Ceradyne Inc. Reports Second-Quarter and Six-Months 2001 Financial 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)--July 26, 2001 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 sales and earnings for the second quarter and six months ended June June: see month. 30, 2001. Sales for the quarter were $11.1 million compared to $11.7 million in the prior-year second quarter. Net income was $1.3 million, or $0.15 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, compared to $1.3 million, or $0.16 per diluted share, for the comparable 2000 quarter. Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income increased 14% to $1.6 million from $1.4 million in the second quarter 2000. Sales for the six-month period were $23.1 million compared to $22.8 million in the comparable prior-year period. Net income was $2.4 million, or $0.28 per diluted share, compared to the prior year's $2.5 million, or $0.30 per diluted share. Income before provision for taxes for the six months ended June 30, 2001, rose 28% to a record $3.3 million from $2.5 million in the year-ago period. Provision for taxes for the first six months of 2001 was 25% compared to 2% for the same period in 2000. Per share income for the quarter and six months 2001 reflect increased average shares outstanding compared to the comparable 2000 periods. New bookings for the second quarter were $8.9 million compared to $12.5 million in the year-earlier quarter. For the six months ended June 30, 2001, new bookings were $19.2 million compared to $22.8 million for the comparable 2000 period. Total 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. as of June 30, 2001, was $24.2 million (including options of $2.1 million) compared to June 30, 2000, backlog of $23.8 million (including options of $2.6 million). Commented Joel P. Moskowitz, Ceradyne's president and chief executive officer: "We continue to project the balance of 2001 to be positive with sales and earnings at the current level or higher as the year progresses. The three product areas leading the company's growth are 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). armor, "Clarity(TM)" orthodontic orthodontic (ôr´th  dän´tik),adj ceramic brackets brackets: see punctuation. , and Ceradyne's silicon nitride (Si3N4) A silicon compound capable of holding a static electric charge and used as a gate element on some MOS transistors. product line for diesel engines and industrial applications. "Weakness in the company's Thermo Materials operation put pressure on the second-quarter sales and earnings, but is expected to improve in the third quarter due to anticipated missile ceramic radome business." Moskowitz added, "The increase in the company's gross profit is due to a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. product mix in Advanced Ceramic Operations and higher productivity and quality levels at its Semicon Associates Division. "The recent announcement of the opening of our Detroit office managed by Mr. Michael Kurilla is further evidence of the company's commitment to the use of 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. in the auto and diesel markets," Moskowitz continued. Moskowitz also stated: "The $2.5 million expansion of our Costa Mesa, Calif., Advanced Ceramic Operations is continuing on schedule with a planned August completion date. The company is funding this expansion from internally generated funds." Ceradyne develops, manufactures and markets advanced technical ceramics 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, 2000, as filed with the Securities and Exchange Commission.
CERADYNE INC.
Summary of unaudited comparative results
(Amounts in thousands except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2001 2000 2001 2000
NET SALES $11,137 $11,699 $23,086 $22,847
Cost of product sales 7,844 8,535 15,998 16,798
GROSS PROFIT 3,293 3,164 7,088 6,049
Operating expenses:
Selling 540 397 1,058 753
General and administrative 1,201 1,082 2,466 2,229
Research and development 89 350 536 619
1,830 1,829 4,060 3,601
INCOME FROM OPERATIONS 1,463 1,335 3,028 2,448
Other income (expense):
Other income 106 40 247 115
Interest (expense) (7) (9) (14) (18)
99 31 233 97
INCOME BEFORE PROVISION
FOR INCOME TAXES 1,562 1,366 3,261 2,545
Provision for income taxes 305 28 815 51
NET INCOME $ 1,257 $ 1,338 $ 2,446 $ 2,494
Earnings per share, basic $ 0.15 $ 0.16 $ 0.29 $ 0.31
Earnings per share, diluted $ 0.15 $ 0.16 $ 0.28 $ 0.30
Avg. shares outstanding 8,668 8,377 8,642 8,326
CERADYNE INC.
Condensed Consolidated Balance Sheets
(in thousands)
June 30, 2001 Dec. 31, 2000
Cash and Cash Equivalents $ 4,054 $ 6,656
Other Current Assets 21,990 16,996
Net Property, Plant and Equipment 13,184 11,398
Other Assets 2,721 3,413
Total Assets $ 41,949 $ 38,463
Current Liabilities 3,852 3,216
Long-Term Debt 208 258
Deferred Revenue 135 --
Stockholders' Equity 37,754 34,989
Total Liabilities and Stockholders' Equity $ 41,949 $ 38,463
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