Cade Industries Reports Net Income up 30% for Second Quarter
OKEMOS, Mich., July 22 /PRNewswire/ -- Cade Industries (Nasdaq: CADE), a
leading supplier of products and services to the aerospace and air transport
industries, today reported strong results for the second quarter and six
months ended June 30, 1999.
Second quarter net income rose 30 percent to $1,400,000, or basic earnings
per share of six cents, from $1,080,000 or basic earnings per share of five
cents for the comparable period of 1998. Revenues were up 10 percent for the
quarter, to $26.4 million from $24.1 million in last year's second quarter.
Net income increased 35 percent for the first half, to $2,703,000 or basic
earnings per share of 12 cents, from $1,998,000 or basic earnings per share of
nine cents, for the comparable six-month period of the prior year. Sales
revenue for the first half rose 14 percent, to $52.5 million from
$46.0 million in the same period last year.
Cade's president, Richard A. Lund, said, "These results, our 14th
consecutive quarter of earnings growth, reflect a flow of new orders, a
growing backlog, our increasingly diverse range of products and a strong,
loyal customer base. Backlog at the end of the quarter exceeded $80 million,
not including overhaul and repair, which constitutes approximately 24 percent
of Cade's revenue.
"Cade is on track to meet our projection of a 25 percent gain in earnings
for 1999, on a 10 to 15 percent increase in revenue. Our ambitious growth
strategy includes further penetration of international markets, expansion of
aftermarket services and pursuit of suitable acquisitions," Lund concluded. |
