CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Our actual results may differ materially from those contemplated by the forward-looking statements for a number of reasons, including the following factors:
This list of factors that may affect future performance is illustrative, but by no means exhaustive. Accordingly, all forward-looking statements should be evaluated with the understanding of their inherent uncertainty.
The Company's three reportable segments, based on lines of business, are as follows:
Volatility of Commodities and Foreign Currencies
Our 5% Senior Notes mature on April 30, 2023, unless earlier redeemed or repurchased. We expect to refinance the redemption of the 2023 Notes with borrowings under the Second Amended Credit Facility.
During the current quarter, the Company repurchased 358,365 shares of common stock for approximately $22.9 million.
Net sales of our Energy Systems segment in the first quarter of fiscal 2023 increased $37.4 million or 10.1% compared to the first quarter of fiscal 2022. This increase was due to a 7% increase each in pricing and organic volume, partially offset by a 4% decrease in foreign currency translation impact.
Operating expenses, as a percentage of sales, decreased 110 basis points in the first quarter of fiscal 2023, compared to the comparable period of fiscal 2022.
Selling expenses, our main component of operating expenses, increased $0.3 million or 0.5% in the first quarter of fiscal 2023 compared to the first quarter of fiscal 2022 but decreased 60 basis points.
Restructuring and Other Exit Charges
Included in our first quarter of fiscal 2023 operating results are restructuring charges of $0.2 million in Energy Systems.
Included in our first quarter of fiscal 2022 operating results are restructuring charges of $0.9 million in Energy Systems and $0.4 million in Motive Power.
During the first quarter of fiscal 2023, the Company recorded cash charges of $0.7 million relating to site clean up and $0.1 million of non-cash charges relating to accelerated depreciation of fixed assets.
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