CRDN Gives Preliminary Qrtrly report...WOW, a great performance story.
Ceradyne, Inc. Announces Preliminary Results for Third-Quarter 2003; Record Sales, Orders, Backlog for Quarter, Nine Months
COSTA MESA, Calif., Oct 8, 2003 (BUSINESS WIRE) -- Ceradyne, Inc. (Nasdaq: CRDN)
announced preliminary record results for third-quarter and nine months ended
September 30, 2003.
Sales for the quarter almost doubled to a record $27 million, compared to $14.3
million a year ago. Nine-month sales totaled a record $68 million, versus $43.6
million in 2002. Bookings, or new orders, for the quarter increased 225% to a
record $52 million from $16 million in third-quarter 2002. Nine-month bookings
stand at a record $100 million, compared to $44.1 million for the same period in
2002.
Third-quarter sales surpassed analysts' consensus estimate of $22 million, as
reported by Thomson First Call, and earnings are expected to exceed the
consensus estimate of 21 cents per share.
Joel Moskowitz, Ceradyne chief executive officer, remarked: "Bookings continued
at high levels, and, despite record shipments during the period, quarter-end
backlog grew to more than $67 million, another Company record, compared to a
backlog of $28.2 million a year ago.
"Furthermore, we are completing the acquisition of a 115,000 square-foot
manufacturing plant situated on approximately six acres in Lexington, Kentucky,
for $2.4 million," Moskowitz continued. "The purchase of this new facility came
in under budget and is on plan to meet rising long-term demand for diesel engine
components and other silicon nitride parts. The new plant is also expected to
generate better margins, partly because of significantly lower energy costs."
Final results for third quarter are expected to be released before the market
opens on Wednesday, October 29, 2003, with the Company's quarterly
teleconference expected to follow at 8 a.m. Pacific (11 a.m. Eastern) that same
day.
Ceradyne develops, manufactures and markets advanced technical ceramic products
and components for defense, industrial, automotive/diesel and commercial
applications. Additional information about the Company can be found at
www.ceradyne.com.
Except for the historical information contained herein, certain matters
discussed in this news release constitute forward-looking statements that
involve risks and uncertainties that could cause actual results to differ
materially from those projected. The Company may use words such as
"anticipates," "believes," "plans," "expects," "intends," "future," and similar
expressions to identify forward-looking statements. These risks and
uncertainties are described in the Company's prospectus dated July 1, 2003, as
filed with the Securities and Exchange Commission.
SOURCE: Ceradyne, Inc.
CONTACT: Ceradyne, Inc.
Jerrold J. Pellizzon, 714-549-0421, x-262
jpellizzon@ceradyne.com |
