Key Developments For MTS Systems Corp
MTS Systems Corp (MTSC.O) (Nasdaq)
MTS Systems Declares Quarterly Dividend
MTS Systems announced that its Board of Directors has declared a cash dividend of $0.15. This dividend will be payable on October 5, 2009 to shareholders of record date September 18, 2009.
Rolls-Royce Selects MTS Systems For New Mechanical Test Operations Centre
MTS Systems announced that it had secured a substantial order in the third quarter of fiscal year 2009, for mechanical test equipment, software and consulting from Rolls-Royce. The MTS testing solutions will be deployed at the new Rolls-Royce Mechanical Test Operations Centre (MTOC) in Dahlewitz, Germany to gain insight into the behavior of jet engine materials and components under demanding, real world operating conditions. The MTOC order comprises a variety of single and multiaxial servohydraulic load frames outfitted with MTS grips, high-temperature extensometers and environmental simulation systems, all driven by FlexTest(R) digital controllers and SilentFlo hydraulic power units and backed by MTS' global service and support organization. MTS Landmark servohydraulic test systems will be deployed for conducting uniaxial thermomechanical fatigue, high-temperature low cycle fatigue, fracture mechanics and tensile testing. A planar biaxial test system equipped with a high temperature and vacuum environment will provide precision multiaxial force and torque control for subjecting engine turbine materials to complex loading in high stress, elevated temperature environments. The order also includes laboratory layout consulting, hydraulic distribution systems, and upgrades for several existing servohydraulic and electromechanical test systems.
MTS Systems Reaffirms FY 2009 Guidance
MTS Systems reaffirmed its prior fiscal 2009 revenue and earnings per share (EPS) guidance which stated that, without a significant improvement in orders in the second half of the year, fiscal 2009 revenue would be down approximately 10% to 15% and EPS would decline approximately 50%. The guidance excludes fourth quarter 2009 cost-reduction charges. The Company reported revenues of $460.52 million and EPS of $2.68 in fiscal 2008. According to Reuters Estimates, analysts were expecting the Company to report revenue of $397.37 million for fiscal 2009.
MTS Systems Announces Additional Workforce Reduction
MTS Systems announced an additional reduction in its workforce in response to the continued weakness in industrial capital spending. The capacity reduction impacts approximately 65 positions and includes both immediate actions as well as those taken in April 2009. Combined with the actions announced, the Company anticipates further workforce and cost reduction actions in the fourth quarter related to material sourcing and process and structure improvements. These actions will result in annual savings of $15-20 million for fiscal 2010.
MTS Systems Declares Quarterly Dividend
MTS Systems announced that it its Board of Directors has declared a cash dividend of $0.15. This dividend will be payable on July 1, 2009 to shareholders of record date June 12, 2009.
