CRDN Busts all expectations and Projects a record 04!
Ceradyne Inc. Reports Preliminary Fourth-Quarter, 12-Month 2003 Results; Sales, New Orders, and Backlog Hit Record Levels for Quarter, Year
COSTA MESA, Calif. & NEW YORK, Jan 6, 2004 (BUSINESS WIRE) -- Ceradyne, Inc.
(Nasdaq: CRDN) today announced unaudited preliminary results for the fourth
quarter and year ended December 31, 2003.
Fourth-quarter 2003 sales were a record $33.0 million, an increase of 87.5% from
the $17.6 million in the fourth quarter of 2002. New orders for the fourth
quarter 2003 amounted to $69.5 million, also a record, representing an increase
of 177.2% from the $25.1 million of new orders in the fourth quarter of 2002.
For the year 2003, sales reached a record $101.3 million, 65.6% higher than the
$61.2 million for 2002. New orders also hit a record $170.0 million, a 145.8%
increase from $69.2 million in 2002.
Backlog at the end of 2003 was at a record $104.2 million, including $1.1
million of unexercised options, an increase of 192.1% over the year-end 2002
backlog of $35.7 million, which included $1.4 million of unexercised options.
For the full year 2003, the "book to bill" ratio was 1.68 to 1.
Final results for the fourth quarter and year ended December 31, 2003, are
expected to be released in February 2004.
Ceradyne Chief Executive Officer Joel Moskowitz commented: "The record sales,
new orders, and backlog for the fourth quarter and all of 2003 represent
significant achievements for Ceradyne. Although our country's urgent need for
military ceramic body armor clearly was the engine of growth for Ceradyne in
2003, other Ceradyne commercial and industrial products also contributed to the
growth picture. Of particular significance as we look towards 2004 is the record
backlog which gives us the confidence that 2004 will be another record year."
Moskowitz added: "We are continuing to invest in our manufacturing facilities
and are in the process of adding several new plants in order to meet the
anticipated 2004 demand for Ceradyne products in defense as well as commercial
and industrial markets. Our Irvine, Calif., facility is now in production of
Clarity(TM) orthodontic ceramic brackets and ceramic diesel engine components.
We are in the process of increasing our armor ceramic production capacity in
Costa Mesa, Calif., by 50%. Our new Lexington, Ky., operation is scheduled to be
in production of silicon nitride engine and industrial parts in the second half
of 2004 and we are expanding our Atlanta, Ga., operation with two plants
scheduled to be up and running in 2004 for the fabrication of ceramic missile
nose cones and crucibles used in the production of polycrystalline silicon solar
cells."
Ceradyne Chief Executive Officer Joel Moskowitz will be presenting at the
Needham & Company Growth Conference today in New York City. Mr. Moskowitz will
discuss Ceradyne's business, growth strategy, and outlook during the 30-minute
presentation scheduled for Tuesday, January 6, at 10:30 a.m. Eastern and webcast
live at www.ceradyne.com and www.wallstreetwebcasting.com/webcast/needham7/crdn The presentation will be archived for 60 days on those sites.
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 therein, certain matters
discussed in the presentation 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, and in its Quarterly Report on
Form 10-Q for the quarter ended September 30, 2003, as filed with the Securities
and Exchange Commission.
SOURCE: Ceradyne, Inc. |
