Ceradyne, Inc. Receives $7.3 Million ESAPI Order
COSTA MESA, Calif.--May 21 2009 --Ceradyne, Inc. (NASDAQ:CRDN) received a $7.3 million ESAPI (Enhanced Small Arms Protective Inserts) order scheduled to be delivered in the third quarter of 2009. This order is a delivery order issued by the Defense Supply Center Philadelphia against a larger ID/IQ (Indefinite Delivery/Indefinite Quantity) three-year contract issued in December 2007. Ceradyne’s practice is to only book firm delivery orders such as the above $7.3 million as backlog for scheduled delivery.
David P. Reed, Ceradyne President North American Operations, commented: “We are very pleased to have received this order and believe we will continue to ship this ESAPI product on time with the high standards of quality required. Based on non-binding conversations with the government, we believe that there will be additional delivery orders against the blanket ID/IQ contract this year.”
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, this press release contains forward-looking statements regarding future events and the future performance of Ceradyne that involve risks and uncertainties that could cause actual results to differ materially from those projected. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions are intended to identify forward-looking statements. These risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, and its Quarterly Reports on Form 10-Q, as filed with the U.S. Securities and Exchange Commission.
Contacts Ceradyne, Inc.David P. ReedPresident, North American Operations714-549-0421, x8245orSilverman Heller AssociatesPhil Bourdillon/Gene Heller310-208-2550
Research defense stocks with the global defense stocks directory at Investorideas.com
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http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
Showing posts with label Ceradyne. Show all posts
Showing posts with label Ceradyne. Show all posts
Friday, May 22, 2009
Tuesday, April 28, 2009
Defense Stock News - Ceradyne, Inc. Reports First-Quarter 2009 Financial Results
Defense Stock News - Ceradyne, Inc. Reports First-Quarter 2009 Financial Results
COSTA MESA, Calif.--April 28 --Ceradyne, Inc. (Nasdaq: CRDN) today reported lower than anticipated financial results for the first quarter ended March 31, 2009. The Company noted that despite the disappointing first quarter, it currently expects that full-year 2009 results will fall within previously announced guidance regarding sales and earnings per share.
Sales for first-quarter 2009 were $99.8 million, compared with $188.5 million in first-quarter 2008. Net income for first-quarter 2009 decreased to $0.7 million, or $0.03 per fully diluted share, compared to $32.4 million, or $1.18 per fully diluted share, in first-quarter 2008. These results include pre-tax non-cash interest expense of $1.0 million and $0.9 million for the first quarter of 2009 and 2008, respectively, due to the change in accounting for convertible debt which reduced earnings per share by $.02 in each quarter. Fully diluted average shares outstanding for first-quarter 2009 were 26,033,194 compared to 27,406,500 in the same period in 2008.
Gross profit margin was 23.0% of net sales in first-quarter 2009, compared to 37.9% in first-quarter 2008. The provision for income taxes was 39.8% in first-quarter 2009, compared to 36.2% in first-quarter 2008.
New orders for first-quarter 2009 were $150.7 million, compared to $211.8 million for the same period last year. Total order backlog as of March 31, 2009 was $177.2 million, compared to $262.7 million at March 31, 2008.
Joel P. Moskowitz, Ceradyne president and chief executive officer, commented: “Although we had stated and continue to believe that the first quarter of 2009 would be the weakest quarter of the year, nonetheless, we were disappointed in the above reported results and are taking actions to reduce our current operating costs without affecting our future operations, which will be dependent on increasing solar energy related business, new product introductions as well as opportunities in our current business lines, such as military ballistic protection, and newer industrial applications particularly related to oil drilling using our advanced technical ceramics.
“Over the past 15 months, we have reduced our headcount in the United States by approximately 592, or 33%. The bulk of the reductions have been in our California and Kentucky operations, primarily related to military ceramic body armor as well as certain non-defense areas such as automobile/diesel.
“In Europe, where we have seen further reductions in our industrial ceramic business, we have been reducing our costs and will continue to do so throughout 2009. An example of this includes ‘short work weeks’ at ESK Ceramics utilizing German and French government subsidies. We are also in the process of evaluating more permanent headcount reductions as well as the closure of a manufacturing facility.
