EnerSys Expects Q4 Non-GAAP EPS of $0.75

EnerSys ENS announced today preliminary results for its fourth quarter of fiscal 2011, which ended on March 31st. Net earnings for the fourth quarter of fiscal 2011 are expected to be $30.1 million, or $0.59 per diluted share, including an unfavorable highlighted $0.16 per share impact from $1.3 million, $1.6 million pre-tax, charge for restructuring plans, $5.3 million, $8.2 million pre-tax, for charges from the refinancing activities as discussed below, $0.4 million, $0.6 million pre-tax, for costs associated with a secondary offering of the Company's common stock held by certain of our shareholders and $0.9 million, $1.2 million pre-tax, for fees related to acquisition activities. The expected net earnings of $0.59 per diluted share, which includes the highlighted items, compares to diluted net earnings per share of $0.36 for the fourth quarter of fiscal 2010, which included an unfavorable highlighted impact of $0.09 per share from the $4.2 million, $6.2 million pre-tax, charge for restructuring plans. Excluding these highlighted items, adjusted net earnings per diluted share for the fourth quarter of fiscal 2011, on a non-GAAP basis, are expected to be $0.75, which exceeded the guidance of $0.68 to $0.72 per diluted share given by the Company on February 9, 2011, largely from higher sales volume and lower effective income tax rates. The lower tax rates were primarily due to changes in the mix of earnings among tax jurisdictions. These earnings compare to the prior year fourth quarter adjusted net earnings of $0.45 per diluted share. Net sales for the fourth quarter of fiscal 2011 were $548.0 million, an increase of 22% from the prior year fourth quarter net sales of $450.5 million and an 8% sequential quarterly increase from the third quarter of fiscal 2011's net sales of $508.6 million. The 22% increase was the result of a 16% increase in organic volume, 2% increase due to pricing, 3% increase from foreign currency translation impact and 1% increase from acquisitions. Approximately one half of the sequential revenue increase of $39.4 million in the fourth quarter was due primarily to organic volume growth.