30, 2012. Backlog also grew 14% to $41.3 million.  Fiscal 2013 net sales of $30.4 million were $7.1 million lower than Fiscal 2012 sales.  Fiscal 2013 income from operations (after tax) was $1.7 million, a decrease of 24% compared to Fiscal 2012 income from operations (after tax) of $2.3 million.



Fiscal Years ended June 30, 2013 and 2012


Fiscal Year Ended

Jun 30, 2013

Jun 30, 2012

$ Change

% Change

Net Sales





Income from Continuing Operations, after tax





Net Income/(Loss)






$41.3 million

$36.3 million

$5.0 million


Cash & Short-term Investments





The Consolidated Financial Statements for the Year-ended June 30, 2013 are available at www.kreislermfg.com/investors and should be read in conjunction with this press release.

"Fiscal 2013 was our first full year following the sale of Kreisler Polska Sp. z o.o as announced on July 9, 2012," said Kreisler Co-President & CEO Michael Stern.  "As a result, we were able to focus solely on improving the performance of Kreisler Industrial Corporation.  During the fiscal year, we were able to significantly improve our delivery performance to all customers and continue to improve our product quality and manufacturing processes.  This also included maintaining our profitability despite a 19% reduction in year-over-year sales.  We also experienced a significant increase in our balance sheet cash and short-term investments.  This cash growth was primarily attributable to a combination of inventory reductions ($2.3 million), reductions in accounts receivable ($1.0 million), income taxes due to our exit from Poland ($1.6 million) and net income ($1.8 million).  Our ability to increase cash during Fiscal 2013 allowed us to pay our stockholders a special dividend of $0.50 per share during August 2013."

Michael Stern added, "On behalf of Ned Stern, Co-President & CCO, and me, we want to thank our Kreisler colleagues for their efforts in allowing us to achieve these improvements and performance in the present environment.  We also thank our stockholders for their continued support of our company."

About Kreisler
The Company, through its wholly-owned subsidiary Kreisler Industrial Corporation, is a manufacturer of precision metal components and assemblies for use in military and commercial aircraft engines and industrial gas turbines. These products primarily include tube and manifold assemblies.

Forward-Looking Statements

Certain oral statements made by management of Kreisler Manufacturing Corporation and Kreisler Industrial Corporation (collectively, the "Company" or "Kreisler") from time to time and certain statements contained herein with respect to results of operations and the business of the Company are "forward-looking statements." All such statements, other than statements of historical facts, including those regarding market trends, the Company's financial position and results of operations, business strategy, projected costs, and plans and objectives of management for future operations, are forward-looking statements. In general, such statements are identified by the use of forward-looking words or phrases including, but not limited to, "estimates," "intended," "will," "should," "may," "believes," "expects," "expected," "anticipates," and "anticipated" or the negative thereof or variations thereon or similar terminology. These forward-looking statements are based on the Company's current expectations. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. These forward-looking statements represent the Company's current judgment. The Company disclaims any intent or obligation to update its forward looking statements. Because forward-looking statements involve risks and uncertainties, the Company's actual results could differ materially from those set forth in or underlying the forward-looking statements.

SOURCE Kreisler Manufacturing Corporation

Add a Comment

News   More...

Securities related to this article
Kreisler Manufacturing Corp View krsl Stock Quote
Start Premium Trial Register For Free

P F Fund Financial Data (13,000+ funds)
P F Stock Financial Data (7,000+ stocks)
P F Stock and Fund Screeners (basic)
P F Investing Articles and Market Commentary
P F Articles Archive (>30 days)
P F Discuss (dozens of stock, fund, bond, and general bulletin boards)
P F Portfolio Manager (basic)
P F Morningstar Investment Classroom
P F Access Your Portfolio Anytime, Anywhere via Your Mobile Device
P   Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)
P   Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)
P   Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)
P   Portfolio Monitor (monthly and on-demand personalized portfolio statements)
P   Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)
P   Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters
P   Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)
P   Discounts on Morningstar newsletters, books, seminars, and more

Sign-up to Morningstar

Basic Access

Articles and Videos
Morningstar video reports, articles, data, and tools. Dig into our lineup of e-newsletters and investing classroom courses outlining sensible strategies for maximizing your investments.
Morningstar Discuss
Follow the buzz on individual stocks or fund families. Plus, read the latest posts from Morningstar members and analysts.
Portfolio Manager
Track your investments and watch lists with our Portfolio Manager. Customize your view with our comprehensive stock, fund, and ETF data.

Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.

Unlimited Access

Analyst Research
Gather in-depth, actionable insight on over 3,700 stock and mutual funds covered by Morningstar analysts. View our mutual fund Analyst Reports favored by professionals, savvy experienced investors, and new investors researching options for retirement savings, college plans, or other investment needs.
Portfolio X-Ray®
Ensure your portfolio is positioned exactly how you want with Morningstar's X-Ray Interpreter and Stock Intersection tools. A Barron's "Best of the Web" award winner for five years running, X-Ray Interpreter goes under the hood of your portfolio to provide a useful allocation, sector, and geographic analysis. And you can discover how much of a stock you really own, individually and through mutual funds, with Stock Intersection.
Investment Picks
Find new 5-star stocks (greatly undervalued companies) to consider daily. Our 5-star stock rating is a proven winner, consistently beating benchmarks like the S&P 500. Plus, browse our Fund Analyst Picks and Stewardship Grades to find shareholder-friendly mutual funds that are poised for outperformance.
Portfolio Monitor
Get a clear view of your investments with personalized reports about your portfolio. Receive monthly statements and generate reports on-demand to help you stay on track to meet your investment goals.

Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.

Content Partners
Morningstar - - Kreisler Manufacturing Corporation Announces Fiscal 2013 Financial Results
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Author |  Collection |  Interest |  Popularity

Previous: Kraus Carpets Announces strong first half results and $50 million refinancing with Wells Fargo  |  Next: Krispy Kreme Announces 'N Sync's Chris Kirkpatrick As Celebrity Judge For The Krispy Kreme Film Festival Red Carpet Gala