Ceradyne Reports Third Quarter 2003 Results
November 11, 2003
Ceradyne, Inc. recently reported its results for the third quarter and nine months ended September 30, 2003. Sales for the third quarter rose 89.1% to a record $27.0 million, from $14.3 million in the third quarter of 2002. Net income for the third quarter increased to a record $3.3 million, or $.31 per diluted share, on 10,585,000 shares, from $662,000, or $.08 cents per diluted share, on 8,769,000 shares, in the third quarter of 2002. Gross profit margin increased to 30.2% of net sales in the third quarter, from 22.7% of net sales in the third quarter of 2002. The provision for income taxes was 35% for both the third quarter of 2003 and 2002. "We are pleased with the significant growth of sales, income and new orders in the third quarter," said Joel P. Moskowitz, president and chief executive officer. "The increase in margins reflects an improved absorption of fixed operating costs, better operating efficiencies, increased productivity and an improved sales mix."
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