CPI International, Inc. F2Q09 (Qtr End 03/31/09) Earnings Call Transcript

CPI International, Inc. (CPII)

F2Q09 Earnings Call

May 14, 2009 11:00 am ET

Executives

O. Joe Caldarelli – Chief Executive Officer & Director

Joel A. Littman – Chief Financial Officer, Treasurer & Secretary

Robert A. Fickett – President & Chief Operating Officer

Analysts

Gary Liebowitz – Wachovia Capital Markets, LLC

Chris Quilty – Raymond James

Presentation

Operator

Welcome to the CPI International second quarter 2009 financial results conference call. My name is Patrick and I will be your coordinator today. At this time all participants are in listen only mode. We will be facilitating a question and answer session towards the end of today’s conference. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

Before we begin the company has asked me to read the following statement. Today’s presentation includes forward-looking statements within the meaning of the Securities & Exchange Act of 1934. Forward-looking statements provide the company’s current expectations, beliefs or forecasts of future events. Forward-looking statements are subject to known and unknown risks and uncertainties which could cause actual results to differ materially from the results that are projected or implied by forward-looking statements.

These factors include without limitations competition in the company’s end markets, the impact of the general slowdown in the global economy, the company’s debt levels, significant changes or reductions in the US defense budget, currency fluctuations, US government contract laws and regulations, changes in technology, the impact of unexpected costs and the inability to obtain raw materials and components. Further information on these risk factors and additional risks and uncertainties are included in the company’s filings with the Securities & Exchange Commission.

The computation of EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, free cash flow, free cash flow per share, free cash flow conversion and adjusted free cash flow that will be discussed on today’s call are non-GAAP financial measures under the Securities & Exchange Commission rules. A Presentation of the most directly comparable GAAP measures and reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP measures are available in today’s press release which has been posted on the company’s website.

Interested parties can access the press release by going to www.CPII.com and opening the press release entitled CPI International announces second quarter 2009 financial results. I’d now like to turn the presentation over to your host for today’s conference Joe Caldarelli, the Chief Executive Officer of CPI International.

O. Joe Caldarelli

Welcome to CPI’s second quarter 2009 call. The agenda for this morning’s call is as follows: first, I’ll give you an overview of CPI’s sales and order results in the second quarter; next Joel Littman, our Chief Financial officer will discuss some of our key financial metrics for the quarter; and I will then finish our prepared remarks by discussing our expectations for the rest of the year. Bob Fickett, our Chief Operating Officer will join us when we open up the call for your questions.

On the whole our performance in the first six months of fiscal ’09 was consistent with our expectations and the challenging economic conditions. Notwithstanding the economic environment which has resulted in some tough comparisons to last year, we have remained profitable, booked a record amount of orders in Q2 which demonstrates that there remains a stable base of deep seeded demand for our products and we converted orders to sales at a respectable level.

The timing of programs and order receipts has been less clear and more volatile this year than in recent years causing more variability in our short term financial results but, our core programs are still being funded and orders therefore are still coming in. As we’ve discussed with you in recent calls, defense customers are continuing to take longer to place and finalize orders. We’ve been experiencing these delays for several quarters now.

There are indications however, that our defense markets are now stabilizing at these reduced levels and thus we currently believe that our defense business will continue to operate at approximately our recent levels. In our commercial markets the challenging economy has resulted in programs being delayed, postponed or suspended temporarily reducing our business volumes. At this time, with various global economic reports beginning to show some stabilization of market conditions, we believe the worse of the economic downturn’s impact on CPI’s business is behind us and that business on average will be better in the second half of fiscal ’09 than in the first half.

Our orders in Q2 of ’09 were unusually high at $115.5 million. This records orders level was caused by the timing of a number of sizeable orders and the receipt of several orders that had been expected in previous quarters but which were delayed. We’re encouraged by this high orders level in the most recent quarter and the additional visibility it will provide for our sales in Q4 ’09 and beyond.

