Sauer-Danfoss Inc.
Sauer-Danfoss Inc. english
Sauer-Danfoss Inc. defies economic downturn:
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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Sauer-Danfoss Inc. defies economic downturn:
Company reached record cash flow in 2002 and improved sales and earnings
Chicago/Neumünster, February 20, 2003. In the business year 2002 Sauer-Danfoss
Inc. generated net sales of $952,3 million, an increase of 11 percent compared
with sales for 2001 of $855,3 million. With $14,0 million or $0.29 per share the
net income was significant higher than in 2001 ($4.7 million or $0.10 per
share). The operating cash flow of the mobile hydraulics manufacturer was
excellent: Compared with last year ($68,0 million) the operating cash flow
increased by 45 percent to a record high of $98.3 million.
The fixed cost reduction program was successful: In 2002 Sauer-Danfoss was able
to lower costs by more than $11 million. Excluding the impact of acquisitions
and currency fluctuations this is 4 percent over last years costs.
In the fourth quarter 2002 Sauer-Danfoss generated net sales of $221.2 million.
This is an increase of 17 percent compared to the same period of 2001 ($189.1
million). All operating segments contributed to the sales increase year over
year. Controls sales’ increase of 33 percent was the most substantial, followed
by Propel with 17 percent, and Work Function with 7 percent over the same
quarter in 2001. With a net loss of $1.7 million ($0.03 net loss per share) the
net result for the fourth quarter 2002 was still slightly negative but much
improved compared with the same period in 2001 (minus $4.0 million or a net loss
per share of 0.08). Orders received (up 8 percent) and backlog status (up 20
percent) also developed well compared with the fourth quarter of 2001. David
Anderson, President and CEO of Sauer-Danfoss Inc. commented: “We are pleased
with our results for the fourth quarter. It was the third consecutive quarter in
which we reported year-over-year improvement in sales and operating results
compared to 2001.”
In the fourth quarter 2002 the company rationalized overlapping product lines
within the Controls segment relating to the acquisition of the low voltage motor
business of Thrige Electric. This resulted in a pre-tax write-off of $1.2
million of inventory and production machinery in the fourth quarter 2002.
Anderson: “This action will result in improved profit margins and asset
utilization henceforth.” While the markets of Sauer-Danfoss and the economies in
Europe and North America remain weak, the companies backlog is up over last
year. “This gives us confidence that we can continue to show improvement in
sales in 2003 over the prior year.” While Sauer-Danfoss will not be able to
attain the same level of year-over-year reductions in fixed costs as in 2002,
the company will continue with its cost reduction program. At the same time
Sauer-Danfoss will progress its growth strategy, through increased content per
vehicle and new applications growth above the markets. Anderson: “The actions
over the past year have positioned us well to leverage our earnings growth once
our markets pick up.”
As of March 24, 2003 Sauer-Danfoss Inc. will be listed in the Deutsche Börse’s
index SDAX. Previously the company, whose shares are also traded on the New York
Stock Exchange (NYSE), was listed in the Small- and Mid Caps Segment SMAX in
Frankfurt.
A conference call on the fourth quarter 2002 results will be held in English on
February 20, 2003 at 4:00 PM Frankfurt time. Please find further information on
the fourth quarter results at http://www.sauer-danfoss-ir.com.
All statements regarding future performance, growth, sales and earnings
projections, conditions or developments are forward-looking statements. These
statements are based on current financial and economic conditions and rely
heavily on the Company’s interpretations of what it considers key economic
assumptions.
Further Information: Sauer-Danfoss Inc. – Investor Relations
John N. Langrick, Director of Finance Europe, Sauer-Danfoss Inc., Tel.: +49
4321-871-190, Fax: +49 4321-871-121, Krokamp 35, D-24539 Neumünster,
jlangrick@sauer-danfoss.com
Linda Völpel, Investor Relations Specialist, Sauer-Danfoss Inc., Tel.: +49 4321-
871-560, Fax: +49 4321-990-581, Krokamp 35, D-24539 Neumünster,
lvoelpel@sauer-danfoss.com
Grit Muschelknautz, Public Relations, HOSCHKE & CONSORTEN, Tel.: +49 40-369050-
41, Fax: +49 40-369050-10, Deichstr. 29, D-20459 Hamburg,
g.muschelknautz@hoschke.de
end of message, (c)DGAP 20.02.2003
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WKN: 880208; ISIN: US8041371076; Index:
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin,
München und Stuttgart
200750 Feb 03
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