MTS Reports Fiscal 2019 Third 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)


















Nine Months Ended


June 29, 2019


June 30, 2018


Pre-Tax

Tax

Net


Pre-Tax

Tax

Net

Net income

$

44,463


$

6,217


$

38,246



$

29,691


$

(20,877)


$

50,568


Restructuring expenses 1

130


33


97



1,343


340


1,003


Acquisition-related expenses 2

1,133


238


895






Acquisition inventory fair value adjustment 1

1,141


172


969






Adjusted net income 3

$

46,867


$

6,660


$

40,207



$

31,034


$

(20,537)


$

51,571










Weighted average diluted common shares outstanding



19,436





19,269










Diluted earnings per share

$

2.29


$

0.32


$

1.97



$

1.54


$

(1.08)


$

2.62


Impact of restructuring expenses





0.07


0.01


0.06


Impact of acquisition-related expenses

0.06


0.01


0.05






Impact of acquisition inventory fair value adjustment

0.06


0.01


0.05






Adjusted diluted earnings per share 3

$

2.41


$

0.34


$

2.07



$

1.61


$

(1.07)


$

2.68



1

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.


3

Denotes non-GAAP financial measure.


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