MTS Reports Fiscal 2019 Second Quarter Financial Results

 

 

Exhibit C

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)

               
               
 

Six Months Ended

 

March 30, 2019

 

March 31, 2018

 

Pre-Tax

Tax

Net

 

Pre-Tax

Tax

Net

Net income

$

28,273

 

$

3,612

 

$

24,661

   

$

19,646

 

$

(21,943)

 

$

41,589

 

Restructuring expenses 1

130

 

33

 

97

   

608

 

154

 

454

 

Acquisition-related expenses 2

1,035

 

217

 

818

   

 

 

 

Acquisition inventory fair value adjustment 1

984

 

148

 

836

   

 

 

 

Adjusted net income 3

$

30,422

 

$

4,010

 

$

26,412

   

$

20,254

 

$

(21,789)

 

$

42,043

 
               

Weighted average diluted common shares outstanding

   

19,393

       

19,258

 
               

Diluted earnings per share

$

1.46

 

$

0.19

 

$

1.27

   

$

1.02

 

$

(1.14)

 

$

2.16

 

Impact of restructuring expenses

0.01

 

 

0.01

   

0.03

 

0.01

 

0.02

 

Impact of acquisition-related expenses

0.05

 

0.01

 

0.04

   

 

 

 

Impact of acquisition inventory fair value adjustment

0.05

 

0.01

 

0.04

   

 

 

 

Adjusted diluted earnings per share 3

$

1.57

 

$

0.21

 

$

1.36

   

$

1.05

 

$

(1.13)

 

$

2.18

 
               
               

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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