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Sensata Technologies expects second quarter 2006 results in line with expectations
Attleboro, Massachusetts | September 15, 2006 | Sensata Technologies B.V. today advised its lenders that the Company’s financial results for the quarter ended June 30, 2006 were in line with expectations.
The Company said that it is not yet able to release its financial statements for the quarter because final accounting related to the purchase of the business is taking longer than anticipated, but expects to do so within approximately sixty days.
Sensata Technologies said it expects to report revenues between $295 million and $300 million for the quarter ended June 30, 2006, and adjusted EBITDA (defined below) between $80 million and $82 million. The Company said it ended the quarter with approximately $54 million in cash on hand, and there were no borrowings, except for letters of credit, under its $150 million revolver.
The Company said it is working to complete its financial statement for the quarter ended June 30, 2006 as soon as possible, and expects to be able to issue the statement on or before November 13, 2006. At that time, Sensata Technologies said it will issue a press release and hold a conference call to discuss results for the quarter.
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Non–GAAP Financial Disclosure
Sensata Technologies B.V. defines EBITDA as profit from operations plus other income (expense), depreciation and amortization. The Company calculates adjusted EBITDA by adjusting EBITDA to exclude pre–acquisition restructuring charges, acquisition–related costs and expenses, and other non–operating expenses. Sensata Technologies B.V. believes adjusted EBITDA provides investors with helpful information with respect to its operations and cash flows. The Company includes it to provide additional information with respect to its ability to meet future debt service, capital expenditures and working capital requirements.
About Sensata Technologies B.V.
Sensata Technologies B.V., formerly the Sensors & Controls business (S&C) of Texas Instruments Incorporated (TI), was purchased by Bain Capital, LLC, a leading global private investment firm, on April 27, 2006. Sensata is the world’s leading designer and manufacturer of sensors and controls. Headquartered in Attleboro, Massachusetts, Sensata has additional manufacturing and technology development centers in Brazil, China, Holland, Japan, Korea, Malaysia, and Mexico, as well as sales offices around the world. Sensata Technologies employs 5,400 people worldwide.
The company designs, manufactures and markets a wide range of highly engineered electromechanical and electronic sensors and controls, customized for a number of applications in the automotive, commercial (climate and appliance) and industrial markets. The company sells directly to a diverse group of leading automotive, industrial and commercial original equipment manufacturers (OEM) and to suppliers of integrated systems to OEMs, while also serving distributors to extend its global reach. The company manufactures approximately 18,000 different products that are highly engineered and application specific, and ships over one billion units each year. For more information, visit
www.sensata.com.
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