Taken together, our Q1 and Q2 orders totaled $182.5 million, roughly flat in comparison to orders in the first two quarters of fiscal ’08. Orders in the defense and medical markets increased during the recent six month period. At $81.9 million, our Q2 sales were 6% higher than our Q1 sales. In comparison to the year ago quarter however, our Q2 ’09 sales showed a 14% decrease and sales declined in all of our end markets.

Let’s look at CPI’s performance in each of our end markets individually. The $75.6 million, our defense orders in the first six months of fiscal ’09 were 13% higher than our defense orders in the same period of ’08. This increase was primarily due to the timing of order received for radar programs in the US and abroad including several particular large orders such as an approximately $4 million order for a high altitude weather radar, an approximately $3 million order for the APN-245 automatic carrier landing system or ACLS beacon and other sizeable radar orders. We expect to make shipments for these long term programs over several quarters.

Our Q2 defense sales totaled $34.3 million decreasing 14% from the same quarter last year as a result of timing of order receipts from prior quarters for several radar programs. Approximately $2 million of this $5.4 million decrease as expected was due to lower sales and support of the Aegis weapon system. As previously discussed our fiscal ’09 sales for the Aegis program are expected to total approximately $10 million or roughly half of last year’s sales for this program.

As you know Defense Secretary Gates confirmed last month that the DDG-51 Aegis destroyer program will be restarted. We expect to book orders to support these additional new ships starting in fiscal 2010. Based on feedback from our customers and recent activity levels we believe that the defense markets are stabilizing and average demand should hold fairly steady at recent levels. While there will continue to be some quarter-to-quarter fluctuations in the band due to the timing of various defense programs, we do not anticipate significant increases or decreases on average on our defense orders and sale in the near term.

In the first six months of ’09 our medical orders increased 8% to $39.7 million due to higher demand for radiation therapy products. This increase was partially offset by a decline in orders for x-ray imaging products. As we mentioned on last quarter’s call many hospitals and health clinics are postponing additional investments in their facilities and equipment which has led to what we believe is a temporary downturn in the demand for products for x-ray imaging applications.

However, orders for our products to support radiation therapy applications have actually increased. In comparison to a year ago our medical sales decreased 8% to $15.6 million in Q2 ’09. This decrease was entirely due to decreased sales of x-ray imaging products and is consistent with the soft order intake we have previously discussed.

Orders in our communication market decreased 9% to $54.8 million in the first six months of ’09. This decrease is primarily due to lower demand in commercial communication applications such as direct to home broadcast and satellite news gathering. In contrast to the commercial communications, the military communications business is thriving. Orders from Mil Com programs increased by more than 250% during the first six months of ’09.

A significant portion of this increase is due to an approximately $13 million order we received for the war fighter information network tactical or WIN-T program but in addition we have recently won a number of other military communication contracts. Recent Mil Com program wins include US Navy’s multiband terminal or NMT program, the WIN-T work I discussed a moment ago, an upgrade program for the joint network node or JNN stock com hubs for the army, a Mil Com program for a multinational agency and several smaller Mil Com programs.

In the last couple of years we have talked about CPI’s need to invest in products and business development for the Mil Com business in order to gain recognition in that sector of the communications market. Those investments are clearly baring dividends and we do expect to continue to see strong demand in our relatively new Mil Com business.

Let’s move on to our communication sales in Q2, in comparison to the year ago quarter, our sales decreased 11% to $25.3 million in Q2 of ’09. As with our year-to-date communication orders, our Q2 communication sales were comprised of lower demand for products to support commercial communication applications offset in part by higher demand for products to support military communication applications.

To summarize our recent orders and sales results, we had an excellent quarter in terms of orders, sales wise we had a decent quarter that contained no surprises although it was lower than a year ago, our orders and sales levels came in approximately where we expected. The economy clearly continues to have a negative impact on demand in our commercial market. Although we believe this impact on our commercial business is temporary, we do expect it to continue for the time being but, we believe it will abate when the economy begins to recover.

