Ceradyne Announces Preliminary Third Quarter Results
October 15, 2003
Ceradyne, Inc. has announced its preliminary results for the third quarter and nine months ended September 30, 2003. Sales for the quarter almost doubled to a record $27 million, compared to $14.3 million a year ago. Sales for the nine-month period totaled a record $68 million, vs. $43.6 million in 2002. Bookings, or new orders, for the quarter increased 225% to a record $52 million, from $16 million in the third quarter of 2002. Nine-month bookings stand at a record $100 million, compared to $44.1 million for the same period in 2002. "Bookings continued at high levels, and, despite record shipments during the period, quarter-end backlog grew to more than $67 million, another company record, compared to a backlog of $28.2 million a year ago," said Joel Moskowitz, chief executive officer. "Furthermore, we are completing the acquisition of a 115,000-square-foot manufacturing plant situated on approximately six acres in Lexington, Ky., for $2.4 million. The purchase of this new facility came in under budget and is on plan to meet rising long-term demand for diesel engine components and other silicon nitride parts."