August 13, 2001
EDAC TECHNOLOGIES CORP (EDAC.OB)
Quarterly Report (SEC form 10-Q)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The Company earned $184,570 or $0.04 per basic and diluted share for the three months ended June 30, 2001. This is the third consecutive quarter of profitable results. In the second quarter the Company incurred costs associated with the terminated sale of its Engineered Precision Components division of $361,000, net of $90,000 of related income tax. (See Note A) Without this cost, the Company would have earned $545,570 or $0.12 per diluted share and $0.13 per basic share. The net income and earnings per share amounts adjusted as though the Company had not incurred the cost associated with the sale and as if the Company had not incurred any extraordinary gain are as follows:
Three Six
months ended months ended
June 30, 2001 June 30, 2001
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Net income $ 184,570 $ 3,656,222
Extraordinary gain - (2,822,234)
Sale costs 361,000 361,000
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Net income adjusted $ 545,570 $ 1,194,988
Basic per common share data:
Net income $ 0.04 $ 0.85
Extraordinary gain - (0.65)
Sale costs 0.09 0.08
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Net income adjusted $ 0.13 $ 0.28
Diluted per common share data:
Net income $ 0.04 $ 0.80
Extraordinary gain - (0.62)
Sale costs 0.08 0.08
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Net income adjusted $ 0.12 $ 0.26 |
