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Replay of the Moog Inc. Annual Meeting Wednesday, January 9, 2008 http://65.197.1.5/cgi-bin/confCast?CID=905033&Submit=Go&PWD=&a=1
Due to technical difficulties you may experience poor audio quality during the first 15 minutes of this replay. We apologize for the inconvenience.
Robert T. Brady, Chairman, CEO Address to Shareholders - Annual Meeting 2/10/99
02 / 10 / 1999Highlights
Bob Brady begins:Phil Hubbell begins...Phil concludes and Bob Brady resumes...Dick Aubrecht begins...Dick Aubrecht concludes and Bob Brady resumes...Joe Green begins...Joe Green concludes and Bob Brady resumes...Bob Banta begins.....Bob Banta concludes, Bob Brady resumes...Past
Bob Brady - Chairman, CEO, President
Phil Hubbell - VP
Dick Aubrecht - Vice Chairman and VP
Joe Green - CAO and EVP
Bob Banta - CFO and EVP
Bob Brady begins:
Good Morning, Folks –
We’ve prepared an agenda of presentations that I hope will be interesting and informative. We’ll report on our financials and on some of the highlights in each of our major product lines. Phil Hubbell will describe for you the competitive environment that we face on a day-to-day basis. Dick Aubrecht and Joe Green will discuss some of our approaches and attributes that we think help us succeed in this environment. I’ll review the acquisitions that we made or announced in fiscal ’98 and Bob Banta will review our major financing activities. Then, I’ll review the results we reported the other day for the first quarter and describe for you our current outlook for ’99.
So, let me begin.
For fiscal ’98, our revenues of $537 million were up 18% over the previous year. The increase was a result of increases in all of our major product lines. Our earnings before interest, taxes, depreciation and amortization continued the growth trend of recent years to $72 million. Net earnings of $19.3 million were up 42% from the year previous. On a per-share basis, earnings of $2.26 per share were up a nice round 20% from last year’s fully-diluted $1.88 per share. As you know, in the second quarter of fiscal ’98, we had an equity offering and increased the average shares outstanding for fiscal ’98 by 18% and, after that increase, still had a 20% increase in earnings per share.
Our stock price had a wild ride since we met last year. Last year at this time, it was $33 7/8 and it got to as high as $47, as low as $25, and we’re currently up slightly at $34 and change.
Let me do a quick run-through on the highlights in fiscal ’98 in our major product lines. Military aircraft sales were up from $124 million in ’97 to $136 million. It was a strong year for sales in some older programs – the F-15 and the B-2 Bomber. This was the last big year on those programs and a beginning year for production on the F/A-18E/F and the V-22. We’re expecting sales to hold about even, or perhaps be up somewhat, mostly because of our acquisition of Montek, a subsidiary of Raytheon, which I’ll discuss a little later.
© Moog Inc.
