ELKHART, IN – CTS Corp. today announced second quarter 2012 revenues of $154.3 million, up 5% year-over-year and sequentially.

Second quarter 2012 net earnings were $3.3 million, down 19.5% year-over-year.

The firm initiated a $5 million restructuring plan with expected annual savings of approximately $6 million. This plan includes the loss of approximately 260 positions, or 6% of the company’s global headcount.

CTS’ EMS Thailand facility, which was out of service after the October 2011 flood, is now fully operational. Second quarter 2012 earnings included insurance recoveries of $7.4 million and expenses and losses of approximately $5 million.

The EMS segment's second-quarter sales decreased 2% from 2011 to $77.5 million, with lower demand from defense and aerospace, communications and computer markets, partially offset by increases in industrial and medical. Operating earnings before corporate and shared services charges increased $3.8 million, primarily from timing of flood insurance recoveries in the second quarter 2012 in excess of costs incurred. Sales were up 10%, from the first quarter.

CTS lowered its full-year 2012 sales guidance from a range of a 10% to 13% increase over 2011 to 4% to 7%.

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