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Tuesday, January 14, 2003
Black Box Corporation Reports Third Quarter Fiscal 2003 Results
GAAP Profit and Cash Flow Remain Strong; Sequential Revenue Seasonally Down
Black Box Corporation (NASDAQ: BBOX) today announced for the third quarter ended December 29, 2002, reported earnings per share of 73 cents compared to 81 cents last year and 74 cents in 2Q03. Corresponding reported net income for the quarter was $14.8 million or 9.7% of revenues, compared to $16.9 million or 9.4% of revenues last year and $15.0 million or 9.2% of revenues in 2Q03.
Total revenues for the quarter were $153 million, down 15% from $179 million last year and down 6% sequentially from 2Q03’s $163 million. Total revenues on a same-office basis were down 17% compared to last year and down 6% sequentially. Phone Service revenues were $63 million, comparable to 2Q03’s $64 million. On-Site Service revenues were $90 million, down 8% from 2Q03’s $98 million.
Third quarter free cash flow was $28 million compared to $29 million last year and $19 million in 2Q03. Free cash flow is calculated as cash provided by operating activities less capital expenditures, plus proceeds from option exercises, plus or minus foreign currency translation adjustments. The third quarter’s free cash flow of $28 million was used towards: Black Box stock repurchases of $17 million; debt reduction of $10 million; and an increase in cash on hand of $1 million.
Total operating margin for the third quarter was 15.1%, compared to 15.8% last year and 15.2% in 2Q03. Operating margin for Phone Services was 20.1% compared to 19.4% last year and 20.9% in 2Q03. Operating margin for On-Site Services was 12.0% compared to 13.6% last year and 11.8% in 2Q03.
Earnings per share reported for the nine months ended December 29, 2002 were $2.17 compared to $2.36 for the same period last year, down 8%. Corresponding reported net income was $44.5 million or 9.5% of revenues, compared to $49.1 million or 8.4% of revenues for the same period last year, down 9%.
Total revenues for the nine months were $470 million compared to $583 million for the same period last year, down 19%.
Free cash flow for the nine months was $71 million, up 28% compared to $56 million for the same period last year. This free cash flow was used towards: Black Box stock repurchases of $38 million; debt reduction of $26 million; and M&A activity of $7 million.
Commenting on the third quarter Fiscal 2003 results, Fred C. Young, Chief Executive Officer, said, “As expected, sequential revenues were down primarily due to traditional seasonality. However, with Black Box-like cost management, we produced strong profits and free cash flow from both an absolute dollar and ratio basis.
“Armed with our continued operational and financial strengths, we remain focused on selective markets to drive significant long-term growth. The trick here is not to forget to play good defense along the way.”
Mr. Young went on to say, “Tomorrow, January 15, Black Box will pay its first quarterly cash dividend. We are proud to be able to deliver this new program targeted at enhancing strategic shareholder value.”
The Company will conduct a conference call beginning at 10:45 a.m. Eastern Time today, January 14, 2003. Fred Young, Chief Executive Officer, will host the call. To participate in the call, please dial (612) 326-1003 approximately 15 minutes prior to the starting time and ask to be connected to the Black Box Earnings Call. A replay of the conference call will be available for one week after the teleconference by dialing (320) 365-3844 and using access code 655265.
Black Box is the world’s largest technical services company dedicated to designing, building and maintaining today’s complicated network infrastructure systems. Black Box services clients through 117 offices in 132 countries throughout the world.
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