Oct. 5, 2009 (PR Newswire) --

DAYTON, Ohio, Oct. 5 /PRNewswire-FirstCall/ -- Robbins & Myers, Inc. (NYSE: RBN) today reported diluted net earnings per share (DEPS) of $0.39 for its fiscal fourth quarter ended August 31, 2009 and $1.66 for the full fiscal year. In the prior year, the Company reported record DEPS of $0.88 in the fourth quarter and $2.52 for the full year.

The Company noted that it achieved an effective tax rate of 23.5% for fiscal 2009, primarily as a result of tax strategies implemented during the year. The fourth quarter effective tax rate of 10.5% reflects the benefits of these strategies and the favorable effects from finalizing tax estimates.

The Company reported $122 million of customer orders in the fourth quarter, consistent with order levels for the two preceding quarters, and 38% lower than the prior year comparable period. Excluding currency translation effects, orders declined 35% in the quarter. For the full year, orders of $554 million represent a 32% decline. Excluding currency translation effects, full year orders declined 26%.

Robbins & Myers also reported fourth quarter 2009 sales of $155 million, 32% lower than the comparable prior year results. Full year fiscal 2009 sales of $640 million were 19% lower than the prior year. Excluding currency translation effects, sales declined 28% in the quarter and 13% in the year.

Fourth quarter 2009 earnings before interest, taxes and minority interest (EBIT) were $15 million, 64% less than in the prior year fourth quarter primarily as a result of lower sales levels. Full year EBIT of $74 million represents a 43% decline from prior year levels, which included $8 million of benefit from asset sales. The Company generated $28 million of cash from operating activities in its fourth quarter of 2009 and $53 million for the full year, ending the year with $108 million of cash and $30 million of debt.

"Robbins & Myers achieved profitability in each of its businesses and remains well-capitalized during these challenging times," said Peter C. Wallace, President and Chief Executive Officer of Robbins & Myers, Inc. "We started fiscal 2009 in a favorable economic environment with significant backlog, but during the year order levels were negatively impacted by the global recession. We responded to these changing business conditions by cutting more than $15 million of annualized costs, and we developed plans to restructure our business for more permanent cost reductions."

"We have initiated the first two of our restructuring actions which should reduce annualized costs by $3 million when completed later this fiscal year, and several others that are actionable in the near term should deliver an additional $3-4 million of annualized savings by fiscal year-end. We expect these projects to reduce manufacturing capacity, increase activities in lower cost regions, and more tightly integrate our businesses. Over the long-term, these restructuring actions should further improve our competitiveness and profitability, especially when market conditions improve."

"As a result of recent customer order levels, we expect fiscal 2010 to start slowly but improve throughout the year as the global economy recovers. Our financial performance in the new fiscal year hinges on the pace and scope of this recovery." The Company expects full year 2010 DEPS of $0.80-$1.00 and first quarter DEPS of $0.05-$0.15, excluding the cost of restructuring actions.

Mr. Wallace commented, "Over the past five years, Robbins & Myers made impressive strides to improve its operating and financial capabilities. We reduced complexity throughout our businesses, launched our lean journey, invested in profitable growth initiatives, and refocused everyone on better serving our customers. We are committed to our long-term strategy of profitable growth to create shareholder value."

Fourth Quarter Results by Segment

All comparisons are made against the comparable year-ago quarterly period unless otherwise stated.

The Company's Fluid Management segment orders of $48 million represent a 52% decline from the record performance in the prior year. Continued softness in energy and industrial markets also contributed to a 39% decline in sales, with the segment reporting $55 million in its fiscal fourth quarter of 2009. EBIT fell 64% to $10 million on lower sales, and EBIT margins of 17.5% included a 260 basis point impact from lower valuation of certain operating assets.

The Process Solutions segment reported orders of $47 million, 32% lower due to continued weakness in chemical, pharmaceutical and industrial markets. Excluding currency translation effects, orders declined 27%. Sales of $64 million were 27% lower, or 21% lower before currency translation effects, contributing to a 68% reduction in EBIT. The segment reported fourth quarter 2009 EBIT of $4 million and EBIT margins of 6.0%.

The Romaco segment reported orders of $28 million, 6% below the comparable prior year quarter or 1% lower excluding currency translation effects. Sales in the quarter were $37 million, 27% lower, or 22% lower excluding currency translation effects. Romaco earned $4 million of EBIT in the fourth quarter of 2009 as compared with $9 million in the prior year fourth quarter.

Conference Call to Be Held Tomorrow, October 6 at 10:00 AM (Eastern)

A conference call to discuss these results has been scheduled for 10:00 AM Eastern on Tuesday, October 6, 2009, which can be accessed at www.robn.com or by dialing 866-713-8562 (US/Canada) or +1-617-597-5310, using conference ID #48211363.