Ceramic Industry News

CoorsTek Announces Record Revenue And Earnings In 2000

CoorsTek, Inc. achieved record revenue of $539.7 million for the 12 months ending December 31, 2000, 48% greater than in 1999, and record operating income of $58.0 million, 55% greater than the prior year.

CoorsTek, Inc. achieved record revenue of $539.7 million for the twelve months ending December 31, 2000, 48% greater than in 1999, and record operating income of $58.0 million, 55% greater than the prior year. Income before extraordinary item equaled $27.2 million, or $3.08 per diluted share in 2000, versus $20.1 million, or $2.81 per diluted share in 1999. Including an extraordinary charge of 10 cents per diluted share taken during the third quarter of 2000, CoorsTek earned $2.98 per diluted share. This charge related to the early extinguishment of debt subsequent to receiving $123 million of net proceeds from the sale of 3.25 million shares in a follow-on offering. For the three-month period ending December 31, 2000, CoorsTek earned revenue of $154.9 million, 58% greater than in 1999, and operating income of $15.8 million, 128% greater than the prior year. Net income equaled $8.6 million, or 81 cents per diluted share in 2000, versus 46 cents per diluted share in 1999.

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