On the other hand, our military communications business is growing, our defense markets appear to have stabilized and our defense business is expected to continue at or near recent levels for the foreseeable future. At this time I’d like to turn the call over to Joel to discuss some of our key financial metrics.

Joel A. Littman

In my remarks this morning I will discuss CPI’s EBITDA, adjusted EBITDA, net income, cash, cash flow, cash flow per share and free cash conversion results for the second quarter of fiscal 2009. The definitions and reconciliations of our non-GAAP metrics are available in the financial tables of the press release we issued yesterday afternoon.

I’ll start this morning’s financial discussion with EBITDA. CPI generated EBITDA of $10.8 million or approximately 13% of sales in the second quarter of fiscal 2009. This was a decrease from our EBITDA of $15.8 million or approximately 17% of sales in the same quarter of fiscal 2008. Our adjusted EBITDA in the second quarter totaled $11.3 million or approximately 14% of sales as compared to $16.8 million or approximately 18% of sales in the same quarter last year.

Our EBITDA results differ from our adjusted EBITDA results in the second quarter as our adjusted EBITDA results excluded stock-based compensation expenses and gains or losses from debt extinguishment activities. The lower EBITDA and adjusted EBITDA results in the second quarter of fiscal 2009 as compared to the year ago quarter were principally due to the negative impact of lower sales volume on our gross profit in the most recent quarter.

Countering the effect of lower sales volume we have implemented a number of cost reduction initiatives in recent months which Joe will discuss later. These initiatives are successfully lowering our expenses and they’ve had a positive impact on our EBITDA and adjusted EBITDA results in the most recent quarter.

We generated $3.7 million in net income or $0.21 per share on a diluted basis in the second quarter of fiscal 2009. This included $1 million or $0.06 per share on a diluted basis in non-recurring tax benefits. Excluding these non-recurring tax benefits, we generated net income of $0.15 per share on a diluted basis. In comparison, we generated $6.2 million in net income or $0.35 per share on a diluted basis in the same quarter last year.

As with our EBITDA and adjusted EBITDA results, the primary driver behind the decrease in net income was the negative impact of lower sales volume on our gross profit in the most recent quarter. This impact was partially offset by the expense reductions that have resulted from our recent cost savings measures.

Our effective tax rate in the second quarter of fiscal 2009 was approximately 2%. Our tax rate benefited from two non-recurring discrete tax benefits totaling $1 million of which the most significant relates to provisions in the California Budget Act of 2008 that resulted in a reduction to our deferred tax liability account. We expect our effective income tax rate for the remainder of fiscal 2009 to be approximately 36% to 37%.

Now, I’d like to turn to our recent cash flow performance. We continue to generate positive cash flow during the most recent quarter which we believe demonstrates the underlying strength and stability in CPI in this economic climate. As of the end of the second quarter, our cash and cash equivalents totaled $27.9 million as compared to $28.7 million at the end of fiscal 2008 and $20.2 million at the same time last year.

For the 12 month period ended April 3, 2009 we generated $31.3 million in cash flow from operating activities or $1.79 per share on a diluted basis. Our free cash flow for the same 12 month period totaled $27.8 million and our adjusted free cash flow totaled $28 million. This results are in keeping with our previously stated expectations of generating adjusted free cash flow totaling more than $20 million during fiscal 2009. On a diluted basis our free cash flow for the 12 months ended April 3^rd equaled $1.59 per share.

Over the past few months we’ve received a number of questions on how we intend to use the cash our business is generating. Repaying and retiring debt remains a high priority for CPI. To that end, in the second quarter we repurchased $3 million of our 8% senior subordinated note securing an 8% discount to par on this repayment. Going forward, we will continue to evaluate the best use of our cash and the most appropriate debt to retire.

For the 12 month period that concluded with the end of our second quarter, our free cash flow and net income totaled $28.8 million and $22.2 million respectively. The resulting free cash flow conversion ratio was 125% illustrating the strength of our ability to generate positive cash flow.

