Ceradyne Reports Preliminary 2002 Results
January 13, 2003
Ceradyne, Inc. recently announced preliminary results for the fourth quarter and year ended December 31, 2002. Fourth quarter sales were a record $17.6 million, a 45% increase from $12.1 million in the fourth quarter of 2001. New orders exceeded $25 million, also a quarterly record, rising more than 67% from the $15 million of new orders in the fourth quarter of 2001. For the year 2002, sales reached a record $61.2 million, 35% higher than the $45.3 million for 2001. New orders also hit a record $69.2 million, a 51% increase from $45.8 million in 2001. Backlog at the end of 2002 was a record $35.7 million, including $1.4 million of unexercised options, an increase of 28% over the year-end 2001 backlog of $28 million, which included $1.7 million of unexercised options. "The record backlog and anticipated customer requirements indicate continued sales growth in 2003, but management will also be focused on improving our operating margins through increased productivity, quality yields and certain high-volume efficiencies," said Joel Moskowitz, chief executive officer.
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