PDF - Somero Enterprises

More documents

Recommendations

Info

Section 1OverviewAt a GlanceBusiness HighlightsStrong Results Across all Product Lines+43.4%Large line equipment sales(including the SXP Large LaserScreed and its predecessors)increased to US$25.4m+27.3%Small line equipment sales(including the CopperHeadand PowerRake) increasedto US$16.0m+20.6%Other revenues, including salesof spare parts, refurbishedmachines and accessories,increased to US$14.6mStrong Results Across all Geographic TerritoriesUnits sold into 44 countriesoutside North AmericaFirst time sales into theUkraine, UAE and IcelandNew independent salesrepresentatives in Russiaand Eastern EuropeNew distributors appointed inChina and IndiaAward winning new“HoseHog” product launchedin August 2006Plans to develop dedicatedSales Training College inMichigan in 2007Company timeline19861st Laser Screedintroduced1997Jack Cooney named CEO2002CopperHead LaserScreed introduced1999Company purchasedby Dover Corporation2Somero Enterprises, Inc.Annual Report and Accounts 2006
Financial HighlightsRevenue increased 32%06US$55.9m05 US$42.3m*Net Income 2 Before Amortisationincreased 38%06US$7.8m05 US$5.6m*Sales by Geographic Location3Pre-tax Income increased 31%06US$8.2mDividend of 0.33 cents per sharefor the period 1 November 2006 to31 December 20062Total US$55.9m105 US$6.3m*EBITDA 1 increased 49.9%0605 US$9.8m*US$14.7m1 North America US$40.3m2 Rest of World US$3.4m3 Europe US$12.2mNotes1 References to EBITDA are to Somero’s operating income plus depreciation expense and amortisation expense of intangibles plus non cash stock-based compensation expense.2 References to Net Income before amortisation are to Somero’s net income plus amortisation expense of intangibles.* The combined figures for the year to 31 December 2005 are unaudited. On 10 August 2005, the Company acquired certain assets and assumed certain liabilities from its thenparent, Dover. The figures shown for the year to 31 December 2005 represent a combination of the audited results for 1 January 2005 to 10 August 2005 for Somero EnterprisesGroup and the audited results for 11 August 2005 to 31 December 2005 for Somero Enterprises. Further detail can be found in the Company’s Admission Document preparedfor its listing on AIM in November 2006.EBITDA and Net Income Before Amortisation are not measurements of the Company’s financial performance under GAAP and should not be considered as an alternative to netincome, operating income or any other performance measures derived in accordance with GAAP or as an alternative to GAAP cash flow from operating activities as a measureof profitability or liquidity. EBITDA and Net Income Before Amortisation are presented herein because management believes they are useful analytical tools for measuring theprofitability and cash generation of the business. EBITDA is also used to determine pricing and covenant compliance under the Company’s credit facility and as a measurementfor calculation of management incentive compensation. The Company understands that although EBITDA is frequently used by securities analysts, lenders and others in theirevaluation of companies, its calculation of EBITDA may not be comparable to other similarly titled measures reported by other companies. See page 15 for a reconciliation ofEBITDA and Net Income before Amortisation to net income.2004SXP Laser Screedintroduced2006PowerRake wins MostInnovative Productaward at World ofConcrete Show2006Initial Public OfferingNovember 12003CopperHead wins MostInnovative Productaward at World ofConcrete Show2005SiteShape andPowerRake productsintroduced2006HoseHog productintroduced3Somero Enterprises, Inc.Annual Report and Accounts 2006
Page 2 and 3: Section 1 Overview01 Who We Are02 A
Page 6 and 7: Section 1OverviewChairman’s State
Page 8 and 9: Section 2Business ReviewPresident a
Page 10 and 11: Section 2Business ReviewWm Morrison
Page 12 and 13: Section 2Business ReviewThe complic
Page 14 and 15: Section 2Business ReviewBase slabs
Page 16 and 17: Section 2Business ReviewFinancial R
Page 18 and 19: Section 2Business ReviewFinancial R
Page 20 and 21: Section 3Management and GovernanceB
Page 22 and 23: Section 3Management and GovernanceD
Page 26 and 27: Section 3Management and GovernanceC
Page 28 and 29: Section 3Management and GovernanceC
Page 32 and 33: Section 4Financial Statements: Some
Page 54 and 55:
Section 4Financial Statements: Some
Page 56 and 57:
Page 58 and 59:
Page 60 and 61:
Page 62 and 63:
Section 5Additional InformationAdvi
Page 64:
Somero Enterprises, Inc.82 Fitzgera
show all

PDF - Somero Enterprises

Create successful ePaper yourself

Delete template?

Save as template?