Ceradyne Inc. Reports First Quarter 1999 Sales and Earnings.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)--May 4, 1999-- 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/NM:CRDN CRDN Certified Restoration Drycleaning Network ) Tuesday Tuesday: see week. announced financial results for the three months ended March 31, 1999. For the quarter, the company reported net income of $48,000, or $.01 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. and basic share, compared with net income of $483,000 or $.06 per diluted and basic share, in the year-ago period. Sales for the 1999 first quarter totaled $6.3 million, compared with sales of $7.3 million in the first quarter of 1998. The company attributes the lower shipments and net income for the 1999 first quarter primarily to its Advanced 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). Operations in Costa Mesa, which was adversely affected by delays in an armor program. New bookings for the first quarter were $7.3 million with shipments of $6.3 million, or a book to bill ratio of 1.16 for the quarter. For the last six months, bookings were $16.2 million, or a book to bill ratio of 1.29. Commenting on the results, Joel P. Moskowitz, chairman, president and chief executive officer of Ceradyne, said: "We continue to experience delays in our armor program, which clearly impacted our ability to generate strong sales this quarter. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that we will begin to realize revenue from our significant, new armor contract soon and that other measures we have in place will enable us to achieve improved year-over-year comparisons in the quarters ahead." Ceradyne develops, manufactures and markets advanced technical 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. for industrial, electronic, defense and consumer applications. Additional information about the company can be found at www.ceradyne.com. 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 Dec. 31, 1998, as filed with the Securities and Exchange Commission. -0-
CERADYNE INC.
Summary of Unaudited Comparative Results:
Three Months Ended
March 31,
1999 1998
Sales $6,305,000 $7,341,000
Net income $ 48,000 $ 483,000
Diluted and basic
net income per share $ .01 $ .06
Average shares outstanding 8,110,000 8,056,000
CERADYNE INC.
Consolidated Balance Sheet
March 31, 1999 Dec. 31, 1998
Unaudited Audited
Cash and Cash Equivalents $ 2,258,000 $ 2,870,000
Other Current Assets 14,511,000 14,052,000
Net Property,
Plant and Equipment 9,369,000 8,857,000
Other Assets 3,748,000 3,714,000
Total Assets $ 29,886,000 $29,493,000
Other Current Liabilities 2,284,000 1,871,000
Long Term Debt -- --
Deferred Revenue -- 270,000
Stockholders' Equity $27,400,000 $27,352,000
Total Liabilities and
Stockholders' Equity $29,886,000 $29,493,000
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