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Ceradyne Reports 2004 Financial Results

March 7, 2005
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Ceradyne, Inc. recently reported results for the fourth quarter and 12 months ended December 31, 2004. Sales for the fourth quarter 2004 increased 151.6% to a record $83.4 million, from $33.1 million in the fourth quarter of 2003. Net income for the fourth quarter 2004 increased 108.7% to a record $8.8 million, or $0.35 per diluted share, compared to net income of $4.2 million, or $0.17 per diluted share, in the fourth quarter of 2003. Fourth quarter net income included a $1.4 million ($0.06 per share) after tax expense incurred in connection with the acquisition of ESK Ceramics, which related primarily to the amortization of the backlog and expensing the step up of the inventory acquired. Operations of ESK Ceramics have been consolidated since September 1, 2004, and contributed $27.3 million to fourth quarter 2004 sales. Sales for the year ended December 31, 2004, increased to a record $215.6 million, up 112.5% from $101.5 million in 2003. For the year ended December 31, 2004, net income increased to $27.6 million, or $1.12 per diluted share, on 24,598,000 average shares outstanding, from $11.2 million, or $0.51 per diluted share, on 21,900,000 shares, for the year ended December 31, 2003. Net income for the year was up 145.4% over last year, and earnings per diluted share for 2004 increased 119.6% compared to 2003.

For additional details, including an archive of a recent teleconference regarding the 2004 results, visit http://www.ceradyne.com.

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