Ceradyne, Inc. recently reported its results for the fourth quarter and 12 months ended December 31, 2002. Fourth quarter sales increased 45% to a record $17.6 million compared to $12.1 million in the prior year quarter. Net income for the quarter was $938,000, or $0.11 per diluted share, compared to $925,000, or $0.10 per diluted share, for the year-ago quarter. Net income for fourth-quarter 2001 was positively affected by a $226,000 income tax adjustment, or $0.03 per share. Pre-tax income increased 106% to $1,443,000 from the 2001 comparable quarter of $699,000. For the year ended December 31, 2002, sales increased 35% to a record $61.2 million compared to $45.3 million in 2001. Net income was $2.7 million, or $0.31 per diluted share, in the year 2002, compared to $4.0 million, or $0.46 per diluted share, in the prior year. Pre-tax income for 2002 was $4,132,000 compared to $4,837,000 in 2001. A warranty reserve established in the second quarter of 2002 negatively impacted the full year 2002 pre-tax income by $650,000.
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