Ceradyne, Inc. Reports First Quarter 2005 Results.COSTA MESA Costa Mesa (kŏs`tə mā`sə), city (1990 pop. 96,357), Orange co., S Calif., on the Pacific south of Santa Ana; inc. 1953. It is a transportation, residential, and light industrial center. , Calif. -- Ceradyne Ceradyne, Incorporated, NASDAQ: CRDN is a Costa Mesa, California, USA, manufacturer of ceramics products traded on the NASDAQ Stock Market. Ceradyne researches and produces varieties of ballistic armor for both personnel and vehicles. , Inc. (Nasdaq:CRDN CRDN Certified Restoration Drycleaning Network ) today reported financial results for the first quarter ended March 31, 2005. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the quarter increased 90% to $69.8 million from $36.7 million in first quarter 2004. Net income for the quarter was $6.0 million, a 20% increase from $5.0 million for first quarter 2004. Earnings per share this quarter were $0.24 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share vs. $0.21 per diluted share for the comparable year-ago quarter. The earnings per share have been adjusted for the three for two stock split effective on January January: see month. 18, 2005. The tax provision combining federal and state tax rates was 38% for both first quarters ended 2005 and 2004. Operations of our recently acquired ESK ESK Esperanto-Societo Kebekia (Quebec Esperanto Society) ESK Ekonomik Sosyal Konsey ESK Eisenschweinkader (German bicycle club) ESK Electronic SWO (Staff Weather Officer) Kit Ceramics ceramics (sərăm`ĭks), materials made of nonmetallic minerals that have been permanently hardened by firing at a high temperature, or objects made of such materials. subsidiary, which have been consolidated since September 1, 2004, contributed $28.9 million to first quarter 2005 sales. New bookings for the quarter were $56.6 million compared to $34.0 million in first quarter 2004. Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at the end of the quarter was $186.7 million compared to approximately $101.4 million in first quarter 2004. Gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. was 31.4% of net sales in first quarter 2005 compared to 31.8% of net sales in first quarter 2004. Joel P. Moskowitz, Ceradyne chief executive officer, commented: "As we had stated in our press release of April 14, 2005, during the first quarter 2005, the government directed Ceradyne to convert its small arms small arms, firearms designed primarily to be carried and fired by one person and, generally, held in the hands, as distinguished from heavy arms, or artillery. Early Small Arms The first small arms came into general use at the end of the 14th cent. protective insert (SAPI (Speech API) A programming interface from Microsoft for speech recognition and synthesis. It provides a way for developers to enable their applications to receive text from and send text to voice devices. 1. ) lightweight ceramic This article is about ceramic materials. For the fine art, see Ceramic art. The word ceramic is derived from the Greek word κεραμικός (keramikos). body armor Noun 1. body armor - armor that protects the wearer's whole body body armour, cataphract, coat of mail, suit of armor, suit of armour armet - a medieval helmet with a visor and a neck guard product to a revised requirement. This significant change resulted in a delay in body armor shipments, which the Company anticipates will be made up in the balance of 2005. Ceradyne's new designs have been approved by the government and over 25,000 plates have been shipped to date and meet the new requirement while the Company continues to develop additional, improved armor designs. "Our strategy continues to be to aggressively expand production and marketing efforts in defense and armor business, to enhance corporate performance, and save American lives. We will also continue our efforts to increase our non-defense business. It is interesting to note that the 'non-armor' portion of the Company's business resulted in 69% of Q1 new bookings, which indicates expansion of our industrial and commercial applications. We believe that our lightweight ceramic armor business in 2005, as a percentage of total sales, will be approximately 50% of sales compared to approximately 59% of 2004 sales. This is projected to be accomplished with an increase in total 2005 sales of approximately 50% compared to 2004." Ceradyne will host a conference call today at 8 a.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT to discuss its 2005 first quarter results. Investors or other interested parties may listen to the teleconference live via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.ceradyne.com or www.Fulldisclosure.com. These web sites will also host an archive of the teleconference. A telephonic playback Playback could mean:
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 news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding future events and the future performance of Ceradyne that 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 include the ability of Ceradyne to successfully integrate the Ceradyne and ESK business and achieve anticipated operating synergies, and fluctuations between the value of the dollar and Euro. Other risks and uncertainties are described in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2004 as filed with the Securities and Exchange Commission. Below is a summary of unaudited comparative results. Amounts in thousands except per share data.
Three Months
Ended
March
2005 2004
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NET SALES $69,791 $36,687
Cost of product sales 47,894 25,034
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GROSS PROFIT 21,897 11,653
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Operating expenses:
Selling 4,799 711
General and administrative 4,545 2,607
Research and development 1,861 441
------- -------
11,205 3,759
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INCOME FROM OPERATIONS 10,692 7,894
Other income (expense):
Other income 364 229
Interest (expense) (1,371) -
------- -------
(1,007) 229
INCOME BEFORE PROVISION
FOR INCOME TAXES 9,685 8,123
Provision for income taxes 3,700 3,111
------- -------
NET INCOME $5,985 $5,012
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Earnings per share, basic $0.24 $0.21
Earnings per share, diluted $0.24 $0.21
Avg. shares outstanding, basic 24,494 23,911
Avg. shares outstanding, diluted 24,930 24,442
Condensed Consolidated Balance Sheets (in thousands):
March 31, December
2005 31, 2004
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Cash and Cash Equivalents $1,766 $4,521
Short Term Investments 8,864 10,041
Other Current Assets 126,501 133,435
Net Property, Plant and Equipment 158,615 162,278
Other Assets 19,361 6,079
-------- --------
Total Assets $315,107 $316,354
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Current Liabilities $55,607 $56,258
Long term debt 108,722 108,625
Non current liabilities 10,399 10,735
Deferred tax liability 5,833 5,695
Stockholders' Equity 134,546 135,041
-------- --------
Total Liabilities
and Stockholders'
Equity $315,107 $316,354
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