In closing, I’d like to point out that in comparison to our financial results in the first quarter of fiscal 2009, our sales, EBITDA, adjusted EBITDA and recurring net income results in the second quarter of fiscal 2009 all showed a sequential quarter-over-quarter improvement. With that, I’d like to turn the call back over to Joe to discuss our recent cost reduction initiatives and our expectations for the rest of the year.

O. Joe Caldarelli

As you may have read in yesterday’s press release, we had previously taken a number of short term steps and have recently implemented a number of additional measures to reduce our costs on a go forward basis. These temporary and permanent initiatives are intended to help counter the effect of the current economic environment while allowing us to maintain our core resources and the ability and agility we need to continue to provide our customers with world class service and products.

These cost savings initiatives include reducing the number of CPI employees worldwide by approximately 7% or roughly 110 people since the start of our fiscal year. Implementing a companywide salary freeze and voluntarily reducing the salaries of top management. I have reduced by salary by 20% and the board of directors have cut their fees by 20% as well. Our senior executives have agreed to reduce their salaries by 10%. These salary reductions will remain in place as long as they are deemed necessary to both reduce costs and demonstrate management’s leadership in and commitment to aggressive expense management.

In addition to our companywide actions, each of our six operating divisions and our worldwide sales support offices have put in place additional cost saving programs that are customized to fit their unique circumstances and unique business conditions. These steps include additional temporary shutdowns of our manufacturing facilities, increased mandatory time off for employees, work share programs, reduced contribution to some of our employee retirement plans, a 10% salary reduction at certain of our business units and working with our suppliers to reduce their prices. In aggregate we expect that the combination of these temporary and permanent cost reduction programs will save CPI approximately $10 million on an annualized basis going forward.

Let’s turn now to our expectations for our business for the rest of fiscal ’09. It has been a challenging year for CPI’s top line and we are forecasting a continuation of recent business conditions. As I mentioned at the start of this morning’s call, we are encouraged by our Q2 order receipts. These orders provide increased visibility in to production and shipment schedules and therefore sales in future quarters. However, many of our Q2 orders have extended delivery schedules and the impact of these orders will be greater on future period sales than on Q3 sales.

As a result of the long term nature of these Q2 orders we remain cautious in our expectations for Q3. Excluding the impact on non-recurring tax benefits that we saw in Q2, we currently expect Q3 to be similar to or slightly better than Q2 ’09. Our outlook for Q4 is more positive, our defense business has begun to stabilize and recent media and economic reports appear to indicate that the economy in general may have reached bottom.

If that proves to be correct, our commercial markets may soon begin to stabilize. We are cautiously optimistic that a stabilization of economic and market conditions in the near future will have a positive impact on our business in Q4. It is too early to quantify this impact but we currently believe that Q4 will be the strongest quarter of our year.

We continue to expect to remain a profitable cash in company in fiscal ’09 and beyond. We remain confident in our ability to generate more than $20 million in adjusted free cash flow for the year. We will continue to take the necessary steps to ensure that CPI remains an industry leader able to successfully met our customer’s needs. Thanks for your time and attention this morning. Operator, let’s begin the question and answer portion please.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from Gary Liebowitz – Wachovia Capital Markets, LLC.

Gary Liebowitz – Wachovia Capital Markets, LLC

Joe, can you tell us when you expect to have these cost cutting measures fully implemented? And, were there any non-recurring type severance costs or consolidation costs during the quarter?

O. Joe Caldarelli

The incremental cost reduction efforts were all implemented at the beginning of Q3 so all of Q3 will benefit from those. There were some modest non-recurring costs for Q2 for severance but they’re relatively minor.

Gary Liebowitz – Wachovia Capital Markets, LLC

Also, you mentioned the ship building seem to favor your products in the FY ’10 budget. Is there any other commentary on the 2010 defense budget proposal whether it’s in military SAT com or other areas that you think are worth pointing out?

O. Joe Caldarelli

The proposals, they’re largely mutual to us but perhaps slightly encouraging in the sense that they seem to indicate that existing platforms are likely going to be maintained and remain central to our army, navy and air force so that’s generally good news for us. I think with respect to the ships the confirmation that three Aegis ships are likely going to be ordered in 2010 is good news. That would translate to orders for us perhaps later in 2010 and shipments perhaps in 2011.

