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Fully diluted average shares outstanding for the third quarter were 27.8 million, compared to 27.3 million in the same period in 2006. Gross profit margin was 41.7% of net sales in the second quarter of 2007, up from 39.3% in the 2006 second quarter. The provision for income taxes was 35.9% in the second quarter of 2007, compared to 35.5% in the 2006 period.
Sales for the six months ended June 30, 2007, reached a record $373.8 million, up from $298.4 million in the same period last year. Net income for the first six months of 2007 increased to a record $76.4 million, or $2.77 per diluted share, on 27.6 million shares, from $53.7 million, or $1.97 per diluted share, on 27.3 million shares, for the same period in 2006.
New bookings for the second quarter of 2007 were $55.3 million, compared to $123.5 million for the same period last year. For the first six months of 2007, new bookings were $231.7 million, compared to $278.2 million for the comparable period last year. Total backlog as of June 30, 2007, was $202.4 million, compared to total backlog at June 30, 2006, of $256.6 million.
“We have expressed over some period of time our longer-range strategy of global diversification in advanced technical ceramic products and markets focused on non-defense applications, as well as remaining committed to lightweight ceramic personnel armor and emerging vehicle armor requirements,” said Joel P. Moskowitz, president and chief executive officer. “I am pleased to report that several second quarter 2007 events demonstrated Ceradyne’s strategic direction.”
Additional information, including an archive of a recent teleconference regarding these results, is available at www.ceradyne.com.