Ceradyne, Inc. recently reported financial results for the second quarter and six months ended June 30, 2004, including record sales, continued improvement in gross margins, and record net income. Sales for the second quarter of 2004 rose 77.4% to a record of $39.2 million from $22.1 million in the second quarter of 2003. Net income for the second quarter of 2004 increased to a record $6.5 million, or 40 cents per diluted share, which includes a $0.6 million foreign currency after-tax gain, or 4 cents per diluted share. The currency gain relates to a forward exchange contract for a portion of the pending purchase of ESK Ceramics. This compares to net income of $2.2 million, or 17 cents per diluted share, in the second quarter of 2003. Fully diluted average shares outstanding for the second quarter were 16,308,000 compared to 13,387,000 in the same period in 2003. Sales for the six months ended June 30, 2004, reached a record $75.9 million, up 83.8% from $41.3 million in the comparable period last year. Net income for the first six months of 2004 increased to a record $11.5 million, or 71 cents per diluted share, which includes a $0.6 million foreign currency gain, or 4 cents per diluted share, from $3.7 million, or 28 cents per diluted share, for the six-month period in 2003.
Additional details are available at http://www.ceradyne.com