We had read before of course that there would be additional Aegis type ships, perhaps totaling eight or 10 in total and we haven’t seen any more confirmation of that. But, given that they are restarting those lines we’re encouraged by that trend. There are some funds for some of the national labs, experimental labs that could very well be beneficial for us. It’s fairly difficult to quantify that and the timing but there is some infrastructure money that will be beneficial to us in the medium term measured in the orders of millions of dollars not tens of millions.

Gary Liebowitz – Wachovia Capital Markets, LLC

Just one more, maybe for Joel, for cash flow modeling purposes I should assume any earn outs this year or probably next year for Malibu?

Joel A. Littman

We’ll measure that at the end of the third quarter of this year but as you recall last year there were no earn out for Malibu and a big component of the earn outs are based on cumulative so if there is going to be any earn out for your cash flow modeling it will be pretty modest.

Operator

Your next question comes from Chris Quilty – Raymond James.

Chris Quilty – Raymond James

First question, the order strength that you saw in the second quarter, you’re only part way here in to the third quarter but do you see that type of order strength carrying in to the third quarter at this point?

O. Joe Caldarelli

No, not really. The orders in the second quarter were comprised of a number of orders, a couple of which always fall in Q2 and they were a good size and others sort of fell in to Q2 more from a timing perspective and we would not consider to be necessarily repeat orders. As I’ve indicated some of these orders are for multi quarter deliveries. So, the general overall guidance that we’re giving is that we see business volumes in general kind of remaining at roughly the levels that we’ve seen in the last little while. In other words, in terms of orders coming in and their ability to translate those to sales roughly constant with some slightly improvement in Q3 and the opportunity for more improvement in Q4.

Chris Quilty – Raymond James

On the ship building opportunity, obviously anything the Congress chooses to do with the shifting of ship building is pretty much a couple of years out in terms of contribution to you but, it looks like you just got a good $12 million order the other day for Taiwan. Are there similar opportunities with perhaps Japan, or other allied nations where you might see some nearer term contribution?

O. Joe Caldarelli

None that I would consider extraordinary. We do provide products through FMS to countries all over the world and that’s a routine and very significant portion of our business so I don’t really think there is anything that would be extraordinary. With respect to Aegis, we have indicated in the past that if in fact other countries were to buy new ships, then of course that would be a benefit to us. There’s still the possibility that other countries may pick up some ships. There’s still a level of interest in the Aegis system from other countries which has a reasonable chance of say over the next five years of adding some product to our forecast.

Chris Quilty – Raymond James

Kind of a quirky area but, non-lethal weapons, in other words some recent government reports that came out on proposed usage and I know your shoe horned in to a good program there. Any increased visibility?

O. Joe Caldarelli

No, unfortunately it continues to be mired in government bureaucracy. So, there continues to be significant interest both from the US as well as many foreign countries. We continue to have requests for quotations on medium term products and deliveries but converting those to tangible deliverable orders has been challenging. So, today we do have some visibility in to a couple of opportunities that would be meaningful, several million dollars but frankly, based on past experience I’m reluctant to bake those in to our forecast because of the historical drag outs that has happened on those items. But, the opportunities are still there and the enthusiasm from people that have seen the system operated is still very much there.

Chris Quilty – Raymond James

Speaking of push outs, Malibu, can you give us an update there? It looks like perhaps some things may have slipped to the right and I guess Malibu specifically but in general, you still feel pretty good that a lot of things that are shifting to the right aren’t going to be cancelled that the programs are really just seeing a rightward shift.

O. Joe Caldarelli

With respect to Malibu, Malibu is really in two significant businesses, one is telemetry which we might consider to be more commercial routine type business and there we have been impacted by sort of the economic situation where telemetry products tend to be somewhat more discretionary and so yes, we have seen some push out in telemetry products. With respect to our higher tech antennas that we built for our UAB and other such applications, there we haven’t seen so much a push out as a continuation of development activity that’s taking a bit longer than we and our customers would like. But, the interest in our products continues to be very strong and in fact we’ve landed some modest new opportunities which will I think over the long term develop into significant opportunities.

