$SPXC
SPX Technologies, Inc.

2012 Q2 Form 10-Q Financial Statement

#000110465912053231 Filed on August 01, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q4 2011 Q3
Revenue $1.182B $1.258B $1.134B
YoY Change 20.38% -2.35% -4.59%
Cost Of Revenue $908.6M $842.4M $822.4M
YoY Change 31.28% -7.47% -1.6%
Gross Profit $319.8M $345.9M $313.9M
YoY Change 9.52% -8.49% -11.08%
Gross Profit Margin 27.06% 27.49% 27.68%
Selling, General & Admin $246.5M $222.5M $231.9M
YoY Change 1.69% -12.3% -8.88%
% of Gross Profit 77.08% 64.32% 73.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $29.30M $21.90M $21.10M
YoY Change 38.86% -18.89% -24.91%
% of Gross Profit 9.16% 6.33% 6.72%
Operating Expenses $246.5M $222.5M $237.6M
YoY Change -0.6% -14.59% -8.93%
Operating Profit $69.00M $88.30M $76.30M
YoY Change 56.82% -24.85% -17.16%
Interest Expense $27.80M $23.80M -$17.30M
YoY Change -300.0% -258.67% 42.98%
% of Operating Profit 40.29% 26.95% -22.67%
Other Income/Expense, Net -$2.800M -$33.70M -$900.0K
YoY Change -193.33% 395.59% -50.0%
Pretax Income $46.90M $39.30M $29.70M
YoY Change 48.89% -35.78% -59.76%
Income Tax $9.000M -$11.50M $4.700M
% Of Pretax Income 19.19% -29.26% 15.82%
Net Earnings $47.40M $62.50M $34.30M
YoY Change 105.19% 58.63% -56.47%
Net Earnings / Revenue 4.01% 4.97% 3.02%
Basic Earnings Per Share $1.06 $1.24 $0.68
Diluted Earnings Per Share $1.04 $1.23 $0.67
COMMON SHARES
Basic Shares Outstanding 49.95M shares 50.62M shares 50.55M shares
Diluted Shares Outstanding 50.91M shares 50.80M shares 51.37M shares

Balance Sheet

Concept 2012 Q2 2011 Q4 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $327.5M $396.2M $395.1M
YoY Change -11.96% 1.33% -3.19%
Cash & Equivalents $327.5M $551.0M $395.1M
Short-Term Investments
Other Short-Term Assets $161.5M $131.8M $200.9M
YoY Change -36.34% -39.9% -11.22%
Inventory $613.1M $587.2M $665.9M
Prepaid Expenses
Receivables $1.305B $1.221B $1.301B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.233B $3.289B $2.563B
YoY Change 32.57% 35.51% 13.98%
LONG-TERM ASSETS
Property, Plant & Equipment $644.3M $649.5M $569.2M
YoY Change 16.59% 21.33% 9.46%
Goodwill $1.776B $1.708B
YoY Change 15.29%
Intangibles $950.8M $972.1M
YoY Change
Long-Term Investments
YoY Change
Other Assets $739.1M $709.1M $684.7M
YoY Change 9.79% 24.86% 23.66%
Total Long-Term Assets $4.111B $4.103B $3.685B
YoY Change 12.17% 15.05% 11.35%
TOTAL ASSETS
Total Short-Term Assets $3.233B $3.289B $2.563B
Total Long-Term Assets $4.111B $4.103B $3.685B
Total Assets $7.344B $7.392B $6.248B
YoY Change 20.32% 23.33% 12.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $535.1M $640.8M $638.0M
YoY Change -4.6% 20.63% 33.78%
Accrued Expenses $1.006B $977.3M $1.009B
YoY Change -0.93% -0.37% 12.51%
Deferred Revenue
YoY Change
Short-Term Debt $237.4M $71.30M $134.8M
YoY Change 169.16% -46.35% 75.29%
Long-Term Debt Due $331.6M $4.200M $1.300M
YoY Change 1360.79% -81.42% -98.67%
Total Short-Term Liabilities $2.344B $1.962B $1.793B
YoY Change 37.62% 14.62% 13.78%
LONG-TERM LIABILITIES
Long-Term Debt $1.595B $1.115B $1.111B
YoY Change 43.52% -3.46% 0.3%
Other Long-Term Liabilities $1.085B $1.136B $970.4M
YoY Change 11.11% 24.14% 3.72%
Total Long-Term Liabilities $2.825B $3.193B $2.081B
YoY Change 35.29% 54.25% 1.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.344B $1.962B $1.793B
Total Long-Term Liabilities $2.825B $3.193B $2.081B
Total Liabilities $5.169B $5.155B $3.960B
YoY Change 33.01% 32.59% 6.43%
SHAREHOLDERS EQUITY
Retained Earnings $2.524B $2.009B
YoY Change
Common Stock $2.537B $2.496B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.583B $2.510B
YoY Change
Treasury Stock Shares 48.58M shares 47.63M shares
Shareholders Equity $2.165B $2.227B $2.287B
YoY Change
Total Liabilities & Shareholders Equity $7.344B $7.392B $6.248B
YoY Change 20.32% 25.03% 12.41%

