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SARASOTA, FL -- (Marketwire) -- 03/04/13 -- Sun Hydraulics Corporation (NASDAQ: SNHY) today reported financial results for the fourth quarter and year-end 2012 and the Board of Directors announced a $6.0 million shared distribution and $0.09 per share quarterly dividend.
(Dollars in millions except net income per share) December 29, December 31, Increase/ 2012 2011 Decrease Twelve Months EndedNet Sales $ 204.4 $ 204.2 0%Net Income $ 37.4 $ 37.7 -1%Net Income per share: Basic $ 1.44 $ 1.47 -2% Diluted $ 1.44 $ 1.47 -2% Three Months EndedNet Sales $ 43.2 $ 45.7 -5%Net Income $ 6.7 $ 6.1 10%Net Income per share: Basic $ 0.26 $ 0.24 8% Diluted $ 0.26 $ 0.24 8%
"A stronger than expected fourth quarter allowed us to achieve our highest top line year ever," said Allen Carlson, Sun Hydraulics' president and CEO. "Despite deteriorating business conditions in all markets in the second half, we were able to maintain margin performance and add new customers in what was a difficult and uncertain year. On the heels of the $1.00 per share special dividend in December, Sun's Board has declared another shared distribution totaling approximately $6.0 million, to be paid in March, reflecting the strong performance last year."
"There is still a lot of uncertainty in the macro economy, but things seem to be settling down a bit," Carlson continued. "Our first quarter forecast indicates a sequential rebound in demand led by Asia and Europe. As our existing customers' business rebounds in China and Europe, with the new customers we have added, we expect to see the top line continue to grow. U.S. PMI numbers have been positive for three months now, which is a good sign for the 2013 capital goods environment."
The 2012 shared distribution consists of a contribution to employees equal to 10.5% of wages, most of which will be paid into retirement plans in the form of Sun Hydraulics stock, and $0.09 per share cash dividend to be paid to all shareholders. The shared distribution dividend is payable on March 31, 2013, to shareholders of record as of March 15, 2013.
First Quarter Dividend
Sun's Board also announced a $0.09 per share quarterly cash dividend on its common stock. The dividend is payable on April 15, 2013, to shareholders of record as of March 31, 2013.
Outlook
First quarter 2013 revenues are expected to be approximately $51 million, down approximately 8% from the first quarter of 2012. Earnings per share are estimated to be $0.34 to $0.36 compared to $0.41 in the same period a year ago.
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