CERADYNE INC. ANNOUNCES RESULTS FOR THIRD QUARTER
CERADYNE INC. ANNOUNCES RESULTS FOR THIRD QUARTER COSTA MESA, Calif., Oct. 22 /PRNewswire/ -- Ceradyne Inc.
(NASDAQ: CRDN) announces results for the third quarter of 1992.
For the quarter ended Sept. 30, 1992, sales were $4,730,000, compared to $5,176,000 a year ago. The company incurred a net loss of ($494,000) or ($.08) per share in the current quarter, compared with a net loss of ($246,000) or ($.04) per share in the comparable prior year period. For the first nine months of 1992, sales were $13,944,000, compared to $16,884,000 a year ago. Net loss for the first nine months of 1992 was ($1,573,000) or ($.26) per share, vs. a net loss of ($167,000) or ($.03) per share in the comparable prior year period. The reduced level of shipments was the principal cause of the lower financial results. Lower defense orders, coupled with a reduction in orders for industrial products serving markets that have been severely impacted by the recession, outweighed profits in the company's Semicon and Thermo Materials Divisions. Management continues to focus on: (1) improving markets for its structural ceramics, ceramic cathodes for television and cathode ray tubes, (2) increasing its global marketing program, and (3) continuing its cost reduction efforts. The substantial reduction in custom weapons system components will continue to put pressure on the company's operating results. Below is an unaudited summary of comparative results: CERADYNE INC. Financial Highlights Three Months Ended Nine Months Ended Sept. 30, Sept. 30, 1992 1991 1992 1991 Sales $4,730,000 $5,176,000 $13,944,000 $16,884,000 Net (loss) income ($494,000) ($246,000) ($1,573,000) ($167,000) Net (loss) income per share ($.08) ($.04) ($.26) ($.03) Average shares 6,139,000 6,087,000 6,129,000 6,199,000 -0- 10/22/92 /CONTACT: James F. Gardner, CFO of Ceradyne, 714-549-0421/ (CRDN) CO: Ceradyne Inc. ST: California IN: SU: ERN
LS-JB -- LA027 -- 3793 10/22/92 15:53 EDT
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|Date:||Oct 22, 1992|
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