Ceradyne Inc. Reports 1999 Fourth Quarter and Year End Results.Business Editors 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.--(BUSINESS WIRE)--Feb. 24, 2000 Ceradyne Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CRDN CRDN Certified Restoration Drycleaning Network ) reported net income of $658,000 or $.08 per share 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. and basic for the quarter ended December 31, 1999 compared to a net loss of $571,000 or $.07 per share diluted and basic in the comparable prior year period. The 1999 fourth quarter sales increased 42% to $8,936,000 from 1998's fourth quarter sales of $6,305,000. For the year ended December 31, 1999, net income increased to $1,603,000 or $.20 per share diluted and basic from $282,000 or $.04 per share diluted and basic for 1998. For the year ended December 31, 1999, sales increased 16% to $30,382,000 from 1998's sales of $26,279,000. New bookings for the year ended December 31, 1999 were a record $37.6 million resulting in a book to bill ratio of 1.23 for the year, compared to 1998's new bookings of $27.1 million. Order backlog as of December 31, 1999 was $23.7 million (including options of $2.6 million) compared to the December 31, 1998 backlog of $17.1 million (including options of $3.1 million). Commenting on the results, Joel Moskowitz, Chairman, President and Chief Executive Officer of Ceradyne Inc., said: "The 1999 fourth quarter and full year 1999 results were particularly encouraging as they were achieved on diversified diversified (di·verˑ·s products which have multi-year continuity and visibility. Our major armor program is a six year indefinite quantity Noun 1. indefinite quantity - an estimated quantity quantity, measure, amount - how much there is or how many there are of something that you can quantify contract through 2004, our exclusive orthodontic orthodontic (ôr´th  dän´tik),adj ceramic bracket In programming, brackets (the [ and ] characters) are used to enclose numbers and subscripts. For example, in the C statement int menustart [4] = ; the [4] indicates the number of elements in the array, and the contents are enclosed in curly braces. (Clarity(TM)) agreement with 3M Unitek continues at least through 2007, and our ceramic components for diesel engine valve trains Valve train The valves and valve-operating mechanism by which an internal combustion engine takes air or fuel-air mixture into the cylinders and discharges combustion products to the exhaust. is projected to be a seven year program. Ceradyne's record new orders of $37.6 million in 1999 and a 1.23 book to bill ratio at the end of 1999 support our expectation of continuing strong growth in 2000 and beyond. Furthermore, 1999 saw significantly increased focus on new product research through four Small Business Innovation Research (SBIR SBIR Small Business Innovation Research (program/grant) SBIR Space Based Infra-Red SBIR Speaker-Boundary Interference SBIR Site Backsurface-referenced Ideal Plane/Range (silicon wafers) ) awards which the Company believes will increase its new product pipeline." Ceradyne develops, manufactures and markets advanced technical ceramics for industrial, electronic, defense and consumer applications. Additional information can be found at the Company's Web site: www.ceradyne.com. Below is a summary of unaudited comparative results. Amounts in thousands except for share data.
Three Months Ended Twelve Months Ended
December 31, December 31,
1999 1998 1999 1998
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(Unaudited) (Unaudited) (Unaudited) (Audited)
Sales $ 8,936 $ 6,305 $ 30,382 $ 26,279
Net income $ 658 $ (571) $ 1,603 $ 282
Diluted/basic
net income/share $ .08 $ (.07) $ .20 $ .04
Avg shares
outstanding 8,221 8,067 8,189 8,068
Condensed Consolidated Balance Sheet (in thousands)
December 31, 1999 December 31, 1998
(Unaudited) (Audited)
Cash and Cash Equivalents $ 1,408 $ 2,870
Other Current Assets 16,940 13,969
Net Property, Plant and Equipment 10,992 8,857
Other Assets 3,606 3,797
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Total Assets $ 32,946 $ 29,493
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Current Liabilities $ 3,219 $ 1,871
Long Term Debt 358 --
Deferred Revenue 270 270
Stockholders' Equity 29,099 27,352
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Total Liabilities and
Stockholders' Equity $ 32,946 $ 29,493
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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 involve risks and uncertainties that could cause actual results to differ materially. These 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, 1998, as filed with the Securities and Exchange Commission. |
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