MoreCeradyne, Inc. has reported record financial results for the first quarter ended March 31, 2006. Net sales increased 95.4% to a record $136.3 million from $69.8 million in the first quarter of 2005. Net income, which increased 311.2%, was a record $24.6 million, or $0.90 per fully diluted share, compared to $6.0 million, or $0.24 per fully diluted share, for the first quarter of 2005. Fully diluted average shares outstanding for the quarter were 27.4 million, compared to 24.9 million for the same period in 2005. The average number of shares increased due primarily to the offering of 2,070,000 shares in December 2005. Gross profit margin was 39.6% of net sales, compared to 31.4% of net sales in the first quarter of 2005. "The strong results for first-quarter were due in good part to the company's new production capacity, particularly in Lexington, Ky.," said Joel Moskowitz, chief executive officer.
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