$MTSC (MTS Systems Corporation)

$MTSC {{ '2016-05-11T15:46:51+0000' | timeago}} • Webcast

When an analyst probed about PCB deal, $MTSC's CEO Jeff Graves said that PCB has a seasoned management team. He added that both the companies have the same synergy and said that the company will focus on internal execution in the Test business, which will complement the integration.

$MTSC {{ '2017-07-06T20:31:06+0000' | timeago}} • Announcement

$MTSC completed the repricing of its existing $457MM senior secured Term Loan B facility. The new applicable rate is LIBOR plus 325BP, subject to a 0.75% LIBOR floor, resulting in interest savings of over $4MM per year. The company also repriced its revolving credit facility of up to $120MM to reduce the applicable rate by 100BP.

$MTSC {{ '2017-06-07T21:04:08+0000' | timeago}} • Announcement

$MTSC has declared a quarterly dividend of $0.30 per share. The dividend is payable on July 7, 2017 to shareholders as on June 23, 2017.

$MTSC {{ '2017-06-07T13:51:00+0000' | timeago}} • Announcement

$MTSC has entered into a partnership with McLaren Applied Technologies to develop an all-electric automotive driving simulator. It will be used by vehicle manufacturers and their suppliers to conduct real-world driving simulations of vehicle performance and provide engineers with early insights in the design cycle.

$MTSC {{ '2017-04-24T20:59:33+0000' | timeago}} • Announcement

$MTSC appointed Brian Ross, currently MTS Systems Corporate Controller, as SVP and CFO for the company, effective May 12, 2017. Ross will replace Jeff Oldenkamp who is resigning from the company to pursue other opportunities.

$MTSC {{ '2017-04-11T15:13:53+0000' | timeago}} • Webcast

$MTSC said that for FY17 there are no significant synergies and its focus is on integrating PCB and becoming a public company. Also, the company will be focused on combining the two sensors business. Long term, $MTSC believes there is $20-30MM in revenue synergies and $5-7MM of net cost synergies, which the company expects to achieve in 4-5 years.

$MTSC {{ '2017-04-11T14:55:50+0000' | timeago}} • Webcast

By business, $MTSC's Sensors' GM for 1Q17 was $27MM, up $15MM, driven by the contribution from the PCB acquisition. Going forward, Sensors GM is expected to be in the low 50% range, with improvements expected as the volume increases. Test GM was up 14% to $47MM, mainly from higher revenue. For FY17, Test GM is expected to be in the 33-35% range.

$MTSC {{ '2017-04-11T14:43:12+0000' | timeago}} • Webcast

$MTSC stated its earnings in 1Q17 exceeded expectations, driven by the higher than expected revenue, which was partially offset by higher than anticipated acquisition related costs. Test revenue increase 25% in the quarter, with Test Services recording a 8% growth YoY.

$MTSC {{ '2017-04-10T20:48:03+0000' | timeago}} • Announcement

$MTSC stated that a probe conducted using external legal counsel and forensic experts confirmed that certain employees involved with its China Test business violated its Code of Conduct by starting a firm that competes with $MTSC, within China. However, the investigation did not find any evidence of intellectual property theft.

$MTSC {{ '2017-04-10T20:43:18+0000' | timeago}} • Announcement

For FY17, $MTSC sees revenues in the range of $760-790MM and GAAP earnings per share of $0.80-1.20. Adjusted EBITDA is expected between $115MM and $130MM.

$MTSC {{ '2017-04-10T20:39:30+0000' | timeago}} • Announcement

$MTSC's decline in net earnings in 1Q17 was primarily driven by negative impacts of fair value adjustment, acquisition integration expenses, China investigation over Code of Conduct violation and restructuring expenses. Excluding these items, net earnings were $0.55 per share.

$MTSC {{ '2017-04-10T20:33:24+0000' | timeago}} • Announcement

$MTSC reported a 42% growth in revenue to $199.3MM in 1Q17, helped by organic revenue growth and PCB acquisition. However, expenses outpaced revenue growth, which resulted in a fall in net income to $1.7MM, or $0.09 per share, compared to $11.7MM, or $0.78 per share in the year-over period. Adjusted EBITDA stood at $31.5MM.

$MTSC {{ '2017-02-06T22:05:06+0000' | timeago}} • Announcement

$MTSC's BoD declared a quarterly dividend of $0.30 per share. The dividend is payable on April 3, 2017 to shareholders of record as of the close of business on March 20, 2017.

$MTSC {{ '2017-01-09T21:44:27+0000' | timeago}} • Announcement

$MTSC announced the appointment of Ms. Maximiliane Straub to its Board of Directors. Ms. Straub currently holds the position of CFO and Executive Vice President of Finance, Controlling, and Administration for Robert Bosch LLC.

$MTSC {{ '2016-11-30T22:16:44+0000' | timeago}} • Announcement

$MTSC, which completed the PCB acquisition in July 2016 for $580MM, said that the acquisition-related and restructuring expenses hurt its 4Q16 earnings. Acquisition-related and restructuring costs for FY16 were approx. $23MM.

$MTSC {{ '2016-11-30T22:11:35+0000' | timeago}} • Announcement

$MTSC, which delayed its 4Q16 & FY16 earnings release due to an investigation in China, reported preliminary FY16 results. For FY16, revenue is expected to be $645-650MM, up from the previous outlook of $630-640MM, and GAAP EPS is expected to be $1.65-1.70, up from the previous outlook of $1.35-1.50.

$MTSC {{ '2016-11-30T22:04:07+0000' | timeago}} • Announcement

Sensor maker $MTSC reported that it has delayed 4Q16 & FY16 earnings release and filing of Form 10-K due to the investigation of possible violations by its senior executives in China. The company added that certain senior leadership executives have associated with its competitors in certain markets in China.

$MTSC {{ '2016-11-16T16:16:12+0000' | timeago}} • Announcement

$MTSC's BoD declared a quarterly dividend of $0.30 per share. The dividend is payable on Jan. 3, 2017 to shareholders of record on Dec. 19, 2016.

$MTSC {{ '2016-07-15T17:48:24+0000' | timeago}} • Announcement

$MTSC said the underwriters of its recent public offering have exercised their over-allotment option to purchase an additional 247,500 common shares, bringing the total number of shares sold in the offering to 1,897,500 shares and total gross proceeds to about $79.7MM. Total net proceeds of offering to $MTSC will be about $73.5MM.

$MTSC {{ '2016-07-06T16:11:12+0000' | timeago}} • Announcement

$MTSC said it has completed the acquisition of 100% of PCB Group for $580MM. PCB is a manufacturer of piezoelectric sensors and components used for vibration, pressure and force measurement.

$MTSC {{ '2016-06-10T14:24:26+0000' | timeago}} • Announcement

$MTSC said that it priced an upsized offering of 1,650,000 shares of common stock at $42.00 per share. The common stock offering was upsized from an originally announced 1,500,000 share offering. $MTSC also priced a previously announced offering of 1,000,000 8.75% tangible equity units, resulting in aggregate gross proceeds of $100MM.

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