“Our strong cash position and balance sheet will allow us to continue our previously announced $22 million expansion of our photovoltaic solar cell related ceramic crucible capacity in China, as well as maintaining our R&D activities in Germany and the U.S. We also are continuing our efforts to identify and implement appropriate acquisitions in both defense and non-defense markets.
“On March 31st, we received our first XSAPI production delivery order of approximately $77 million issued against the $2.37 billion 5-year ID/IQ (Indefinite Delivery/Indefinite Quantity) award announced earlier in October 2008. We began shipping this XSAPI delivery order this month and expect to complete shipments this year.
“In February, we had provided 2009 guidance of a sales range of $465 million to $500 million with earnings of $1.60 to $2.00 per fully diluted share. Although the XSAPI order was issued later than originally anticipated with as yet no additional side plate (‘X’ threat) releases, and despite the downturn in our European industrial advanced technical ceramic markets, at this time we continue to reiterate our February guidance with a higher probability of being at the low end of the range for all of 2009.
“Our management is focused on the challenges of the global economic downturn. Our plan is to continue to ‘tighten our belt’ without compromising our strategic goals and emerge from this recession as a more efficient company. Our strong balance sheet and positive cash flow of $10.5 million in the first quarter of 2009 will provide the financial wherewithal to carry out our plans.”
Ceradyne will host a conference call today at 8:00 a.m. PDT (11:00 a.m. EDT) to review the financial results for the quarter ended March 31, 2009. To participate in the teleconference, please call toll free 877-717-3046 (or 706-634-6364 for international callers). Investors or other interested parties may listen to the teleconference live via the Internet at www.ceradyne.com or www.earnings.com. These web sites will also host an archive of the teleconference. A telephonic playback will be available beginning at 11:00 a.m. PDT today through 9:00 p.m. PDT on April 30, 2009. The playback can be accessed by calling 800-642-1687 (or 706-645-9291 for international callers) and providing Conference ID 96359101.
Ceradyne develops, manufactures and markets advanced technical ceramic products and components for defense, industrial, automotive/diesel and commercial applications. Additional information can be found at the Company’s web site: www.ceradyne.com.
Except for the historical information contained herein, this press release contains forward-looking statements regarding future events and the future performance of Ceradyne that involve risks and uncertainties that could cause actual results to differ materially from those projected. Words such as "anticipates," "believes," "plans," "expects," "intends," "future," and similar expressions are intended to identify forward-looking statements. These risks and uncertainties are described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008, and its Quarterly Reports on Form 10-Q, as filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date thereof.
Full news and financial tables - www.ceradyne.com.
Ceradyne, Inc.Jerrold J. PellizzonChief Financial Officer(714) 549-0421orSilverman Heller AssociatesPhil Bourdillon/Gene Heller(310) 208-2550
Research defense stocks with the global defense stocks directory at Investorideas.com
click here:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
COSTA MESA, Calif.--April 28 --Ceradyne, Inc. (Nasdaq: CRDN) today reported lower than anticipated financial results for the first quarter ended March 31, 2009. The Company noted that despite the disappointing first quarter, it currently expects that full-year 2009 results will fall within previously announced guidance regarding sales and earnings per share.
Sales for first-quarter 2009 were $99.8 million, compared with $188.5 million in first-quarter 2008. Net income for first-quarter 2009 decreased to $0.7 million, or $0.03 per fully diluted share, compared to $32.4 million, or $1.18 per fully diluted share, in first-quarter 2008. These results include pre-tax non-cash interest expense of $1.0 million and $0.9 million for the first quarter of 2009 and 2008, respectively, due to the change in accounting for convertible debt which reduced earnings per share by $.02 in each quarter. Fully diluted average shares outstanding for first-quarter 2009 were 26,033,194 compared to 27,406,500 in the same period in 2008.
Gross profit margin was 23.0% of net sales in first-quarter 2009, compared to 37.9% in first-quarter 2008. The provision for income taxes was 39.8% in first-quarter 2009, compared to 36.2% in first-quarter 2008.
New orders for first-quarter 2009 were $150.7 million, compared to $211.8 million for the same period last year. Total order backlog as of March 31, 2009 was $177.2 million, compared to $262.7 million at March 31, 2008.
