Exhibit 99
PRESS INFORMATION
MOOG INC., EAST AURORA, NEW YORK 14052 TEL-716/652-2000 FAX-716/687-4457
RELEASE DATE Immediate CONTACT Susan Johnson
November 7, 2001
MOOG REPORTS FOURTH QUARTER AND YEAR-END RESULTS
Moog Inc. (NYSE:MOG.A and MOG.B) announced today fourth quarter earnings
of $7.4 million, or $.56 per share, an increase of 14.5% over last year's fourth
quarter. This is the company's 29th consecutive quarter of favorable
comparisons.
Sales for the quarter of $185 million were up 11% from last year with
increases in all three segments of the company's business. Sales in the Aircraft
segment had the benefit of increased repair and overhaul business, reflecting an
increased emphasis on readiness for existing military aircraft. A resumption of
satellite production and the start-up of Space Shuttle refurbishment provided
increased sales in the Space Segment. The increase in Industrial sales was the
direct result of three acquisitions made last year including Casella electric
motors, Bosch piston pumps, and Whitton turbine controls.
Moog's profits for the fiscal year 2001 were $27.9 million, or $2.11 per
share, an increase of 11% over last year's earnings per share. Sales for the
year were $704 million, up 9% compared to last year. As in the quarter, sales
were up in all segments of the company's business.
Year-end backlog of $364 million is up 6% from the level of a year ago.
Last week, Moog revised its projections for fiscal year 2002. Sales are
estimated to increase to $743 million, a 6% increase over fiscal 2001. Net
earnings are estimated to increase by 10% to $30.7 million, or $2.32 per share,
on the company's currently outstanding 13.3 million shares.
Moog Inc. is a worldwide manufacturer of precision control components
and systems. Moog's high-performance actuation products control military and
commercial aircraft, satellites and space vehicles, launch vehicles, missiles
and automated industrial machinery.
Moog Inc. Cautionary Statement
This news release (the foregoing remarks) contains "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Information, included herein or incorporated by reference, that are not
historical facts, including statements accompanied by or containing words such
as "believes," "expects," "intends," "plans," "projects," "estimates,"
"outlook," "forecast," "anticipates," "presume" and "assume," are
forward-looking statements. Such forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. These statements are not guarantees of future performance and are subject
to several factors, risks and uncertainties, the impact or occurrence of which
could cause actual results to differ materially from the expected results
described in the forward-looking statements. These important factors, risks and
uncertainties include (i) fluctuations in general business cycles, demand for
capital goods and government funding of procurement programs in which the
Company participates, (ii) the dependency on certain major customers, such as
Boeing and certain U.S. Government contractors, for a significant percentage of
its sales, (iii) intense competition in the Company's business which, depending
on product line, may require the Company to compete by lowering prices or by
advancing its technologies; several of the Company's competitors are
substantially larger than the Company and have greater financial resources with
which to compete, (iv) the potential for substantial fines and penalties or
debarment from future contracts in the event the Government's procurement rules
are not followed, (v) the potential for cost overruns on development jobs and
actual results that may differ from estimates used in contract accounting, (vi)
the possibility of a catastrophic loss of one or more of the Company's
manufacturing facilities, (vii) the impact of product liability claims related
to the Company's products used in applications where failure can result in
significant property damage, injury and death, and (viii) foreign currency
fluctuations in those countries in which the Company does business which can
adversely affect the Company's results of operations and financial condition.
The factors identified above are not exhaustive. New factors, risks and
uncertainties may emerge from time to time that may affect the forward-looking
statements made herein. Given these risks, factors and uncertainties, investors
should not place undue reliance on forward-looking statements as predictive of
future results. The Company disclaims any obligation to update the
forward-looking statements made herein.
MOOG INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
THREE MONTHS ENDED TWELVE MONTHS ENDED
SEPTEMBER 29, September 30, SEPTEMBER 29, September 30,
2001 2000 2001 2000
----------- ------------ ------------ ------------
Net sales $ 184,873 $ 165,892 $ 704,378 $ 644,006
Cost of sales 127,459 116,116 493,235 448,702
----------- ------------ ------------ ------------
Gross profit 57,414 49,776 211,143 195,304
----------- ------------ ------------ ------------
Research and development 7,990 5,163 26,461 21,981
Selling, general and administrative 30,359 26,656 110,679 101,990
Interest 7,754 8,688 32,054 33,271
Other expense (income), net 117 (571) (64) (553)
----------- ------------ ------------ ------------
46,220 39,936 169,130 156,689
----------- ------------ ------------ ------------
Earnings before income taxes 11,194 9,840 42,013 38,615
Income taxes 3,750 3,340 14,075 13,215
----------- ------------ ------------ ------------
Net earnings $ 7,444 $ 6,500 $ 27,938 $ 25,400
=========== ============ ============ ============
Net earnings per share
Basic $ 0.57 $ 0.49 $ 2.13 $ 1.92
=========== ============ ============ ============
Diluted $ 0.56 $ 0.49 $ 2.11 $ 1.90
=========== ============ ============ ============
Average common shares outstanding
Basic 13,085,955 13,136,105 13,095,770 13,242,966
=========== ============ ============ ============
Diluted 13,252,843 13,270,502 13,250,117 13,362,936
=========== ============ ============ ============
MOOG INC.
CONSOLIDATED SALES AND OPERATING PROFIT
(DOLLARS IN THOUSANDS)
THREE MONTHS ENDED TWELVE MONTHS ENDED
SEPTEMBER 29, September 30, SEPTEMBER 29, September 30,
2001 2000 2001 2000
-------- -------- -------- --------
SALES
Aircraft $ 91,632 $ 84,551 $339,840 $311,846
Space 26,749 25,036 103,253 112,410
Industrial 66,492 56,305 261,285 219,750
-------- -------- -------- --------
Total Sales $184,873 $165,892 $704,378 $644,006
-------- -------- -------- --------
OPERATING PROFIT
Aircraft $ 12,851 $ 11,542 $ 49,154 $ 42,982
Space 3,346 1,874 12,327 12,185
Industrial 4,946 6,652 21,720 24,643
-------- -------- -------- --------
Total Operating Profit $ 21,143 $ 20,068 $ 83,201 $ 79,810
-------- -------- -------- --------
MARGIN %
Aircraft 14.0% 13.7% 14.5% 13.8%
Space 12.5% 7.5% 11.9% 10.8%
Industrial 7.4% 11.8% 8.3% 11.2%
-------- -------- -------- --------
Total Margin % 11.4% 12.1% 11.8% 12.4%
-------- -------- -------- --------
MOOG INC.
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS)
AS OF As of
SEPTEMBER 29, September 30,
2001 2000
-------- --------
Cash $ 14,273 $ 13,827
Receivables 236,229 211,463
Inventories 158,798 147,546
Other current assets 34,215 30,665
-------- --------
Total current assets 443,515 403,501
Property, plant and equipment 198,707 188,584
Other non-current assets 214,319 199,620
-------- --------
Total assets $856,541 $791,705
======== ========
Notes payable $ 13,236 $ 1,581
Current installments of long-term debt 16,463 18,609
Contract loss reserves 16,663 20,916
Other current liabilities 139,774 114,770
-------- --------
Total current liabilities 186,136 155,876
Long-term debt 343,630 346,099
Other long-term liabilities 90,947 67,176
-------- --------
Total liabilities 620,713 569,151
Shareholders' equity 235,828 222,554
-------- --------
Total liabilities and shareholders' equity $856,541 $791,705
======== ========