PMFG Q4 Loss Widens - Quick Facts

(RTTNews) - PMFG Inc. (PMFG) reported that its fourth-quarter net loss attributable to common stockholders widened to $2.8 million or $0.13 per share from $0.9 million or $0.04 per share in the prior year.

On a non-GAAP basis, net income attributable to common shareholders was $0.7 million, or $0.04 per share, compared to a net loss of $0.6 million, or a $0.04 per share in the prior year.

Revenue in the fourth quarter of fiscal 2013 increased $1.5 million, or 4.5%, to $34.5 million as higher revenue in the Environmental Systems segment was offset by lower revenue from the Process Products segment.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.02 per share and revenues of $35.78 million for the quarter. Analysts' estimates typically exclude special items.

The company expects consolidated revenue in fiscal 2014 to increase 8% to 13% over fiscal 2013 on higher demand for environmental and pressure product systems. Much of this growth is anticipated to occur in the North America and Asia-Pacific regions. Based on assumed product mix and current operating environment, consolidated gross margins are expected to be between 32% and 34%.

Operating expenses are expected to increase at a rate of approximately 4% to 6% including an investment of approximately $800,000 in research and development and incremental internal capabilities related to nuclear power generation products and services. As the bookings related to such investments are not expected to occur until late fiscal 2014 or early 2015, the company said it does not expect to recognize incremental revenue in fiscal 2014 related to these efforts.