Joel P. Moskowitz, Ceradyne president and chief executive officer, commented: “Although we had stated and continue to believe that the first quarter of 2009 would be the weakest quarter of the year, nonetheless, we were disappointed in the above reported results and are taking actions to reduce our current operating costs without affecting our future operations, which will be dependent on increasing solar energy related business, new product introductions as well as opportunities in our current business lines, such as military ballistic protection, and newer industrial applications particularly related to oil drilling using our advanced technical ceramics.
“Over the past 15 months, we have reduced our headcount in the United States by approximately 592, or 33%. The bulk of the reductions have been in our California and Kentucky operations, primarily related to military ceramic body armor as well as certain non-defense areas such as automobile/diesel.
“In Europe, where we have seen further reductions in our industrial ceramic business, we have been reducing our costs and will continue to do so throughout 2009. An example of this includes ‘short work weeks’ at ESK Ceramics utilizing German and French government subsidies. We are also in the process of evaluating more permanent headcount reductions as well as the closure of a manufacturing facility.
“Our strong cash position and balance sheet will allow us to continue our previously announced $22 million expansion of our photovoltaic solar cell related ceramic crucible capacity in China, as well as maintaining our R&D activities in Germany and the U.S. We also are continuing our efforts to identify and implement appropriate acquisitions in both defense and non-defense markets.
“On March 31st, we received our first XSAPI production delivery order of approximately $77 million issued against the $2.37 billion 5-year ID/IQ (Indefinite Delivery/Indefinite Quantity) award announced earlier in October 2008. We began shipping this XSAPI delivery order this month and expect to complete shipments this year.
“In February, we had provided 2009 guidance of a sales range of $465 million to $500 million with earnings of $1.60 to $2.00 per fully diluted share. Although the XSAPI order was issued later than originally anticipated with as yet no additional side plate (‘X’ threat) releases, and despite the downturn in our European industrial advanced technical ceramic markets, at this time we continue to reiterate our February guidance with a higher probability of being at the low end of the range for all of 2009.
“Our management is focused on the challenges of the global economic downturn. Our plan is to continue to ‘tighten our belt’ without compromising our strategic goals and emerge from this recession as a more efficient company. Our strong balance sheet and positive cash flow of $10.5 million in the first quarter of 2009 will provide the financial wherewithal to carry out our plans.”
Ceradyne will host a conference call today at 8:00 a.m. PDT (11:00 a.m. EDT) to review the financial results for the quarter ended March 31, 2009. To participate in the teleconference, please call toll free 877-717-3046 (or 706-634-6364 for international callers). Investors or other interested parties may listen to the teleconference live via the Internet at www.ceradyne.com or www.earnings.com. These web sites will also host an archive of the teleconference. A telephonic playback will be available beginning at 11:00 a.m. PDT today through 9:00 p.m. PDT on April 30, 2009. The playback can be accessed by calling 800-642-1687 (or 706-645-9291 for international callers) and providing Conference ID 96359101.
Ceradyne develops, manufactures and markets advanced technical ceramic products and components for defense, industrial, automotive/diesel and commercial applications. Additional information can be found at the Company’s web site: www.ceradyne.com.
Except for the historical information contained herein, this press release contains forward-looking statements regarding future events and the future performance of Ceradyne that involve risks and uncertainties that could cause actual results to differ materially from those projected. Words such as "anticipates," "believes," "plans," "expects," "intends," "future," and similar expressions are intended to identify forward-looking statements. These risks and uncertainties are described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008, and its Quarterly Reports on Form 10-Q, as filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date thereof.
Full news and financial tables - www.ceradyne.com.
Ceradyne, Inc.Jerrold J. PellizzonChief Financial Officer(714) 549-0421orSilverman Heller AssociatesPhil Bourdillon/Gene Heller(310) 208-2550
Research defense stocks with the global defense stocks directory at Investorideas.com
click here:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
Tuesday, March 31, 2009
Ceradyne, Inc. Receives $77 Million XSAPI Body Armor Order
Ceradyne, Inc. Receives $77 Million XSAPI Body Armor Order
COSTA MESA, Calif.---Ceradyne, Inc. (NASDAQ:CRDN) announced that it has received a delivery order for approximately $77 million for XSAPI ceramic body armor plates. Ceradyne will begin shipping this XSAPI production release in the second quarter of 2009 and expects to complete the order in the fourth quarter of 2009. The release was issued under the $2.37 billion five- year ID/IQ (Indefinite Delivery/Indefinite Quantity) contract announced earlier in October 2008. The Company also announced it has successfully completed all First Article Testing and associated lot testing on its related ESAPI and XSAPI designs.
