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JBT > SEC Filings for JBT > Form 10-Q on 8-Aug-2014All Recent SEC Filings

Show all filings for JOHN BEAN TECHNOLOGIES CORP

Form 10-Q for JOHN BEAN TECHNOLOGIES CORP


8-Aug-2014

Quarterly Report


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Note Regarding Forward-Looking Statements

This Form 10-Q, our Annual Report on Form 10-K and other materials filed or to be filed by us with the Securities and Exchange Commission, as well as information in oral statements or other written statements made or to be made by us, contain statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are forward-looking statements. You can identify these forward-looking statements by the use of forward-looking words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," "foresees" or the negative version of those words or other comparable words and phrases. Any forward-looking statements contained in this Form 10-Q are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. These forward-looking statements include, among others, statements relating to our restructuring and optimization plans, our covenant compliance and our outlook.

We believe that the factors that could cause our actual results to differ materially from expectations include but are not limited to the factors we described in our Form 10-K under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." If one or more of those or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. Consequently, actual events and results may vary significantly from those included in or contemplated or implied by our forward-looking statements. The forward-looking statements included in this Form 10-Q are made only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement made by us or on our behalf, whether as a result of new information, future developments, subsequent events or changes in circumstances or otherwise.

Executive Overview

We are a global technology solutions provider for the food processing and air transportation industries. We design, manufacture, test and service technologically sophisticated systems and products for customers. We have established a large installed base of food processing equipment as well as airport equipment and have built a strong global presence with manufacturing, sourcing, sales and service organizations located on six continents to support our equipment that has been delivered to more than 100 countries.


Non-GAAP Financial Measure

The results for three and six months ended June 30, 2014 and 2013 include several items that affect the comparability of our results. These include significant expenses that are not indicative of our on-going operations as detailed in the table below:

                                           Three Months Ended                Six Months Ended
                                                June 30,                         June 30,
(In millions)                            2014              2013            2014             2013

Income from continuing operations
as reported                           $      11.4       $       8.8     $       6.7      $     12.9

Non-GAAP adjustments
Restructuring expense                         1.0                 -            11.2               -
Management sucession costs                    1.1                 -             2.6             0.3
Strategy and pricing consulting               1.0                 -             1.9               -

Impact on tax provision from
Non-GAAP adjustments                         (1.1 )               -            (4.8 )          (0.1 )
Adjusted income from continuing
operations                            $      13.4       $       8.8     $      17.6      $     13.1

(In millions, except per share
data)

Income from continuing operations
as reported                                  11.4               8.8             6.7            12.9
Total shares and dilutive
securities                                   29.8              29.6            29.8            29.6
Diluted earnings per share from
continuing operations                 $      0.38       $      0.30     $      0.23      $     0.44

Adjusted income from continuing
operations                                   13.4               8.8            17.6            13.1
Total shares and dilutive
securities                                   29.8              29.6            29.8            29.6
Adjusted diluted earnings per share
from continuing operations            $      0.45       $      0.30     $      0.59      $     0.44

The above table contains non-GAAP financial measures, including adjusted income from continuing operations and adjusted diluted earnings per share. The non-GAAP measures exclude certain amounts for the purpose of determining adjusted income from continuing operations and adjusted diluted earnings per share. Adjusted income from continuing operations and adjusted diluted earnings per share are intended to provide an indication of our underlying operating results and to enhance investors' overall understanding of our financial performance by eliminating the effects of certain items that are not comparable from one period to the next. In addition, this information is used as a basis for evaluating company performance and for the planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.


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