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Black Box Corporation (BBOX)

F2Q10 Earnings Call Transcript

October 27, 2009 at 5:00 pm ET


Gary Doyle - Director, Investor Relations

Terry Blakemore - President and CEO

Mike McAndrew - VP, CFO, Secretary and Treasurer


Joe Gagan - Atlantic Equity Research

Jeff Beach - Stifel Nicolaus

Nat Kellogg - Next Generation Equity Research



Ladies and gentlemen, thank you for standing by, and welcome to the Black Box Corporation Second Quarter Fiscal 2010 Earnings Call. At this time, all lines are in a listen-only mode; later we will conduct the questions and answer session, and instructions will be given at that time. (Operator instructions) And as a reminder, this conference is being recorded.

I’ll now turn the conference over to your host, Director of Investor Relations Mr. Gary Doyle, Please go ahead, sir.

Gary Doyle

Thank you. Good evening, and welcome to Black Box Corporation’s second quarter fiscal 2010 earnings conference call.

My name is Gary Doyle and I am the Director of Investor Relations for Black Box. With us today are Terry Blakemore, President and CEO of Black Box Corporation, and Mike McAndrew, our Vice President and Chief Financial Officer.

Earlier today, we announced our second quarter fiscal 2010 results by issuing a press release and furnishing it to the Securities and Exchange Commission on Form 8-K. We also posted this press release to our website at We will start today’s call with an overview of our results from Terry Blakemore, followed by a more detailed discussion from Mike and Terry. Following this, we will field questions as time allows.

Before we begin, and as a reminder, matters discussed in this call may contain forward-looking statements that involve risks and uncertainties concerning Black Box’s expected financial performance. Actual results may differ materially from expected results and reported results should not be considered as an indication of future performance.

Potential factors that could affect our business and financial results include changes in economic conditions in our end market and in the general market at large. Additional factors are included in our most recent Form 10-K and today’s press release, including the ongoing SEC investigation and shareholder derivative lawsuits and related matters.

On this call and as presented in today’s press release, we will discuss some financial information that includes non-GAAP financial measures, including operating net income, operating earnings per share, free cash flow, EBITDA, adjusted EBITDA, and organic or same-office revenue comparisons. We will limit any non-GAAP financial discussions today to the specific measures in our press release. As I said earlier, our press release was filed with the SEC and posted to our website prior to this call. Please refer to the schedule that accompanies the press release for a reconciliation of non-GAAP financial measurements to the most directly comparable GAAP financial measurement and other supplemental information.

On the IR calendar, I would like to let everyone that Terry Blakemore our upcoming Investor and Financial Analysts Day in New York City next Thursday November Fifth. For more information on this event please contact our investor relation department.

Now, I would like to turn the call over to Mr. Terry Blakemore.

Terry Blakemore

Thanks, Gary.

I am pleased to report another quarter of solid financial performance and strong operational results in the second quarter of our fiscal 2010. Revenues from the second quarter were $232 million a 9% percent decrease from last year $254 million and 1% decrease over last quarter’s $235 million. Year-to-date revenues were $467 million a 6% percent decrease from last year $496 million.

Our second quarter operating earnings per share were $0.72 down $0.19 from last year $0.91 and off $0.01 from last quarter $0.71. Year-to-date operating earnings per share or $1.43 compared $1.62 for the same period last year.

Second quarter pre-cash flow was $14 million compared $26 million last year. Pre-cash flow for the year stands at $31 million versus to $38 million for the same period last year. We used our cash primarily to decrease our outstanding debt. We believe that these sequential results demonstrate signs of stabilization in our markets. We will continue to watch for indications that our clients and prospects are ready to invest more aggressively in their communication infrastructures. In the meantime, we are delivering realms in the government and public sectors introducing innovative solutions to the market and securing key partnership commitments. I will speak more on these areas later in the call.

I will turn it to Mike now for a more detailed discussion of our financial results.

Mike McAndrew

Thanks Terry.

As Terry just mentioned, we posted quarterly revenues of $232 million versus $254 million for the same period last year. Excluding the $35 million of incremental of revenue contribution in the second quarter related to acquisitions over the last two years and the negative $2 million impact from foreign currency, same office revenues for the second quarter is down $44 million or 18% over the second quarter of the prior year.

On sequential basis revenue is down to $3 million from $235 million in the first quarter fiscal 2010 and excluding a positive $3 million impact from foreign currencies, same office revenues are down 3% percent sequentially. On the year-to-date basis total revenues are $467 million down $29 million from last year $496 million excluding the $76 million of revenue contribution in fiscal 2010 related to acquisitions and a negative $8 million impact from foreign currency same office revenues for fiscal 2010 are down $81 million or 17% from the prior fiscal year.

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