SARASOTA, FL — (Marketwire) — 03/04/13 — Sun Hydraulics Corporation (NASDAQ: SNHY) today reported financial results for the fourth quarter and year-end 2012 and the Board of Directors announced a $6.0 million shared distribution and $0.09 per share quarterly dividend.
„A stronger than expected fourth quarter allowed us to achieve our highest top line year ever,“ said Allen Carlson, Sun Hydraulics- president and CEO. „Despite deteriorating business conditions in all markets in the second half, we were able to maintain margin performance and add new customers in what was a difficult and uncertain year. On the heels of the $1.00 per share special dividend in December, Sun-s Board has declared another shared distribution totaling approximately $6.0 million, to be paid in March, reflecting the strong performance last year.“
„There is still a lot of uncertainty in the macro economy, but things seem to be settling down a bit,“ Carlson continued. „Our first quarter forecast indicates a sequential rebound in demand led by Asia and Europe. As our existing customers- business rebounds in China and Europe, with the new customers we have added, we expect to see the top line continue to grow. U.S. PMI numbers have been positive for three months now, which is a good sign for the 2013 capital goods environment.“
The 2012 shared distribution consists of a contribution to employees equal to 10.5% of wages, most of which will be paid into retirement plans in the form of Sun Hydraulics stock, and $0.09 per share cash dividend to be paid to all shareholders. The shared distribution dividend is payable on March 31, 2013, to shareholders of record as of March 15, 2013.
Sun-s Board also announced a $0.09 per share quarterly cash dividend on its common stock. The dividend is payable on April 15, 2013, to shareholders of record as of March 31, 2013.
First quarter 2013 revenues are expected to be approximately $51 million, down approximately 8% from the first quarter of 2012. Earnings per share are estimated to be $0.34 to $0.36 compared to $0.41 in the same period a year ago.
Sun Hydraulics Corporation will broadcast its 2012 financial results conference call live over the Internet at 9:00 A.M. E.T. tomorrow, March 5, 2013. To listen to the webcast, go to the Investor Relations section of .
If an individual wishes to ask questions directly during the webcast, the conference call may be accessed by dialing 1-888-466-4462 and using 3684906 as the access code. Questions also may be submitted to the Company via email by going to the Sun Hydraulics website, , and clicking on Investor Relations on the top menu. Scroll down to the bottom of the page and click on contact email: , which will open an email window to type in your message. Sun management will then answer these and other questions during the Company-s webcast. A copy of this earnings release is posted on the Investor Relations page of our website under „Press Releases.“
Sun Hydraulics advises all shareholders to familiarize themselves with rules regarding dividends, payment dates and ex-dividend dates. See the following website for more information .
Sun Hydraulics Corporation is a leading designer and manufacturer of high performance screw-in hydraulic cartridge valves and manifolds for worldwide industrial and mobile markets. For more information about Sun, please visit our website at .
FORWARD-LOOKING INFORMATION Certain oral statements made by management from time to time and certain statements contained herein that are not historical facts are „forward-looking statements“ within the meaning of Section 21E of the Securities Exchange Act of 1934 and, because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements, including those in Management-s Discussion and Analysis of Financial Condition and Results of Operations are statements regarding the intent, belief or current expectations, estimates or projections of the Company, its Directors or its Officers about the Company and the industry in which it operates, and assumptions made by management, and include among other items, (i) the Company-s strategies regarding growth, including its intention to develop new products; (ii) the Company-s financing plans; (iii) trends affecting the Company-s financial condition or results of operations; (iv) the Company-s ability to continue to control costs and to meet its liquidity and other financing needs; (v) the declaration and payment of dividends; and (vi) the Company-s ability to respond to changes in customer demand domestically and internationally, including as a result of standardization. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur.
Important factors that could cause the actual results to differ materially from those in the forward-looking statements include, among other items, (i) the economic cyclicality of the capital goods industry in general and the hydraulic valve and manifold industry in particular, which directly affect customer orders, lead times and sales volume; (ii) conditions in the capital markets, including the interest rate environment and the availability of capital; (iii) changes in the competitive marketplace that could affect the Company-s revenue and/or cost bases, such as increased competition, lack of qualified engineering, marketing, management or other personnel, and increased labor and raw materials costs; (iv) changes in technology or customer requirements, such as standardization of the cavity into which screw-in cartridge valves must fit, which could render the Company-s products or technologies noncompetitive or obsolete; (v) new product introductions, product sales mix and the geographic mix of sales nationally and internationally; and (vi) changes relating to the Company-s international sales, including changes in regulatory requirements or tariffs, trade or currency restrictions, fluctuations in exchange rates, and tax and collection issues. Further information relating to factors that could cause actual results to differ from those anticipated is included but not limited to information under the heading „Management-s Discussion and Analysis of Financial Condition and Results of Operations“ in the Company-s Form 10-Q for the quarter ended September 29, 2012, and under the heading „Business“ and particularly under the subheading, „Business Risk Factors“ in the Company-s Form 10-K for the year ended December 31, 2011. The Company disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Richard K. Arter Investor Relations 941-362-1200
Tricia Fulton Chief Financial Officer 941-362-1200
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