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The net income for the first quarter of 2010 included a pre-tax charge for losses on auction rate securities of $1.9 million and an acquisition-related credit of $84,000, which, combined, resulted in a reduction of approximately $0.04 to fully diluted earnings per share.
Taking into consideration the strong financial results in the first quarter of 2011, tempered by the continued uncertainty of body armor shipments in the latter part of the second half of 2011, the company announced it is increasing its 2011 full-year guidance to a range of $3.10-3.50 fully diluted earnings per share and a range of $570 million to $600 million in sales. The prior 2011 guidance issued on March 9, 2011, was $2.35 to $2.70 earnings per fully diluted share and $505 million to $560 million in sales.
Gross profit margin was 38.7% of net sales in the first quarter of 2011, compared to 23.1% in the same period in 2010. The provision for income taxes was 32.3% in the 2011first quarter, compared to 23.5% in the first quarter of 2010.
New orders for the first quarter of 2011 were $231.7 million, compared to $105.7 million for the same period last year. Total order backlog as of March 31, 2011, was $267.4 million, compared to $130.8 million at March 31, 2010.
“We are extremely pleased with Ceradyne’s first quarter performance,” said Joel P. Moskowitz, president and CEO. “Almost all areas reflected an excellent start to 2011. New orders of $231.7 million and an order backlog of $267.4 million indicate a strong 2011, as these numbers are double the first quarter 2010 results as well as reflect a positive book-to-bill ratio of 1.54:1.00. Perhaps the most encouraging first quarter operating result is the continuing increase in gross margins. These first quarter results and a cautiously optimistic outlook for the balance of 2011 are the basis for increasing our 2011 guidance.”
For additional details, visit www.ceradyne.com.