Monday July 30, 6:48 pm ET
EDAC Technologies Again Reports Record Quarterly Operating Profit and Their Highest Quarterly Sales in Eight Years
biz.yahoo.com
FARMINGTON, Conn., July 30 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation, a designer and manufacturer of tools, fixtures, jet engine components, injection molds and spindles, today reported results for the second quarter of 2007.
Sales for the second quarter of 2007 were $12,467,000 and net income was $820,000 or $0.17 per diluted share, versus sales of $9,581,000 and net income of $414,000 or $0.09 per diluted share for the second quarter of 2006. Income from operations increased to $1,466,000 in 2007 from $794,000 in 2006. The second quarter of 2006 included costs of $116,000 which were not incurred in the second quarter of 2007 and consisted primarily of costs associated with expansion of our manufacturing capacity by approximately 24,000 square feet and bonus expense.
For the six months ended June 30, 2007, sales were $24,783,000 and net income was $1,601,000 or $0.33 per diluted share versus sales of $19,176,000 and net income of $707,000 or $0.15 per diluted share for the six months ended July 1, 2006. Selling, general and administrative expenses for the six months ended July 1, 2006 include $342,000 of costs which were not incurred in the six months ended June 30, 2007 and consisted primarily of plant reconditioning and moving expenses, professional fees and bonuses.
Dominick A. Pagano, President and Chief Executive Officer, said, "We are very pleased with the continued strong results. Our operating profit for the second quarter was the highest in our history. Total backlog remains strong at $31,500,000. Our second quarter sales were our highest quarterly sales in eight years. Sales increased by $2,901,000 in our Precision Aerospace product line for the second quarter 2007 compared to the second quarter 2006. Our 2007 capital plan includes over $3.7 million in machinery and equipment additions to increase productivity and production capacity. Through the second quarter we have invested over $1,139,000 in machinery and equipment and have made commitments for an additional $1 million. We are also very pleased to have returned to the NASDAQ Stock Exchange on May 31, 2007. We will continue to make investments and pursue opportunities that will position us for future growth and strengthen EDAC for the long term."
About EDAC Technologies Corporation
EDAC Technologies Corporation is a diversified manufacturing company primarily offering (i) design and manufacturing services for the aerospace industry in such areas as jet engine parts, special tooling, equipment, gauges and components used in the manufacture, assembly and inspection of jet engines (ii) high-precision fixtures, gauges, dies and molds and (iii) the design, manufacture and repair of precision spindles, which are an integral part of numerous machine tools found in virtually every manufacturing environment.
 |