So, we’re encouraged by the advanced antenna side of the business. It hasn’t yet generated tangible increased sales but we’re confident it will particularly certainly next fiscal year and we have been impacted in the telemetry side by the normal delays and push outs we’re seeing in general commercial products. In terms of the overall business, I guess some business on the commercial side probably is loss in the sense that funding that was expected for certain things, under today’s environment has basically disappeared.

I mean, people just can’t get the funding, can’t borrow the money and so I guess it’s fair to consider those products and programs as being gone until such time as in the future when the economic conditions get better and people will restart some of those. So, I guess it’s probably appropriate to consider some of those gone, yes.

Chris Quilty – Raymond James

X-band seems to have gotten a lot of increased activity for military. I think you’re fairly well positioned in that area but have you won any major programs to date?

O. Joe Caldarelli

We are very well positioned and yes, there is a lot of interest. I can’t think off hand of the X-band content in the current programs. To be honest with you I don’t necessarily know the frequencies, programs we have won so we may have but certainly it’s hot frequency right now and we have a lot of irons in the fire. There’s a lot of interest in that right now. It’s got a real [inaudible] as the next band.

Chris Quilty – Raymond James

Economic stimulus money, anything that you’ve seen to date that might indicate some of the scientific and educational programs might give you a little pick up?

O. Joe Caldarelli

Bob, can you comment on that for us?

Robert A. Fickett

We have negotiated some small orders with some of the scientific facilities where those have definitely been turned back on because of the stimulus money. So, to date it’s probably been in the order of $1 to $2 million and there’s more out there but it’s really specific programs that it’s affecting and each one of these tend to be sort of the $1 to $3 million type opportunity for us. But, it is definitely hitting on the scientific side.

Chris Quilty – Raymond James

Final question, just an update on the medical market and x-ray products and I don’t believe, at least from what I’ve seen from my read of the stimulus that’s probably not going to flow down through to give you any kind of a benefit but, in general what are you seeing in terms of end market demand with customers and their budgetary ability to pick back up to more normalized spending levels?

O. Joe Caldarelli

With respect to cancer therapy, as I’ve indicated that continues to be a surprisingly strong and largely unaffected so far so that’s a really solid piece of our medical business. In the x-ray business, the medical imaging side of the business, it continues to be fairly seriously impacted worldwide. Frankly, way more so than we think or our competitors would have expected, including some of the very large companies.

In terms of stimulus money, we haven’t seen very much impact yet. However, in the US there is an element of stimulus money that’s attached to modernization of hospital infrastructure and imaging, record keeping and so on. We think over time some of that may very well trickle down to modernization of traditional x-ray imaging suites to the more modern digital imaging products that we are now supporting. So, we believe there’s an opportunity for an uptick sometime in the future. We haven’t seen it happen yet.

In other parts of the world, in China there is a very significant effort there to use stimulus money to improve their medical infrastructure and there in fact, we have seen some discrete benefits from that already. It’s turning around fairly quickly. It hasn’t been sufficient to offset the sort of general reductions but we can point to perhaps three or four programs in China, modest in size so far but, with pretty good long term opportunities which will be incremental to what we would have otherwise expected. So, I think medium term we may very well see some positive impact from stimulus money in other parts of the world as well.

Operator

It appears that we have no additional questions. I’d now like to turn the conference back to Mr. Caldarelli for any closing comments.

O. Joe Caldarelli

Thank you very much for listening in this morning. As we said, times are challenging but we sense, we and the world has hit bottom and are looking forward to stability to possibly slightly improving conditions over the next six months. I think we’re continuing to manage the circumstances reasonably well right now. So, we look forward to talking to you in three months again. Thank you very much.

Operator

This concludes today’s conference. We thank everyone for their participation.

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