This approximately $77 million initial XSAPI production order replaces the $73 million XSAPI production order announced by Ceradyne on October 9, 2008; that order was subsequently withdrawn when a competitor protested the award.
As is Ceradyne’s policy, we book as orders only actual releases with firm delivery dates. Therefore, this release of approximately $77 million will become part of our backlog and not the $2.37 billion five-year ID/IQ contract.
David P. Reed, Ceradyne President North American Operations, commented: “We are extremely pleased to have been awarded this XSAPI contract. Although it was delayed, we intend to ship this release in its entirety in calendar 2009. Our large installed industrial base should allow us to provide the Army its XSAPI requirements with on-time deliveries and high quality. We believe that our track record on ESAPI and our vertically integrated strategy; i.e., from powder to final product, has been instrumental in our winning over 70% of the government’s needs.
“This new armor system was designed by Ceradyne’s extensive ceramic, polymer and ballistic research team here in Costa Mesa and Irvine, California. The XSAPI design is the most robust ballistic protection available to our American fighting men and women. It not only stops the most lethal ‘X’ ballistic threats, but also defeats other threats that the former ESAPI and SAPI systems were designed to address as well.”
Reed further commented: “During the balance of 2009, our engineers and senior staff will be working with the military to more clearly define battlefield threats and deployment plans through the year 2013.”
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, this press release contains forward-looking statements regarding future events and the future performance of Ceradyne that involve risks and uncertainties that could cause actual results to differ materially from those projected. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions are intended to identify forward-looking statements. These risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, and its Quarterly Reports on Form 10-Q, as filed with the U.S. Securities and Exchange Commission.
Contacts Ceradyne, Inc.David Reed, President North American Operations714-549-0421, x8245orSilverman Heller AssociatesPhil Bourdillon/Gene Heller, 310-208-2550
COSTA MESA, Calif.---Ceradyne, Inc. (NASDAQ:CRDN) announced that it has received a delivery order for approximately $77 million for XSAPI ceramic body armor plates. Ceradyne will begin shipping this XSAPI production release in the second quarter of 2009 and expects to complete the order in the fourth quarter of 2009. The release was issued under the $2.37 billion five- year ID/IQ (Indefinite Delivery/Indefinite Quantity) contract announced earlier in October 2008. The Company also announced it has successfully completed all First Article Testing and associated lot testing on its related ESAPI and XSAPI designs.
This approximately $77 million initial XSAPI production order replaces the $73 million XSAPI production order announced by Ceradyne on October 9, 2008; that order was subsequently withdrawn when a competitor protested the award.
As is Ceradyne’s policy, we book as orders only actual releases with firm delivery dates. Therefore, this release of approximately $77 million will become part of our backlog and not the $2.37 billion five-year ID/IQ contract.
David P. Reed, Ceradyne President North American Operations, commented: “We are extremely pleased to have been awarded this XSAPI contract. Although it was delayed, we intend to ship this release in its entirety in calendar 2009. Our large installed industrial base should allow us to provide the Army its XSAPI requirements with on-time deliveries and high quality. We believe that our track record on ESAPI and our vertically integrated strategy; i.e., from powder to final product, has been instrumental in our winning over 70% of the government’s needs.
“This new armor system was designed by Ceradyne’s extensive ceramic, polymer and ballistic research team here in Costa Mesa and Irvine, California. The XSAPI design is the most robust ballistic protection available to our American fighting men and women. It not only stops the most lethal ‘X’ ballistic threats, but also defeats other threats that the former ESAPI and SAPI systems were designed to address as well.”
Reed further commented: “During the balance of 2009, our engineers and senior staff will be working with the military to more clearly define battlefield threats and deployment plans through the year 2013.”
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, this press release contains forward-looking statements regarding future events and the future performance of Ceradyne that involve risks and uncertainties that could cause actual results to differ materially from those projected. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions are intended to identify forward-looking statements. These risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, and its Quarterly Reports on Form 10-Q, as filed with the U.S. Securities and Exchange Commission.
Contacts Ceradyne, Inc.David Reed, President North American Operations714-549-0421, x8245orSilverman Heller AssociatesPhil Bourdillon/Gene Heller, 310-208-2550
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