Cashflow Statement

Concept 2012 Q2 2011 Q4 2011 Q3
OPERATING ACTIVITIES
Net Income $47.40M $62.50M $34.30M
YoY Change 105.19% 58.63% -56.47%
Depreciation, Depletion And Amortization $29.30M $21.90M $21.10M
YoY Change 38.86% -18.89% -24.91%
Cash From Operating Activities $16.00M $110.7M $46.70M
YoY Change -144.2% 453.5% -1.06%
INVESTING ACTIVITIES
Capital Expenditures -$15.40M -$28.10M -$29.20M
YoY Change 1.32% 132.23% 147.46%
Acquisitions
YoY Change
Other Investing Activities $2.000M -$2.400M -$8.600M
YoY Change -104.04% -95.73% -69.4%
Cash From Investing Activities -$13.40M -$30.50M -$37.80M
YoY Change -79.29% -55.34% -5.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 900.0K -62.50M 3.700M
YoY Change -79.55% -1553.49% -108.85%
NET CHANGE
Cash From Operating Activities 16.00M 110.7M 46.70M
Cash From Investing Activities -13.40M -30.50M -37.80M
Cash From Financing Activities 900.0K -62.50M 3.700M
Net Change In Cash 3.500M 17.70M 12.60M
YoY Change -103.63% -140.23% -136.52%
FREE CASH FLOW
Cash From Operating Activities $16.00M $110.7M $46.70M
Capital Expenditures -$15.40M -$28.10M -$29.20M
Free Cash Flow $31.40M $138.8M $75.90M
YoY Change -249.52% 332.4% 28.64%

