Ceradyne Inc. Reports Second-Quarter 1999 Sales and Earnings
26 July 1999
Ceradyne Inc. Reports Second-Quarter 1999 Sales and Earnings
COSTA MESA, Calif.--July 26, 1999--Ceradyne Inc. Monday announced financial results for the three months ended June 30, 1999.For the quarter, the company reported net income of $401,000, or 5 cents per diluted and basic share, compared with net income of $326,000, or 4 cents per diluted and basic share, in the year-ago period. Sales for the 1999 second quarter totaled $7.3 million, compared with sales of $6.3 million in the second quarter of 1998.
For the six months ended June 30, 1998, net income was $449,000, or 6 cents per share diluted and basic, as compared with $809,000, or 10 cents per share diluted and basic, in the prior-year period. The 1999 six-months sales were $13.6 million, compared with 1998's six- months sales of $13.7 million.
New bookings for the second quarter ended June 30, 1999, were $12.1 million, compared with $5.0 million in the second quarter of 1998, and for the six months ended June 30, 1999, were $19.5 million, compared with $12.1 million in the comparable prior-year period. The year-to-date book-to-bill ratio is 1.42.
Commenting on the results, Joel P. Moskowitz, chairman, president and chief executive officer of Ceradyne, said: "We are particularly pleased with the jump in new orders in the second quarter. The $12.1 million is the largest quarterly new-order booking in at least five years.
"Highlighting these new orders are a $4 million order for ceramic diesel-engine components, which will be shipped over approximately one year starting in late 1999, and $2.6 million in orders for Clarity orthodontic brackets, which will be shipped by the end of this year.
"Furthermore, early in the third quarter the company booked an additional delivery order of $4.2 million related to the large military-armor contract we received in 1998. This order brings the total `deliverables' under the contract to $6.7 million.
"However, actual shipments of this order will not begin until Ceradyne's customer approves all final items and issues an `authorization to proceed.' Although such authorization has been delayed, we believe it will be issued within the next few months."
Ceradyne develops, manufactures and markets advanced technical ceramics for industrial, electronic, defense and consumer applications. Additional information can be found at the company's Web site: www.ceradyne.com.
This news release contains forward-looking statements regarding future events and the future performance of Ceradyne that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are described in the company's annual report on Form 10-K for the fiscal year ended Dec. 31, 1998, as filed with the Securities and Exchange Commission.
CERADYNE INC.
Financial Highlights
(Unaudited)
Three months ended Six months ended
June 30, June 30,
1999 1998 1999 1998
Sales $7,331,000 $6,342,000 $13,636,000 $13,685,000
Net income $ 401,000 $ 326,000 $ 449,000 $ 809,000
Diluted and basic net
income per share $ .05 $ .04 $ .06 $ .10
Average shares
outstanding 8,144,000 8,070,000 8,131,000 8,063,000
Consolidated Balance Sheet
June 30, Dec. 31,
1999 1998
(Unaudited) (Audited)
Cash and cash equivalents $ 2,149,000 $ 2,870,000
Other current assets 15,195,000 14,052,000
Net property, plant and equipment 9,899,000 8,857,000
Other assets 3,701,000 3,714,000
Total assets $30,944,000 $29,493,000
Current liabilities 2,994,000 1,871,000
Long-term debt -- --
Deferred revenue 135,000 270,000
Stockholders' equity $27,815,000 $27,352,000
Total liabilities and stockholders' equity $30,944,000 $29,493,000