Ceradyne Reports Financial Results
August 1, 2005
Ceradyne, Inc. recently reported its financial results for the second quarter and six months ended June 30, 2005, including record sales, net income, new orders and backlog, and continued improvement in gross margins. Sales for the second quarter of 2005 rose to a record of $89.9 million, up from $39.2 million in the second quarter of 2004. Net income for the second quarter of 2005 increased to a record $11.4 million, or 46 cents per diluted share. This compares to net income of $6.5 million, or 26 cents per diluted share, in the second quarter of 2004. Operations of the 2004 acquisition of ESK Ceramics, which have been consolidated since September 1, 2004, contributed $28.1 million to second quarter 2005 sales. Gross profit margin increased to 36.2% of net sales in the second quarter 2005 vs. 34.1% of net sales in the second quarter 2004. Sales for the six months ended June 30, 2005 reached a record $159.7 million, up from $75.9 million in the comparable period last year. Net income for the first six months of 2005 increased to a record $17.4 million, or 70 cents per diluted share, from $11.5 million, or 47 cents per diluted share, for the first six months in 2004.