MTS SYSTEMS CORPORATION | |||||||||||||||
Consolidated Statements of Income | |||||||||||||||
(unaudited - in thousands, except per share data) | |||||||||||||||
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| Three Months Ended |
| Nine Months Ended | ||||||||||||
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| June 29, 2019 |
| June 30, 2018 |
| June 29, 2019 |
| June 30, 2018 | ||||||||
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Revenue |
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Product | $ | 205,528 |
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| $ | 168,651 |
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| $ | 587,297 |
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| $ | 503,345 |
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Service | 26,681 |
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| 26,017 |
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| 81,139 |
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| 76,808 |
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Total revenue | 232,209 |
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| 194,668 |
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| 668,436 |
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| 580,153 |
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Cost of sales |
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Product | 130,514 |
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| 103,182 |
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| 368,260 |
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| 304,809 |
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Service | 16,592 |
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| 15,202 |
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| 49,418 |
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| 46,307 |
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Total cost of sales | 147,106 |
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| 118,384 |
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| 417,678 |
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| 351,116 |
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Gross profit | 85,103 |
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| 76,284 |
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| 250,758 |
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| 229,037 |
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Gross margin | 36.6 | % |
| 39.2 | % |
| 37.5 | % |
| 39.5 | % | ||||
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Operating expenses |
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Selling and marketing | 33,321 |
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| 32,171 |
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| 98,805 |
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| 94,796 |
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General and administrative | 20,621 |
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| 19,081 |
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| 63,804 |
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| 58,635 |
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| Research and development | 8,160 |
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| 8,768 |
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| 23,008 |
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| 26,235 |
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| Total operating expenses | 62,102 |
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| 60,020 |
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| 185,617 |
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| 179,666 |
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| Income from operations | 23,001 |
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| 16,264 |
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| 65,141 |
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| 49,371 |
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| Operating margin | 9.9 | % |
| 8.4 | % |
| 9.7 | % |
| 8.5 | % | ||||
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| Interest expense, net | (6,687) |
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| (6,249) |
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| (20,873) |
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| (19,761) |
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| Other income (expense), net | (124) |
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| 30 |
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| 195 |
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| 81 |
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| Income before income taxes | 16,190 |
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| 10,045 |
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| 44,463 |
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| 29,691 |
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| Income tax provision (benefit) | 2,605 |
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| 1,066 |
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| 6,217 |
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| (20,877) |
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| Net income | $ | 13,585 |
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| $ | 8,979 |
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| $ | 38,246 |
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| $ | 50,568 |
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| Earnings per share |
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| Basic |
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| Earnings per share | $ | 0.70 |
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| $ | 0.47 |
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| $ | 1.99 |
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| $ | 2.64 |
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| Weighted average common shares outstanding | 19,297 |
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| 19,174 |
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| 19,255 |
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| 19,149 |
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| Diluted |
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| Earnings per share | $ | 0.70 |
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| $ | 0.47 |
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| $ | 1.97 |
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| $ | 2.62 |
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| Weighted average common shares outstanding | 19,520 |
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| 19,305 |
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| 19,436 |
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| 19,269 |
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| Dividends declared per share | $ | 0.30 |
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| $ | 0.30 |
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| $ | 0.90 |
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| $ | 0.90 |
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