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CY2011Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
47629187 shares
spw Gain Loss On Sale Of Product Line
GainLossOnSaleOfProductLine
20500000 USD
spw Deferred Income Tax Expense Benefit And Uncertain Tax Positions
DeferredIncomeTaxExpenseBenefitAndUncertainTaxPositions
100000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
57100000 USD
spw Deferred Income Tax Expense Benefit And Uncertain Tax Positions
DeferredIncomeTaxExpenseBenefitAndUncertainTaxPositions
-5000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
42200000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
28300000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-6000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
25700000 USD
us-gaap Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
174900000 USD
us-gaap Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
45100000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
7800000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
65000000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
11700000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
13200000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-191600000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
20600000 USD
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-29500000 USD
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-10100000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-221100000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10500000 USD
us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
8700000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
2800000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
30500000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
7400000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-57100000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-54400000 USD
us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
-2000000 USD
us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
-48100000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-59100000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-102500000 USD
spw Borrowings Under Senior Credit Facilities
BorrowingsUnderSeniorCreditFacilities
586000000 USD
spw Borrowings Under Senior Credit Facilities
BorrowingsUnderSeniorCreditFacilities
375000000 USD
spw Repayments Under Senior Credit Facilities
RepaymentsUnderSeniorCreditFacilities
467900000 USD
spw Repayments Under Senior Credit Facilities
RepaymentsUnderSeniorCreditFacilities
340000000 USD
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
49500000 USD
spw Borrowing Under Trade Receivables Agreement
BorrowingUnderTradeReceivablesAgreement
98000000 USD
spw Borrowing Under Trade Receivables Agreement
BorrowingUnderTradeReceivablesAgreement
86000000 USD
spw Repayments Under Trade Receivables Agreement
RepaymentsUnderTradeReceivablesAgreement
59300000 USD
spw Repayments Under Trade Receivables Agreement
RepaymentsUnderTradeReceivablesAgreement
29000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
3900000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
5800000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
75000000 USD
spw Minimum Tax Withholdings Paid On Behalf Of Employees For Net Share Settlements Net Of Proceeds From The Excercise Of Employee Stock Options And Other
MinimumTaxWithholdingsPaidOnBehalfOfEmployeesForNetShareSettlementsNetOfProceedsFromTheExcerciseOfEmployeeStockOptionsAndOther
-4600000 USD
spw Minimum Tax Withholdings Paid On Behalf Of Employees For Net Share Settlements Net Of Proceeds From The Excercise Of Employee Stock Options And Other
MinimumTaxWithholdingsPaidOnBehalfOfEmployeesForNetShareSettlementsNetOfProceedsFromTheExcerciseOfEmployeeStockOptionsAndOther
900000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
200000 USD
spw Payments Of Dividends Including Noncontrolling Interest Dividends
PaymentsOfDividendsIncludingNoncontrollingInterestDividends
25300000 USD
spw Payments Of Dividends Including Noncontrolling Interest Dividends
PaymentsOfDividendsIncludingNoncontrollingInterestDividends
28100000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
64800000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
8100000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
64800000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8100000 USD
us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
0 USD
CY2012Q1 spw Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumption Total Shareholder Return Correlation
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionTotalShareholderReturnCorrelation
0.7365 pure
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-8100000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
23600000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-223500000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-60300000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
2900000 USD
CY2012Q2 spw Other Comprehensive Income Derivatives Qualifying As Hedges Tax Effect
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxEffect
2600000 USD
CY2011Q4 spw Other Comprehensive Income Derivatives Qualifying As Hedges Tax Effect
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxEffect
2900000 USD
CY2012Q2 spw Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansTax
269200000 USD
CY2011Q4 spw Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansTax
274300000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-3200000 USD
dei Entity Registrant Name
EntityRegistrantName
SPX CORP
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
CY2012Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
50730264 shares
CY2011Q3 spw Stock Issued During Period Value Share Based Compensation Plans Net Of Tax
StockIssuedDuringPeriodValueShareBasedCompensationPlansNetOfTax
7100000 USD
CY2012Q2 spw Unrecognized Tax Benefits Net
UnrecognizedTaxBenefitsNet
66700000 USD
CY2012Q2 spw Unrecognized Tax Benefits Interest On Income Taxes Accrued Net
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccruedNet
11000000 USD
CY2011Q4 spw Intangible Assets Excluding Goodwill
IntangibleAssetsExcludingGoodwill
1066200000 USD
CY2012Q2 spw Intangible Assets Excluding Goodwill
IntangibleAssetsExcludingGoodwill
1060600000 USD
CY2012Q2 spw Corporate Expense
CorporateExpense
22000000 USD
CY2011Q3 spw Revenue Under Percentage Of Completion Method
RevenueUnderPercentageOfCompletionMethod
397300000 USD
CY2012Q2 spw Disposal Group Including Discontinued Operation Goodwill And Intangible Assets Net
DisposalGroupIncludingDiscontinuedOperationGoodwillAndIntangibleAssetsNet
277800000 USD
CY2012Q2 spw Disposal Group Including Discontinued Operation Long Term Debt And Other
DisposalGroupIncludingDiscontinuedOperationLongTermDebtAndOther
8300000 USD
CY2011Q4 spw Disposal Group Including Discontinued Operation Long Term Debt And Other
DisposalGroupIncludingDiscontinuedOperationLongTermDebtAndOther
7600000 USD
CY2011Q4 spw Disposal Group Including Discontinued Operation Goodwill And Intangible Assets Net
DisposalGroupIncludingDiscontinuedOperationGoodwillAndIntangibleAssetsNet
283900000 USD
CY2012Q2 spw Progress Payments Offset Against Work In Process
ProgressPaymentsOffsetAgainstWorkInProcess
3500000 USD
CY2012Q2 spw Disposal Group Including Discontinued Operation Accrued Income Taxes Current
DisposalGroupIncludingDiscontinuedOperationAccruedIncomeTaxesCurrent
600000 USD
CY2011Q4 spw Disposal Group Including Discontinued Operation Accrued Income Taxes Current
DisposalGroupIncludingDiscontinuedOperationAccruedIncomeTaxesCurrent
1500000 USD
CY2012Q2 spw Disposal Group Including Discontinued Operation Deferred And Other Income Taxes
DisposalGroupIncludingDiscontinuedOperationDeferredAndOtherIncomeTaxes
6300000 USD
CY2011Q4 spw Disposal Group Including Discontinued Operation Deferred And Other Income Taxes
DisposalGroupIncludingDiscontinuedOperationDeferredAndOtherIncomeTaxes
6600000 USD
CY2011Q3 spw Amortization Of Restricted Stock And Restricted Stock Unit Grants Recorded To Discontinued Operations
AmortizationOfRestrictedStockAndRestrictedStockUnitGrantsRecordedToDiscontinuedOperations
500000 USD
CY2011Q3 spw Amortization Of Restricted Stock And Restricted Stock Unit Grants
AmortizationOfRestrictedStockAndRestrictedStockUnitGrants
7000000 USD
spw Income Tax Examination Adjustment From Settlement With Taxing Authority Deconsolidation Of Business
IncomeTaxExaminationAdjustmentFromSettlementWithTaxingAuthorityDeconsolidationOfBusiness
6100000 USD

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