JBT Corporation Reports Fourth Quarter Results

CHICAGO, March 2 /PRNewswire-FirstCall/ --

Full Year 2009 highlights:

Fourth quarter highlights:

JBT Corporation (NYSE: JBT), a leading global technology solutions provider to the food processing and air transportation industries, today reported fourth quarter and full year 2009 results.

Revenue for the quarter of $246.0 million increased 5 percent from the prior-year quarter. Fourth-quarter income from continuing operations was $10.6 million, up 3 percent from the prior-year quarter. Diluted earnings per share from continuing operations for the quarter were $0.37, flat compared to the prior-year quarter. During the quarter, the company incurred restructuring charges of $0.4 million to continue to reduce costs and recorded a $1.4 million loss reserve related to product liability litigation in Tunisia. Additionally, the company reported a lower tax rate in the quarter due to recognition of international withholding tax credits and certain deferred tax assets amounting to $1.1 million associated with a foreign subsidiary. The net unfavorable impact of these items to fourth quarter earnings per diluted share was $0.01. Fourth-quarter inbound orders of $195.0 million declined 5 percent from the prior-year quarter. Backlog of $211.2 million was down 26 percent from the same period in 2008.

Full-year revenue of $841.6 million was 18 percent lower than the prior year; 2 percentage points of this decline resulted from unfavorable foreign currency translation. Gross profit margin of 26.2 percent increased 170 basis points from 2008. Full-year income from continuing operations was $32.8 million, down 18 percent from pro forma income from continuing operations in 2008 (calculated on a pro forma basis to include comparable debt and interest expense). Full-year diluted earnings per share from continuing operations were $1.15, a 20 percent decline compared to pro forma diluted earnings per share in 2008. In 2009, the company incurred restructuring charges of $3.9 million in response to lower demand for some of its product lines.

"We are pleased with the strong finish to 2009," said Charlie Cannon, Chairman and Chief Executive Officer. "Our profit margins held up well despite the challenging environment, reflecting our focus on project execution, aggressive cost control and the strength of our recurring revenue base, and we further significantly reduced net debt. We are seeing signs of increasing order activity; however, the trend toward smaller projects and longer sales cycles continues. We expect our strong recurring revenue base and continued cost control initiatives to position the company well for another solid year of performance in 2010."

JBT FoodTech