MTS Reports Fiscal 2019 Second Quarter Financial Results

 

 

Exhibit B

MTS SYSTEMS CORPORATION

Reconciliation of Earnings Per Share Excluding Restructuring, Acquisition-Related

and Acquisition Inventory Fair Value Adjustment Expenses

(unaudited - in thousands, except per share data)

               
               
 

Three Months Ended

 

March 30, 2019

 

March 31, 2018

 

Pre-Tax

Tax

Net

 

Pre-Tax

Tax

Net

Net income

$

17,076

 

$

2,916

 

$

14,160

   

$

10,176

 

$

1,738

 

$

8,438

 

Restructuring expenses 1

 

 

   

362

 

92

 

270

 

Acquisition-related expenses 2

262

 

55

 

207

   

 

 

 

Acquisition inventory fair value adjustment 1

539

 

81

 

458

   

 

 

 

Adjusted net income 3

$

17,877

 

$

3,052

 

$

14,825

   

$

10,538

 

$

1,830

 

$

8,708

 
               

Weighted average diluted common shares outstanding

   

19,441

       

19,273

 
               

Diluted earnings per share

$

0.88

 

$

0.15

 

$

0.73

   

$

0.53

 

$

0.09

 

$

0.44

 

Impact of restructuring expenses

 

 

   

0.02

 

0.01

 

0.01

 

Impact of acquisition-related expenses

0.01

 

 

0.01

   

 

 

 

Impact of acquisition inventory fair value adjustment

0.03

 

0.01

 

0.02

   

 

 

 

Adjusted diluted earnings per share 3

$

0.92

 

$

0.16

 

$

0.76

   

$

0.55

 

$

0.10

 

$

0.45

 
               
               

In determining the tax impact of restructuring expenses and acquisition inventory fair value adjustment, we applied the statutory rate in effect for each jurisdiction where the expenses were incurred.

               

2   In determining the tax impact of acquisition-related expenses, we applied a U.S. effective income tax rate before discrete items to these expenses.

               

3   Denotes non-GAAP financial measure.


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